SpaceX's crypto-traded IPO was sharply falling. It now points upward to a $2.4 trillion valuation

Markets SpaceX's crypto-traded IPO was sharply falling. It now points upward to a $2.4 trillion valuation The SPCX perpetual on Hyperliquid has bounced from this week’s lows, while Bloomberg says other shadow markets now imply a first-day gain of more than 35%. By Shaurya Malwa Jun 12, 2026, 6:13 a.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Summary Show A SpaceX-linked perpetual contract on the crypto exchange Hyperliquid, trading as SPCX, rebounded to about $176 to $183 on Friday after sliding to near $153 earlier in the week. At around $183, SPCX now implies roughly a 36% premium to SpaceX’s $135 IPO price, up from about 16% on Wednesday but still below May levels when the premium neared 60%. Other shadow markets, including IG International derivatives and Polymarket, are also signaling strong demand, with implied valuations more than 35% above the IPO level and odds favoring a first-day close above $2 trillion. A SpaceX-linked perpetual contract on Hyperliquid, trading under SPCX, rebounded sharply into Friday’s expected debut after spending three weeks cutting the implied first-day premium on Elon Musk’s rocket and satellite company. The contract traded between about $176 and $183 on Friday morning, up from a low near $153 earlier this week and above the roughly $157 level seen when CoinDesk wrote Wednesday that crypto traders were marking down the expected IPO pop. Open interest stood near $216 million, with 24-hour volume above $150 million on Hyperliquid. SPCX still does not give holders SpaceX shares, allocation rights or any claim on the company. It is a cash-settled derivative. But because SpaceX priced its IPO at a fixed $135 a share, it has become one of the few live markets showing where traders think the stock could open. At Wednesday’s level near $157, SPCX implied only a roughly 16% premium to the $135 IPO price, down from about 60% when the contract briefly traded near $216 in May. At $183, the implied premium is back near 36%. Other shadow markets are now pointing the same way. Bloomberg reported Friday that IG International derivatives implied a SpaceX valuation of about $2.4 trillion, more than 35% above the $1.77 trillion valuation set by the IPO price. Elsewhere, Polymarket traders put 70% odds on SpaceX closing its first trading day above $2 trillion. The reversal comes as pre-IPO SPCX showed caution in the market, falling some 30% in the past few weeks. It suggested traders still expected SpaceX to trade above the offer, but not with the explosive premium implied by the bookbuild. And Friday’s now bounce says that discount is closing. Latest Crypto News 1 The company that makes your TV is taking ads onchain. Arbitrum helped 39 minutes ago 2 Bitcoin climbs back into the green as Trump signals an end to the Iran war 59 minutes ago 3 Elon Musk's SpaceX prices shares at $135, raising $75 billion in largest-ever IPO 10 hours ago 4 Coinbase launches AI agent accounts that can trade and spend on your behalf 13 hours ago 5 Banking rails are moving past the 'stablecoin winner' narrative: Sygnum 13 hours ago 6 Crypto for Advisors: Crypto ETFs 15 hours ago 7 U.S. House bill would erect crypto-theft task force across law enforcement agencies 15 hours ago 8 SpaceX stock is coming to Solana on the same day it lists on Nasdaq 16 hours ago 9 Canton Network developer raises $355 million to bring Wall Street onchain 16 hours ago 10 Tether leads $1.4 billion funding round in German robotics company Neura 16 hours ago Latest Research RWA Tokenization Hits $28.9B Record as Stablecoin Market Cap Extends Gains to $320B RWA Tokenization Hits $28.9B Record as Stablecoin Market Cap Extends Gains to $320B Tokenized assets hit a record $28.9B in May; their tenth consecutive monthly all-time high. The stablecoin market cap also extended its run to $320B. By CoinDesk Research Jun 9, 2026 Tokenized assets hit a record $28.9B in May; their tenth consecutive monthly all-time high. The stablecoin market cap also extended its run to $320B. Why it matters : Tokenized assets hit a record $28.9B in May; their tenth consecutive monthly all-time high. The stablecoin market cap also extended its run to $320B. View Full Report More From Markets Bitcoin climbs back into the green as Trump signals an end to the Iran war Elon Musk's SpaceX prices shares at $135, raising $75 billion in largest-ever IPO It's not SpaceX. Bitcoin ETF outflows may be an arbitrage story