Dogecoin rallies as SpaceX’s record IPO makes Musk first trillionaire

Dogecoin Rallies as Musk Crosses Trillionaire Threshold on SpaceX’s Record Nasdaq Debut

Dogecoin climbed Friday as investors piled into the meme cryptocurrency long associated with Elon Musk, whose net worth crossed the trillion-dollar mark after SpaceX shares soared in the largest initial public offering in history.

The token, which had been trading around $0.085 heading into the session, rose toward $0.09 as traders bet that Musk’s heightened public profile would rekindle retail interest in the asset he has championed for years. The move reversed a sharp decline earlier in June, when DOGE fell roughly 18% between June 1 and June 6 amid a broader crypto selloff.changehero

SpaceX’s Historic Market Debut

SpaceX began trading on the Nasdaq under the ticker SPCX on Friday after pricing 555.6 million shares at $135 apiece, raising $75 billion — more than double Saudi Aramco’s previous record. The stock opened at $150 and climbed further, with Reuters reporting shares last trading at $166, a gain of roughly 23% above the IPO price. The Wall Street Journal reported shares rose about 30% over their opening price during the session.cnbc

The offering valued SpaceX at approximately $1.77 trillion at the IPO price, making it the first U.S. company to debut above a trillion-dollar valuation and immediately the seventh-largest firm in the country by market capitalization.reuters

Musk Becomes World’s First Trillionaire

With SpaceX’s public listing, Musk’s fortune crossed $1 trillion, according to calculations by Forbes and Reuters. Musk holds approximately 42% of SpaceX’s equity through a dual-class share structure, which gives him roughly 82% of voting rights. At the IPO price alone, his SpaceX stake was valued at $866.5 billion, according to Yahoo Finance. Combined with his holdings in Tesla and other ventures, his net worth surpassed the unprecedented threshold.reuters

Forbes estimated Thursday evening that the IPO pricing boosted Musk’s wealth by $188 billion to approximately $982 billion before trading began.forbes

The Musk-Dogecoin Connection

Dogecoin’s sensitivity to Musk-related catalysts is well established. The entrepreneur has promoted the cryptocurrency for years, and SpaceX itself accepted DOGE as payment for its DOGE-1 lunar mission. Ahead of the IPO, whale accumulation and SpaceX speculation were among the top catalysts cited for DOGE price action in May.yellow

Still, the token remains far below its all-time high of $0.74 from 2021 and has struggled throughout 2026, trading roughly 27% lower year-to-date as of March. Whether Friday’s bounce marks a turning point or a fleeting reaction to Musk’s milestone remains an open question for a coin whose price has long tracked one man’s cultural gravity more than any fundamental metric.capital