SpaceX's crypto-linked IPO sees rebound toward $2.4 trillion valuation

SPCX contracts show significant recovery ahead of SpaceX's IPO launch.

The SPCX perpetual contract associated with SpaceX has rebounded sharply on the Hyperliquid exchange, trading between $176 and $183 after hitting a low of approximately $153 earlier in the week. This recovery marks a notable increase, with the current price reflecting a 36% premium over the company's IPO price of $135.

In addition to the Hyperliquid exchange, other markets like IG International derivatives and Polymarket are indicating strong demand, suggesting that SpaceX's valuation could exceed $2 trillion on its first trading day, translating to a valuation of around $2.4 trillion, a rise of more than 35% from the IPO price.

Despite a recent downturn, where the SPCX implied premium dropped to 16%, the latest trading levels suggest a renewed optimism among investors. Open interest on the Hyperliquid exchange stands at approximately $216 million, with a 24-hour trading volume exceeding $150 million.

While SPCX does not grant ownership rights or shares in SpaceX, it serves as a speculative tool reflecting market expectations for the IPO. The surge in trading activity indicates a shift in sentiment, as traders now anticipate a closing much higher than initial expectations.

Recent data shows that Polymarket traders assign a 70% probability that SpaceX will close its first day above $2 trillion, indicating a robust demand for the shares. This resurgence follows a decline where traders had anticipated only modest gains post-IPO, suggesting a narrowing of the previous discount in expectations.