Crypto traders have pushed a synthetic market for SpaceX shares above $2 trillion just one day after its launch on a decentralized exchange. The new perpetual contract allows bets on the private company's eventual public valuation without any official IPO filing.
On May 17, Trade.xyz launched the SPCX-USDC perpetual futures contract on Hyperliquid, giving traders cash-settled exposure to SpaceX. The contract opened at a $150 reference price based on 11.87 billion fully diluted shares, implying a valuation near $1.78 trillion. Within hours the price climbed as high as $216, briefly pushing the implied value past $2.5 trillion before settling near $203. More than $40 million changed hands in the first 12 hours of trading.
