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Crypto Market Bets on SpaceX's First Day Valuation at 20% Premium Over IPO Price, Reaching $2.2 Trillion

On June 11, crypto market traders are overlooking SpaceX's expected IPO price, giving the Elon Musk-led rocket, satellite, and AI company a higher valuation ahead of its public trading debut. On Thursday morning in New York, perpetual futures linked to SpaceX were trading at approximately $165 on crypto exchanges like Hyperliquid and Binance, implying a valuation of about $2.2 trillion. The company is issuing shares at a fixed price of $135 in a record initial public offering. SpaceX's IPO is set to complete its pricing process on Thursday. Bloomberg reported on Wednesday that the subscription demand for this offering is reportedly more than four times the offering size. Insiders suggest that the terms of the offering are unlikely to change, meaning SpaceX will raise about $75 billion at a valuation of approximately $1.8 trillion. Amidst Musk supporters who are largely disregarding valuation in their enthusiasm for SpaceX stock, and seasoned investors like Jim Chanos labeling it as a 'hope and dreams IPO,' crypto perpetual contract traders seem to side with the former, despite prices having retreated from above $200 in May.

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