SpaceX IPO Frenzy Revives as Derivatives Market Bets on $2.4 Trillion Valuation
Forecast Trend Report by Period
Expectations for Elon Musk's SpaceX to go public are gaining traction again in the crypto derivatives market.
CoinDesk reported on June 12 that SPCX, a SpaceX perpetual futures contract listed on Hyperliquid, traded between $176 and $183. SPCX had fallen to about $153 earlier in the week before rebounding.
SpaceX's IPO price is $135 a share. CoinDesk described SPCX as a real-time gauge of where SpaceX stock could trade on its first day, with the $183 price implying a premium of about 36% to the offering price.
Trading activity has also increased. Open interest in SPCX on Hyperliquid recently exceeded $216 million, while 24-hour trading volume topped $150 million.
The pricing points to a potential gain of at least 35% in SpaceX shares after the listing. Bloomberg reported that derivatives pricing offered by online brokerage IG International valued SpaceX at $2.4 trillion as of June 12, about 35% above its $1.77 trillion market capitalization based on the IPO price.
Prediction markets are also tilting toward a valuation above $2 trillion. On global prediction market platform Polymarket, the odds that SpaceX's market capitalization will finish its first trading day above $2 trillion stood at 70%.
