SpaceX IPO Buzz Returns as Derivatives Market Bets on $2.4 Trillion Valuation

Interest in Elon Musk’s SpaceX listing is building again in the crypto derivatives market.

CoinDesk reported on June 12 that SpaceX perpetual futures listed on Hyperliquid under the ticker SPCX traded between $176 and $183. SPCX had dropped to about $153 earlier in the week before rebounding.

SpaceX’s IPO price is $135 a share. CoinDesk described SPCX as a real-time market gauge for where SpaceX stock could trade on its first day of listing. At $183, the contract reflects a premium of about 36% to the IPO price.

Trading activity has also picked up. Open interest in SPCX on Hyperliquid recently exceeded $216 million, while 24-hour trading volume topped $150 million.

Derivatives markets are also implying that SpaceX shares could jump at least 35% after the listing. Bloomberg reported that pricing from online brokerage IG International valued SpaceX at $2.4 trillion as of June 12. That is about 35% above the $1.77 trillion market capitalization implied by the IPO price.

Prediction markets are also leaning toward a valuation above $2 trillion. On global prediction platform Polymarket, the probability that SpaceX’s market capitalization will exceed $2 trillion based on the closing price on its first trading day stood at 70%.