SpaceX IPO Draws $150B in Orders, SBF Petitions Trump for Pardon, 200+ Firms Push Clarity Act

Crypto News

SpaceX will halt order intake for its initial public offering on Wednesday after United States markets close, with demand already reaching roughly $150 billion against a deal seeking $75 billion. That leaves the record-setting listing about two times oversubscribed, prompting underwriters to begin setting final allocations and pricing ahead of an expected June 11 valuation. The stock, trading under SPCX, is slated to begin on the Nasdaq on June 12. Elon Musk's rocket and satellite firm filed paperwork last month for what ranks as the largest IPO ever by capital raised, while Musk retains firm control through a stake locked for more than a year.

Sam Bankman-Fried has formally filed a clemency petition with the U.S. Department of Justice's Office of the Pardon Attorney, requesting a presidential pardon from Donald Trump while serving a 25-year sentence for fraud and conspiracy. The application is now listed as pending in DOJ records even as the former FTX founder pursues a separate appeal of his conviction. In his first on-record media appearance from prison, Bankman-Fried affirmed he wants White House intervention but deflected questions about family lobbying. Trump has publicly stated he does not intend to grant clemency, leaving the convicted executive's bid facing long odds despite the formal filing.

A coalition of more than 200 companies and organizations, led by Stand With Crypto, sent a letter on June 7 to Senate Majority Leader John Thune and Minority Leader Chuck Schumer urging a full floor vote on the Digital Asset Market Clarity Act. Signatories span recognized names across the blockchain sector, alongside state-level coalitions and university clubs in all 50 states. The letter frames the moment as a test of whether digital asset markets will be built under U.S. oversight or migrate offshore to jurisdictions with weaker consumer protections and limited accountability. The push reflects mounting industry pressure for federal regulatory certainty.

The Clarity Act aims to resolve a long-standing turf dispute between the SEC and CFTC by clarifying regulatory responsibilities, creating registration pathways for market participants, and extending protections to software developers. The bill passed the House in July 2025 by a bipartisan 294-134 vote but stalled twice in the Senate, including a January 2026 episode when one major exchange withdrew support over a proposed ban on stablecoin rewards. The Senate Banking Committee cleared the measure on May 14, 2026, by a 15-9 vote, with two Democrats joining Republicans. Supporters cite that passage as evidence bipartisan consensus on DeFi oversight remains within reach.

The FTX collapse that landed Bankman-Fried in prison left customers nursing $8 billion in losses, equity investors down $1.7 billion, and Alameda Research lenders out $1.3 billion, with Judge Lewis Kaplan ordering an $11 billion forfeiture. A New York jury found him guilty on all seven criminal counts in November 2023, including two counts of wire fraud. Bankman-Fried continues to reject the characterization of his conduct as theft, arguing customers were repaid roughly 170% on their deposits and that the platform proved over-collateralized. Prosecutors had demonstrated he misused billions in customer deposits to fund risky bets, political donations, and real estate purchases.

Beneath the headline demand, the SpaceX listing carries valuation caution. While a two-times oversubscribed book sounds robust, hot offerings frequently run four or five times oversubscribed, leading analysts to view the figure as solid but not extraordinary. Bankers counter that reaching two-times demand on the largest listing ever is harder than for a smaller deal. Independent research pegs SpaceX near $780 billion, well below its private mark, with some critics arguing the stock is worth half its valuation. The tension between record headline orders and a more sober fundamental read mirrors the scrutiny now common across both equity and Bitcoin markets.

Taken together, these developments trace a single arc: institutional capital and political infrastructure are converging on digital assets just as accountability tightens. A record private-rocket IPO, a fraud founder's long-shot pardon bid, and a 200-firm lobbying push all reflect an industry maturing under heavier regulatory and valuation scrutiny. The dominant narrative this cycle is consolidation of legitimacy, where credible frameworks like the Clarity Act and disciplined capital flows increasingly separate durable players from speculative excess. As the altcoin and broader crypto landscape awaits Senate action, the message is clear: clarity, compliance, and capital discipline now define who survives the next phase.