Dogecoin Jumps as SpaceX IPO Crowns Musk First Trillionaire

Dogecoin price climbed as much as 7.6% on Friday, June 12, 2026, the day SpaceX’s $75 billion listing on the Nasdaq pushed Elon Musk’s net worth past $1 trillion for the first time. Bitcoin also pushed back above $64,000 as the broader crypto market rebounded on the milestone.

The trillion-dollar headline cuts against a separate signal from the same session. Galaxy Digital’s research arm, reporting June 11, said Bitcoin’s drawdown has not yet formed a bottom, with base-case projections between $40,000 and $46,000 and a severe scenario pointing toward $30,000. For a meme coin that tracks Musk’s public mood more than most assets, the longer-horizon view sits directly underneath the day’s 7.6% pop.

SpaceX’s $75 Billion Stock Market Debut

SpaceX priced its IPO on Thursday at $135 a share and sold 555.6 million shares, raising $75 billion in the largest stock market debut on record. The raise surpassed the $26 billion raised by Saudi Aramco in 2019, the previous high water mark, per Renaissance Capital figures cited in SpaceX’s 19% first-day pop and $75B raise.

Shares opened at $150 around midday in New York, an 11% premium to the offering price, and hit an intraday high of $176.52 within the first two hours of trading. By the close, the stock had settled at $160.95, up 19% on the day. The Nasdaq ticker is SPCX.

The debut lifted SpaceX’s market value to $2.2 trillion, ranking it ahead of Meta Platforms, Samsung, and Tesla, and behind only Nvidia’s roughly $5 trillion market cap. SpaceX posted a $4.94 billion net loss in 2025 against $18.7 billion in revenue, per its prospectus. IPO expert Jay Ritter at the University of Florida said the deal is on track to deliver the largest dollar value of early returns in IPO history.

Musk Crosses the Trillion-Dollar Line

Musk is now the first person in history whose net worth has cleared $1 trillion, a threshold confirmed by multiple outlets on Friday. The Bloomberg Billionaires Index put his total at $1.11 trillion at the close, broken out across his SpaceX and Tesla holdings, per Musk’s $1.11 trillion wealth breakdown. The wealth is overwhelmingly on paper, and Musk can’t sell any of his SpaceX stock for at least a year.

His SpaceX position makes up the bulk of the fortune. Musk holds 4.8 billion shares, about 42% of the company, plus 350 million stock options. Through a special voting share structure he controls 82.4% of the voting power, leaving him with unilateral direction over the merged aerospace and AI business.

That combined business also folds in xAI, which SpaceX acquired in February 2026 at a combined valuation near $1 trillion for the pair. xAI was independently valued around $125 billion at the time. It’s the same AI unit that Anthropic and Google have signed multi-year compute contracts to fund, and SpaceX IPO’s record raise and retail access terms detail the structure in their coverage of the listing.

Source: Bloomberg Billionaires Index, via BBC.

Dogecoin Rides the Musk Effect

Dogecoin’s price climbed as much as 7.6% on Friday, touching an intraday high of $0.091 before cooling to around $0.087 by press time, per Dogecoin’s 7.6% surge on June 12. Yahoo Finance data put the move at closer to 6%.

The reaction fits a pattern that has held since 2021. DOGE broke above a descending trendline that had capped it for more than a week and cleared the 0.618 Fibonacci retracement near $0.0867. The MACD histogram turned positive and the MACD line stayed above the signal line, a setup traders read as fresh buying pressure. The Supertrend indicator is still flagging resistance near $0.088, a ceiling DOGE had only begun to test.

The historical link between Musk and DOGE is well worn, from his 2021 social media endorsements to Tesla’s brief acceptance of DOGE for merchandise purchases. Speculation also revived around the DOGE-1 mission and the possibility of further Dogecoin integration across Musk-led projects, although no new announcement accompanied Friday’s move. The Bitwise Dogecoin ETF launch on NYSE Arca has also widened the audience for any Musk-driven Dogecoin move.

