Key facts
- Crypto traders are betting on a $2.2 trillion valuation for SpaceX via perpetual futures.
- SpaceX's IPO is expected to price shares at $135, valuing the company at $1.8 trillion.
- Perpetual futures contracts for SpaceX are trading on crypto venues like Hyperliquid and Binance.
- The derivatives allow speculative bets on SpaceX's valuation ahead of its public trading debut.
- Morningstar analyst Nicolas Owens assigned a $63 valuation to SpaceX stock, citing a 7% chance of Starship commercial viability.
Crypto traders are placing higher valuations on SpaceX via perpetual futures, implying a $2.2 trillion valuation, surpassing the company's expected IPO price. These derivatives, which do not have a legal claim on the companies they track, have seen significant trading volume, with Binance reporting over $182 million traded in the past 24 hours.
SpaceX's IPO is set to price at $135 per share, aiming to raise approximately $75 billion at a valuation of around $1.8 trillion. The company's ambitious goals, including satellite broadband and potential Mars missions, contribute to the speculative interest, though some analysts express skepticism regarding its high price-to-sales ratio and project viability.
The popularity of these blockchain-based derivatives is being tested by SpaceX's large-scale IPO, which is expected to be the largest ever. The success of similar derivatives for AI chipmaker Cerebras Systems Inc. has fueled interest in using these markets for price discovery.