Elon Musk’s SpaceX IPO fever sparks $1 billion crypto bet before Nasdaq debut
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Crypto traders have turned Elon Musk’s expected SpaceX listing into a round-the-clock proxy market, pushing more than $1 billion through SpaceX-linked perpetual futures in the last three days as investors try to front-run one of the largest public offerings in Wall Street history.
Key facts
The company’s offering has been priced at $135 a share, giving SpaceX an expected valuation of roughly $1.75 trillion to $1.8 trillion
Meta debuted in 2012 at a valuation of about $104 billion and around 20 times revenue, then sold off sharply after listing
While that represents a meaningful gap, it is also a sharp reset from the early days of the contract, when speculative buying drove prices above $220 and, at one point, near $230
The SPCX perpetual future, a synthetic contract linked to SpaceX’s pre-IPO valuation, has drawn more than $1 billion in trading volume over the past 72 hours, CoinGlass data show
Summary
01 Crypto traders pushed more than $1 billion through SpaceX-linked perpetual futures in three days before the company’s Nasdaq debut. 02 The SPCX contract near $162 still implies a 17% premium to the $135 IPO price, signaling strong demand and price discovery. 03 But the premium has faded from above $220, while Elizabeth Warren is pressing the SEC to delay the listing. The shift comes as retail investors face limited allocations in a heavily oversubscribed offering and look for other ways to gain exposure.