A growing corner of the crypto market is already betting on SpaceX’s potential IPO, with traders piling into perpetual futures tied to the company’s expected public debut.
How Traders Are Betting On SpaceX Before IPO
The synthetic contracts, launched earlier this month, are averaging nearly $18 million in daily trading volume over the past two weeks as speculation around what could become the largest IPO in history accelerates, Bloomberg reported on Friday.
Unlike traditional equities, these perpetual futures do not give holders legal ownership of SpaceX shares.
Instead, traders use them to speculate on where the company could price once it eventually goes public.
Whether the pricing proves accurate long term remains unclear, but one thing is already happening, crypto traders are turning IPO speculation into a 24/7 global market.
Crypto exchange platforms including Binance, Bitget and OKX have all expanded into similar tokenized pre-IPO products this year as demand for exposure to private AI and tech giants grows.
Crypto Exchanges Target Retail Demand
Industry executives say tokenized pre-IPO products are opening markets traditionally reserved for institutional investors.
“Pre-IPO has historically been a club for accredited investors and private funds,” said Hyperithm CEO Lloyd Lee. “Crypto rails are opening that door to anyone with a wallet.”
The products are also gaining traction internationally, where direct access to U.S. equities can remain limited.
The rise of SpaceX perpetual futures highlights how crypto markets are increasingly becoming a shadow price-discovery venue for private tech companies.
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