• DOGE daily high: $0.091
• DOGE session gain: up to 7.6%
• BTC daily high: $64,334
• BTC at the time of writing: $63,800

The Sleeper: Bitcoin’s Four-Year Cycle

Hours before SpaceX’s debut, Galaxy Digital’s head of research Alex Thorn sent a report to clients on June 11 with an unfashionable message. Bitcoin’s four-year cycle is intact, the drawdown is not over, and the eventual bottom may not be a deep one. The base case projects a bottom between $40,000 and $46,000, with a more severe scenario pointing toward $30,000 to $37,000, per Galaxy’s four-year cycle bottom analysis.

The math is mechanical. Past cycles have bottomed 12 to 13 months after a peak, and the current drawdown is only about eight months old. Earlier cycles fell between 77% and 85% from peak to trough, while the present move stands at around 51%. The calm October 2025 high, the lowest MVRV reading on record, has raised the floor but has not removed it.

Bitcoin’s spot price on Friday was around $63,800, with a daily high near $64,334. That’s a long way from a $40,000 base case and even further from a $30,000 severe case. For speculative tokens that live inside the risk-on end of the crypto market, that price gap is the backdrop for any further Dogecoin upside.

Galaxy’s own indicator scorecard underlines the caution. Only 4 of 13 bottoming signals have triggered in the current drawdown, and the only miner-side one is the most recent. Past bear-market lows have hit all thirteen. The report’s base case is for a bottom sometime between now and Q4 2026. External shocks, from regulation to a forced liquidation cascade, are explicitly outside the model.

The Pushback and the Lockup

The moment drew an immediate political response. Oxfam said Musk’s wealth now exceeds that of the poorest 3.8 billion people on Earth, about 46% of the global population. Senator Elizabeth Warren called the milestone a ‘wake up call’ and pushed again for a federal wealth tax; Senator Bernie Sanders joined the criticism.

A trillionaire is not a sign of a healthy economy – it is a sign that extraordinary wealth and power are being concentrated in the hands of a tiny few while millions of people struggle to afford the basics.

The paper wealth is also concentrated inside SpaceX itself. The company’s prospectus discloses that more than 4,400 current and former employees are set to become millionaires from the listing, with Bloomberg noting Musk’s total now sits in the same range as the entire economic output of Poland or Switzerland. The lockup is more concrete: Musk can’t sell a single SpaceX share for at least 12 months.

Frequently Asked Questions

Why did Dogecoin jump on SpaceX’s IPO day?

Dogecoin has a long history of moving on Elon Musk’s public milestones, from his 2021 social media endorsements to Tesla’s brief acceptance of DOGE for merchandise. Friday’s session added the first-ever trillionaire milestone, and traders treated the listing as another Musk-driven sentiment catalyst that pushed DOGE up as much as 7.6%.

How did SpaceX’s stock perform on its first day of trading?

SpaceX opened at $150 per share on June 12, 2026, an 11% premium to its $135 IPO price, and reached an intraday high of $176.52 before closing at $160.95, a 19% gain on the day. The debut lifted the company’s market cap to $2.2 trillion, the sixth-largest U.S. listing.

What is Elon Musk’s net worth after the SpaceX IPO?

Bloomberg’s Billionaires Index put Musk’s net worth at $1.11 trillion at the close on June 12, 2026, the first time any individual has crossed the $1 trillion line. The figure is anchored to his SpaceX and Tesla holdings, with the SpaceX position alone worth more than $820 billion across shares and options.

What does Galaxy Digital predict for Bitcoin’s bottom?

Galaxy’s June 11, 2026 research report laid out three scenarios. A base case puts the bottom between $40,000 and $46,000 by Q4 2026. A milder scenario keeps the bottom near $51,000. A severe scenario, driven by panic selling, points to $30,000 to $37,000.

Is Dogecoin a good investment after this rally?

Friday’s move broke a descending trendline and pushed the MACD into a bullish setup, but the Supertrend indicator is still showing resistance near $0.088. With Galaxy Digital’s cycle research suggesting the broader crypto bottom has not formed, Dogecoin’s risk profile is unusually tied to a single individual and to sentiment, not to cash flows.

Disclaimer: This article is for informational purposes only and is not financial advice. Cryptocurrency markets are highly volatile, and Dogecoin’s price has historically moved with Elon Musk’s public statements. Readers should consult a qualified financial professional before making investment decisions. Figures cited are accurate as of publication on June 13, 2026.