Perpetual Futures Contracts Point to SPCX Stock Nailing a $2 Trillion Valuation After the SpaceX IPO. The Biggest Test of Accuracy Will Come in December.

Perpetual futures contracts tied to SpaceX have emerged as the primary mechanism through which global investors have been expressing views on the SPCX stock price before its Nasdaq debut later today, June 12.

This has effectively created an unprecedented when-issued market for the largest IPO in history. These instruments, available on crypto platforms including Hyperliquid, Binance, Bitget, and OKX, allow traders to speculate on SpaceX’s implied valuation without holding actual equity, using leverage typically capped at 3x to 5x. The sheer scale of activity is remarkable: cumulative trading volume exceeded $2.6 billion since late May, with more than $1 billion exchanged in just the 72 hours preceding the listing, while open interest reached approximately $363 million.