Crypto Exchanges Draw $3.2 Billion Into SpaceX Pre-IPO Futures as Wall Street Threat Looms
Updated
Updated · Reuters · Jun 11
Crypto Exchanges Draw $3.2 Billion Into SpaceX Pre-IPO Futures as Wall Street Threat Looms
3 articles · Updated · Reuters · Jun 11
Summary
$3.2 billion in SpaceX pre-IPO perpetual futures traded from May 17 to Wednesday across eight exchanges, with open interest reaching $390 million, as crypto venues offered bets on the company's future share price before any listing.
Those contracts are priced off SpaceX's latest disclosed private valuation rather than actual shares, can roll indefinitely, and typically allow 3x to 5x leverage—far below crypto's usual 100-to-1 but still highly speculative.
Binance alone reported $2.1 billion in volume in 18 days, while Coinbase, Binance and Hyperliquid were among exchanges listing the products and collecting fees and market-making revenue from the surge.
Critics say the instruments lack an underlying asset, have thin liquidity and volatile pricing; Kaiko data showed the SpaceX perp falling from above $200 to about $160 in under a month, versus a planned IPO price of $135 a share.
The boom is sharpening tensions with traditional exchanges ahead of expected blockbuster IPOs including Anthropic and OpenAI, after investor fears that crypto perps could expand into equities helped pressure Intercontinental Exchange shares this week.
With claims of a 'rigged' IPO, do crypto markets reveal SpaceX's true value?
As crypto trades stocks before they list, is Wall Street's IPO dominance ending?
Are pre-IPO futures a financial revolution or just a high-stakes unregulated casino?
SpaceX Pre-IPO Futures Hit $2.2 Billion: Crypto Speculation, IPO Risks, and the $1.77 Trillion Public Debut
Overview
From mid-May to June 12, 2026, trading of SpaceX pre-IPO perpetual futures on crypto exchanges surged, turning a once niche activity into a major financial event. This market quickly gained attention, evolving from a sideshow to a serious indicator of investor sentiment. With trading volumes reaching $2.2 billion and spreads tightening, the market showed signs of maturity and growing participant confidence. The unique features of these futures, such as high leverage and the ability to profit from both rising and falling prices, attracted more traders and highlighted the increasing sophistication and influence of crypto-based financial products.