While Wall Street is still eagerly awaiting the public debut of SpaceX shares, cryptocurrency traders have already been betting heavily on Elon Musk’s company. For weeks, crypto exchanges have been offering derivatives linked to SpaceX, generating hundreds of millions of dollars in daily trading volume.
At a time when Bitcoin is struggling below $62,000 and the broader crypto market remains under pressure, a growing question is emerging: Is the highly anticipated SpaceX IPO draining liquidity from digital assets?
Investors Are Pushing SpaceX Toward a $1.8 Trillion Valuation
SpaceX’s public market debut is undoubtedly one of the most closely watched financial events of the year. The company plans to offer approximately $75 billion worth of shares, while reported investor demand has already exceeded $250 billion.
That means demand is several times larger than the available supply.
The expected IPO price is around $135 per share, valuing SpaceX at roughly $1.77 trillion.
Interestingly, the cryptocurrency market is already assigning an even more optimistic valuation. On several trading platforms, SpaceX-linked futures contracts are trading near $162 per share, signaling higher expectations among investors.
If those valuations are reflected after the official listing, SpaceX would instantly become one of the largest publicly traded companies in the United States and could even surpass Tesla’s current market capitalization.
Crypto Exchanges Have Turned SpaceX Into One of the Hottest Trades
The biggest surprise is not the interest itself—but where it is coming from.
Cryptocurrency exchanges began offering SpaceX-linked products before the IPO, and traders embraced them with remarkable enthusiasm.
According to market data, Binance alone processed approximately $287 million in SpaceX futures volume within a single day. Combined trading activity across platforms exceeded $525 million over a 24-hour period.
Hyperliquid also emerged as a major center for SpaceX speculation, with open interest surpassing $115 million as traders positioned themselves ahead of the company’s market debut.
Major platforms including Coinbase, Kraken, and Bybit have also launched SpaceX-related products, allowing investors to gain exposure to the company before its shares officially begin trading.
Is Crypto Paying the Price for the SpaceX Frenzy?
Since the first SpaceX futures products were launched in mid-May, cryptocurrency markets have remained under pressure.
During the same period, Bitcoin has fallen by roughly 20%, while Ethereum has declined by approximately 23%. Meanwhile, the total cryptocurrency market has lost more than $180 billion in value.
As a result, many analysts are questioning whether part of that capital is being redirected toward what could become the most attractive IPO in years.
Well-known market analyst Michael van de Poppe believes the connection may not be a coincidence.
According to him, many investors who would normally seek opportunities within the crypto sector are currently focusing their attention on SpaceX. Interest in Elon Musk’s aerospace giant appears, at least for now, stronger than interest in Bitcoin and many major altcoins.
What Happens After SpaceX Goes Public?
The next phase will largely depend on how SpaceX shares perform once public trading begins.
If the initial excitement fades quickly, some of the capital currently flowing into SpaceX-related products could return to Bitcoin, Ethereum, and the broader crypto market. Such a scenario could help fuel a new recovery across digital assets.
However, if SpaceX continues attracting investors and delivers strong post-IPO performance, cryptocurrencies could face ongoing competition for speculative capital.
That is why traders will be watching not only Bitcoin’s price action in the coming days, but also SpaceX’s first trading sessions. The outcome could significantly influence sentiment across both traditional and digital asset markets.
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Disclaimer:
The information and opinions presented in this article are for informational and educational purposes only and should not be considered financial or investment advice. Nothing on this page constitutes a recommendation to buy or sell any assets. Cryptocurrency investments are inherently risky and may result in financial loss. Always do your own research before making any investment decisions.