How Crypto Traders Are Betting on SpaceX IPO Before NASDAQ Launch

SpaceX is getting ready to go public on the NASDAQ this June under the ticker . But crypto traders are not waiting for the official listing. They are already placing bets on what the stock might be worth once trading begins.

Perpetual Contracts Let Retail Investors Join Early

Platforms like Hyperliquid have launched a perpetual futures contract called SPCX-USDC. This contract tracks the expected value of SpaceX without any direct link to the company. Since trading started at a price of 150, the contract has climbed as high as 216 before settling around 203. In the first 12 hours alone, it saw 40 million dollars in volume.

These contracts give regular investors a way to guess the IPO price. Unlike real shares, they offer no voting rights or dividends. Prices move based on market data and trading activity instead.

SpaceX Business Snapshot

SpaceX runs Starlink, which now has more than 10 million subscribers and posted 1.9 billion dollars in profit during the first quarter. The company has also cut launch costs sharply. What once cost 54,000 dollars per kilogram on older shuttles now costs less than 3,000 dollars per kilogram on Falcon 9 rockets.

SpaceX is working with NASA on orbital missions and continues to focus on reusable rockets. In February 2026 the company merged with xAI, the AI firm behind Grok. While xAI brings new growth potential, it is still spending heavily and has not turned a profit yet.

Big Valuation Targets and Musk Control

SpaceX aims for a valuation of at least 1.8 trillion dollars and plans to raise around 70 to 75 billion dollars in the IPO. Elon Musk holds 85 percent of the voting rights through a dual-class share structure. Public investors will receive Class A shares with one vote each, while insiders keep Class B shares with ten votes each.

This setup means everyday shareholders will have limited say in company decisions. Musk also controls a large portion of Class B shares, giving him strong influence over future strategy.

Why Crypto Markets Are Moving First

Traditional pre-IPO shares are hard for most people to access. Crypto perpetual contracts fill that gap. Other big exchanges have started offering similar products, showing rising demand for synthetic exposure to private companies.

SpaceX already holds thousands of Bitcoin on its balance sheet, adding another layer of interest from crypto investors. The trading volume on these contracts gives early clues about how the market views the upcoming listing.

Key Risks to Consider

• Prices on these contracts can move away from actual company performance because they rely on oracles and trading data.
• SpaceX does not have to share detailed updates with synthetic traders.
• Regulators are still deciding how to treat these products, which could bring new rules later.

Even with these risks, the activity shows clear interest in getting exposure to major private firms through blockchain markets. As the June IPO date gets closer, more traders will watch these contracts for signals on where SPCX might open on the NASDAQ.

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