Before Wall Street gets its first chance to buy SpaceX shares, crypto traders have already been betting on the company for weeks. SpaceX-linked futures have generated over $525 million in daily volume and are pricing the company at nearly $1.77 trillion.
As Bitcoin struggles below $62,000 and, investors question whether the IPO is draining liquidity from crypto markets.
On June 12, SpaceX is set to begin public trading, and investor demand is already surging. Reports show the company has attracted more than $250 billion in demand for its $75 billion IPO, making the offering nearly four times oversubscribed.
Meanwhile, SpaceX is expected to debut at an IPO price of $135 per share, valuing the company at roughly $1.77 trillion.
Yet on crypto exchanges, traders are already paying around $162 through SpaceX perpetual futures contracts.
If SpaceX opens near current market expectations, its valuation could approach $1.77 trillion, making it the seventh-largest publicly traded company in the United States and pushing it ahead of Tesla’s roughly $1.6 trillion valuation.
The most surprising development is where the demand is coming from.
Binance alone processed roughly $287 million in SpaceX futures volume within 24 hours. According to CoinGlass data, SpaceX futures recently generated more than $525 million in 24-hour trading volume.
Hyperliquid has also become a major hub for SpaceX speculation, with open interest climbing above $115 million as traders position themselves ahead of the listing.
Even Coinbase, Kraken, Binance, and Bybit have launched SpaceX-linked products, effectively turning a private company into one of crypto’s most actively traded narratives.
Since SpaceX futures launched on May 18, Bitcoin has fallen about 20%, while Ethereum has dropped roughly 23%. At the same time, crypto markets have lost more than $180 billion in value, while Bitcoin briefly slipped below $62,000.
Meanwhile, popular crypto analyst Michael van de Poppe believes this isn’t a coincidence.
“There’s a clear reason why the markets are tanking massively in crypto,” arguing that the same investors who normally chase crypto opportunities are now focused on SpaceX.
He added that market appetite currently appears stronger for SpaceX than for digital assets.
If the IPO excitement fades after listing, some of the money currently flowing into SpaceX-related products could rotate back into Bitcoin and altcoins. But if the stock continues attracting attention, crypto may remain under pressure.
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