Crypto traders are looking past SpaceX’s expected IPO price and placing a higher value on Elon Musk’s rocket, satellite and artificial intelligence company ahead of its trading debut.
Perpetual futures, contracts that don’t expire, tied to SpaceX were trading around $165 on crypto venues Hyperliquid and Binance Thursday morning in New York, implying a valuation of roughly $2.2 trillion. The company is offering shares at a fixed price of $135 in its record-setting initial public offering.
SpaceX’s IPO is set to price on Thursday. It has attracted demand for more than four times the available shares, Bloomberg reported Wednesday. The terms of the offering are unlikely to change, people familiar with the matter said, meaning SpaceX would raise about $75 billion at a valuation of around $1.8 trillion.
In the showdown between Musk fans clamouring for SpaceX stock at virtually any valuation and veteran investors like Jim Chanos calling it a “hopes-and-dreams IPO,” crypto-perps traders appear to be siding with the former — even though the price has fallen from above $200 in May.
