SpaceX IPO at $135 May Trigger Crypto Capital Rotation; $2.7B in Perpetuals Trading

According to market data and traders, SpaceX's IPO launching Thursday at a $135 per-share price could prompt investors to rotate capital out of crypto and into the $75 billion offering, which values the company at $1.77 trillion. GSR's Spencer Hallarn told Reuters that crypto may serve as a funding source for the deal: "Crypto is a funding currency for a lot of this. We've got to find $75 billion for this IPO, and it's got to come from somewhere."

Meanwhile, SpaceX-linked trading has already surged across crypto exchanges. Pre-IPO perpetual futures tied to SpaceX have generated $2.7 billion in cumulative trading volume and $385 million in open interest across Hyperliquid, Binance, and OKX, according to trading data provider Talos. Bitget's tokenized SpaceX IPO subscription via xStocks was oversubscribed, growing from a $3 million initial allocation to $13 million.