SpaceX hasn’t even started trading yet, and the shadow markets have already made up their minds. Crypto perpetual futures are pricing the company’s shares at roughly $162, a meaningful premium over the $135 IPO price, suggesting traders expect a significant pop when the stock finally hits Nasdaq on June 12, 2026.

The numbers behind the hype

SpaceX has priced its IPO at $135 per share, aiming to raise approximately $75B in what would be one of the largest public offerings in history. The company plans to list on Nasdaq under the ticker SPCX, and the institutional appetite has been staggering.

The offering is reportedly four times oversubscribed among institutional investors.

What’s more unusual is the retail allocation. SpaceX is reportedly earmarking 20-30% of shares for everyday investors, a dramatic departure from the typical 5-10% retail slice that most IPOs offer.

The crypto markets, meanwhile, aren’t waiting for the traditional bells and tickers. Perpetual futures on platforms like Hyperliquid and Binance have been trading SpaceX exposure at around $162 per share, a roughly 20% premium to the IPO price.

And then there’s the stranger corner of the market. A tokenized version of SpaceX shares exists on Solana under the name SPACEX/PreStocks, trading at approximately $700 per token with over $1M in daily volume.

Why SpaceX is different from every other IPO

At a target valuation of $1.75 trillion to $1.8 trillion, SpaceX would debut as one of the most valuable companies in the world. SpaceX was founded by Elon Musk in 2002 and as of 2025 reported revenue of $18 billion.

What this means for investors and the crypto market

With 20-30% of shares going to individual investors, more people will have the chance to participate at the IPO price rather than chasing the stock higher in aftermarket trading, contrasting with the traditional IPO model where retail investors typically receive only 5-10% of shares.

The fact that perpetual futures markets are already actively pricing SpaceX shares on platforms like Hyperliquid and Binance shows how traditional finance and crypto markets have become intertwined. The Solana-based tokenized shares, while trading at a disconnected price point of approximately $700, represent retail demand for exposure to pre-IPO companies that has created an entirely new market category.