Elon Musk is preparing to take SpaceX public at a valuation that would make it one of the most valuable companies on the planet before it even starts trading. The target: somewhere between $1.75 trillion and $2 trillion.

To put that in perspective, only a handful of companies in history have ever touched the $2T mark. Apple needed decades of consumer electronics dominance to get there. Musk wants SpaceX to arrive at the doorstep on day one.

What we know about the listing

Musk has signaled expectations of raising up to $75 billion in the offering, with the headline valuation exceeding $2 trillion. On private secondary markets, the company is already being priced in that neighborhood. Forge Global, a platform that facilitates pre-IPO share trading, lists SpaceX shares at $650.66 per share, a figure that aligns with trillion-dollar-plus territory.

This would not be a typical tech IPO. SpaceX operates in aerospace, defense, and satellite internet through its Starlink division. Its revenue streams are diversified across government launch contracts, commercial satellite deployment, and broadband subscriptions for millions of users globally. The combination of recurring revenue from Starlink and high-margin government contracts is what gives bulls their thesis.

Musk’s broader pitch leans heavily on two narratives: artificial intelligence and Mars colonization. Whether you find the Mars timeline credible or not, the AI angle has substance. SpaceX’s satellite infrastructure could serve as backbone connectivity for AI-driven systems, autonomous vehicles, and remote computing nodes.

Crypto is already trading the hype

Here’s where things get interesting for digital asset markets. A pre-IPO perpetual futures contract has appeared on Hyperliquid, the decentralized perpetuals exchange, under the ticker SPCX. The contract allows traders to speculate on SpaceX’s equity valuation before shares are available on any stock exchange.

Initial pricing on the SPCX perp implied a valuation north of $2.5 trillion. In English: crypto traders are pricing SpaceX at a premium to what even Musk himself is reportedly targeting. That’s either extreme bullishness or the kind of leverage-fueled enthusiasm that Hyperliquid has become known for. Probably a bit of both.

The existence of this market is notable on its own. Perpetual futures for pre-IPO equities represent a genuinely new financial primitive. Traditionally, getting exposure to a company before it lists required access to private secondary markets like Forge, which typically demand accredited investor status and significant minimums. Hyperliquid’s SPCX contract opens that door to anyone with a crypto wallet and some margin.

Whether regulators will have thoughts about this is a question that answers itself.

The Bitcoin angle

SpaceX disclosed holding 18,712 BTC in its IPO filing, a position worth about $1.45 billion with Bitcoin trading near $77,800. If the IPO proceeds, SpaceX would become one of the largest publicly traded Bitcoin holders, joining Strategy and Tesla.

The listing would create another indirect Bitcoin access point for institutional investors that cannot hold BTC directly but can buy shares of companies with Bitcoin on their balance sheets. Strategy has already shown how that playbook can attract market demand, with its stock often trading at a premium to the value of its underlying BTC holdings.

A SpaceX listing would amplify that dynamic. A company reportedly seeking a valuation near $2 trillion holding more than $1.4 billion in Bitcoin would send a stronger signal than a smaller enterprise software firm making the same treasury move.

It would also bring Musk’s Bitcoin exposure under the scrutiny of public market disclosures. His companies have a history of buying and selling Bitcoin, and a SpaceX IPO would give investors more visibility into whether the company holds, adds to, or reduces its BTC position after listing.