SpaceX has not officially started trading on Nasdaq yet, but crypto traders are already treating it like a live market. According to CoinGlass data, SPCX perpetual futures have generated more than $2.6 billion in trading volume since May 30, including over $1 billion in the past 72 hours alone. Open interest currently sits near $363 million, making it one of the largest pre-IPO trading events the crypto market has ever seen.
The contracts, available on platforms like Hyperliquid and Binance, allow traders to speculate on SpaceX’s valuation before public trading begins. Right now, the futures market is implying a share price of around $162, roughly 17% above the reported IPO price of $135. Earlier in the hype cycle, traders briefly pushed implied prices above $220 before cooling off.
Not everyone is betting on a strong debut, though. Arkham Intelligence recently highlighted a trader known as “wenyu8888888” who opened a $5.7 million 2x leveraged short position on SPCX, one of the largest bearish bets tied to the IPO. The trade reflects a growing view that SpaceX’s premium valuation could fade once trading begins.
The valuation debate is also heating up. Veteran short seller Jim Chanos and Arvy co-founder Thierry Borgeat have both questioned SpaceX’s $1.75 trillion valuation. Morningstar analyst Nicolas Owens is even more conservative, valuing the company at just $63 per share and assigning only a 7% chance that Starship eventually becomes commercially viable.
Senator Elizabeth Warren has also reportedly raised concerns over governance issues and Elon Musk’s super-voting share structure.
While investors rush into SpaceX-related products, many altcoins are getting left behind. James Altucher of TA Synergies argues that one of the biggest issues facing altcoins is that projects can continue growing while token holders see little direct benefit. With the SpaceX IPO attracting enormous demand and inflation remaining above 4%, speculative capital is increasingly moving away from smaller crypto assets.
Meanwhile, Bitcoin and Ethereum continue attracting institutional interest. BlackRock is pushing forward with its Bitcoin Premium Income ETF, while Ethereum’s daily active addresses have climbed above 1.3 million.
As billions flow into SpaceX trading and traditional tech exposure, investors appear far more comfortable sticking with Bitcoin and Ethereum than taking chances on the broader altcoin market.
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