SpaceX pre-IPO perpetuals drive $2T valuation surge

SpaceX pre-IPO perpetuals on crypto platforms let traders speculate on its IPO price, with valuations topping $2T. This trend boosts related tokens and marks a new era in price discovery.

Hyperliquid and Trade.xyz have launched pre-IPO perpetual contracts for SpaceX, allowing traders to speculate on its anticipated public listing price before shares are available on Nasdaq. The SPCX contract debuted at a reference price of $150, implying a $1.78 trillion valuation, and quickly surged to $216, pushing the implied valuation above $2 trillion. These contracts are cash-settled and provide synthetic price exposure, not actual ownership or rights in SpaceX. Their introduction has driven significant trading volume and open interest, with Hyperliquid’s HYPE token rising 7% despite a broader crypto market downturn. Reports indicate SpaceX is targeting a June 12 Nasdaq debut, aiming to raise about $75 billion at a $1.75 trillion valuation, potentially marking the largest IPO ever. The rise of pre-IPO perpetuals on crypto platforms is seen as a novel tool for price discovery and retail access to private company valuations.