Crypto traders pile into SpaceX futures before Wall Street debut

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Crypto traders are betting on SpaceX

Highlights

SpaceX-linked futures generated more than $525 million in 24-hour volume.
The company is expected to list at about $135 a share.
Crypto traders have priced some SpaceX exposure near $162.
Binance and Hyperliquid have become major venues for pre-IPO speculation.

SpaceX shares are expected to begin trading on June 12, with the IPO price set at $135 per share and the market capitalization estimated at between $1.75 trillion and $1.77 trillion. According to CoinPedia, investor demand exceeded $250 billion for a total offering size of $75 billion.

Crypto venues price SpaceX ahead of the IPO

On crypto exchanges, SpaceX exposure is already trading through synthetic and perpetual futures products. SpaceX-linked futures recently generated more than $525 million in 24-hour volume, while traders were paying about $162 through some contracts, above the expected IPO price.

Binance alone processed roughly $287 million in SpaceX futures volume within 24 hours. Hyperliquid has also become a major venue for pre-IPO speculation, with open interest rising above $115 million before the listing.

A SpaceX pre-IPO market went live on Hyperliquid in May, using a synthetic perpetual futures contract designed to track the company’s expected valuation. Separately, Binance launched SpaceX pre-IPO perpetuals as part of a broader move to open private-market exposure to crypto traders.

Bitcoin weakness raises liquidity questions

The surge in SpaceX-linked trading has coincided with a sharp decline in crypto prices. Since SpaceX futures launched on May 18, Bitcoin has fallen by about 20%, Ether by about 23%, and the overall crypto market has lost more than $180 billion in value. Bitcoin briefly slipped below $62,000.

That timing has led some traders to question whether the SpaceX trade is drawing liquidity away from digital assets. The link is difficult to prove, but the comparison is hard to ignore: crypto investors are chasing exposure to one of the largest IPOs in history at the same time that major tokens are struggling to hold key levels.

A new test for crypto market structure

The SpaceX trade matters because it blurs the line between private equity, public markets, and crypto derivatives. Traders are using perpetual futures, a product built for crypto speculation, to price a company before traditional investors can buy its shares directly.

That creates opportunity, but also risk. These products do not give holders voting rights, dividends, or direct ownership of SpaceX stock. They are bets on where the market thinks SpaceX should trade, and they may move sharply once the actual stock lists.

We also reported that the SpaceX-Google pact fuels debate over IPO valuation.

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