SpaceX going public sparks social media buzz, with the stock ticker becoming the focal point of speculation

From millions of YouTube views gained from the rocket launch to the social media frenzy regarding its potential IPO, SpaceX’s initial public offering (IPO) is becoming a milestone event on Wall Street.

Traders are betting thousands of dollars on the company’s stock ticker, speculating whether it can join the ranks of America’s top companies. This globally valued startup, which has yet to submit an IPO application, has garnered social media attention that only a few companies can achieve.

On the prediction market platform Polymarket, users are placing bets on topics such as SpaceX’s target valuation, listing exchange, and stock trading code. As of Friday, the total trading volume for related bets had exceeded $15.2 million.

Data from the prediction platform shows that the probability of SpaceX choosing the letter “X” as its stock code is 25%, a significant drop from 60% a month ago.

This single-letter code was previously held by U.S. Steel for over a century and became vacant after the company was acquired by Japan’s Nippon Steel last year and delisted from the New York Stock Exchange.

Elon Musk’s social media platform also rebranded from Twitter to X in 2023.

Matthew Tuttle, CEO of Tuttle Capital Management, stated that a more appropriate code would be “SPCX,” which is also the ticker for an exchange-traded fund (ETF) managed by his company.

Tuttle has expressed his willingness to sell the “SPCX” code to SpaceX.

“I haven’t heard from Elon yet, but my phone is always on, and I’m still hoping to get his call,” he said.

In addition to X, other popular alternative codes discussed on Polymarket include “SPAX” and the controversial “SEX.” However, users believe there is about a 70% chance that the company will ultimately choose a different code.

From the “Big Seven” to the “Super Eight”?

SpaceX plans to list with a valuation of $17.5 trillion, and if successful, it will become the sixth-largest company in the U.S., following Tesla with a valuation of $1.4 trillion and Meta Platforms (META) with $1.39 trillion.

This has also sparked market speculation: Will SpaceX’s IPO rewrite the landscape of the so-called “Big Seven”? This group consists of several of the highest-valued companies in the U.S.

Todd Schoenberger, Chief Investment Officer of CrossCheck Management, said, “Once the company officially goes public, the ‘Big Seven’ will undoubtedly expand, and it might be renamed ‘the Big Eight’ or ‘Super Eight,’ or it might adopt a new abbreviation.”