SpaceX Pre-IPO Crypto Perpetual Tops $150 Million Ahead of $1.75 Trillion Listing
With SpaceX due to list on June 12 at $135 a share, valuing the company at about $1.75 trillion, crypto venues have built spot, perpetual and prediction markets that let traders take exposure before the debut. Open interest in the SPCX pre-IPO perpetual on Hyperliquid topped $150 million, while Arkham highlighted a $5.7 million 2x short by one trader.
The activity shows how crypto traders are trying to price private-company exposure ahead of public offerings, but the liquidity is uneven. CoinMarketCap said spot pre-IPO volume grew 500-fold in eight months to $385 million a month, yet only $33.3 million now backs trillion-dollar implied valuations after Anthropic and OpenAI declared SPV transfers void, wiping out 22.5% of the sector’s TVL in 48 hours. In perpetuals, Binance held 57% of pre-IPO volume and OKX 25%, while prediction markets remained much smaller at $40.6 million of volume and $7.9 million of open interest even as their central estimate matched the $135 offer price.
From the sources (12 posts)
@cryptohayes$SPCX IPO pop indicating +17%, is that enough to keep the AI dream alive?
@cryptoroverRT @cryptogoos: 🚨 SPACEX IS GETTING CRUSHED ON HYPERLIQUID BEFORE THE IPO EVEN HITS WALL STREET. $SPCX is down 31% from its perp listing h…
@arkhamHE JUST ENTERED THE LARGEST SPACEX SHORT EVER The largest SpaceX shorter “wenyu8888888”, just bet his entire account on a $5.7 Million 2x short of SPCX pre-IPO. SpaceX goes live for public trading tomorrow. Will wenyu be right? https://t.
@coinmarketcapHOT TOPIC: Can bitcoin:native survive the biggest IPO in history? 🚀 SpaceX is set to list tomorrow at an estimated $1.77T market cap. Demand reportedly hit $250B while $180B left the market in a single week. Liquidity drain or rocket fue
@coinmarketcapLATEST: ⚡️ DeVere CEO Nigel Green says SpaceX's IPO will likely raise its cash easily, but warns "the real test begins on day one of life as a public company."
@coinmarketcapLATEST: 📊 SpaceX’s $75B IPO may be putting pressure on Bitcoin as investors rotate capital toward the offering, according to GSR and K33 Research.
@degeneratenewsNEW: $SPCX PRE-IPO PERP BY @tradexyz SURPASSES $150M OPEN INTEREST ON @HyperliquidX
@coinmarketcapSpaceX lists tomorrow at $135/share 🚀 a $1.75T IPO. Crypto spent the last 12 months building three ways to trade it before it lists: spot tokens, perps, and prediction markets. We tracked all of them. New CoinMarketCap Research report 🧵 h
@coinmarketcapChapter 2 — The Spot Market Spot pre-IPO volume grew 500× in 8 months: $0.75M → $385M/month. Then May 12 happened. Anthropic & OpenAI declared SPV transfers "void", 22.5% of sector TVL gone in 48 hours. It never came back. Today: $33.3M
@coinmarketcapChapter 4 — The Flow War It's a duopoly. Binance leads with 57% of all pre-IPO perp volume, followed by OKX 25%. Hyperliquid invented the category and carried it alone for half a year， then the CEXs arrived and took 88% of flow in their f
@coinmarketcapChapter 5 — The Prediction Market The smallest track: $40.6M volume, $7.9M open interest, which is ~75× smaller than perps. But it's the only track whose central estimate sits exactly on the priced $135 deal. And the bets have rotated: D
@hcnif_kralcSpaceX pre-IPO crypto futures dropped 27% as their June 12 listing gets closer. Traders are lowering bets on a huge first-day surge before the biggest IPO ever hits Nasdaq.