SpaceX Pre-IPO Crypto Futures Trade at $200, Imply $2.3 Trillion Valuation

Perpetual futures tied to SpaceX’s expected initial public offering were trading near $200 on May 29, 2026, implying a valuation of about $2.3 trillion, according to platform Trade.xyz. The contracts, launched May 18, have averaged $18 million in daily volume as SpaceX publicly filed for its IPO on May 20. The instruments offer no legal claim on the company and carry ongoing funding costs, but have drawn retail traders seeking early exposure. The market gained attention after similar Trade.xyz contracts correctly anticipated Cerebras Systems’ IPO price last month, pricing near the eventual opening level. Binance, Bitget and OKX have launched comparable products this year. Trade.xyz’s SpaceX perpetuals held over $50 million in open interest, with Bitget CEO Gracy Chen noting a base of long-term holders. Proponents argue the contracts democratize pre-IPO access, though risks include data-feed errors that recently triggered liquidations on another platform. SpaceX aims to raise up to $75 billion in the offering, Bloomberg reported.