SpaceX Cryptocurrency Derivative Trading Price Rebounds After Hitting Bottom, Predicting a $2.4 Trillion Closing Valuation on Day One

According to market sources, the price of Hyperliquid perpetual contracts (stock code SPCX) related to SpaceX has turned after three weeks of declines, with market expectations shifting accordingly.

Hyperliquid’s SPCX does not give holders any shares of SpaceX stock, allocation rights, or any claims against the company; it is merely a cash-settled derivative.

Currently, open interest on the Hyperliquid platform exceeds $230 million, and trading volume over the past 24 hours has been more than $192 million. The contract’s underlying has become one of the few markets that can display in real time traders’ expectations for the stock’s possible opening price.

Based on SpaceX’s market offering price, SpaceX has finalized tonight’s Nasdaq listing and is being traded at an IPO offering price of $135 per share, corresponding to an overall valuation of $1.77 trillion, setting the record for the largest IPO fundraising in global history.

Meanwhile, institutions and related trading markets have raised the valuation of the asset to $2.4 trillion, which is significantly higher than the official offering valuation of $1.77 trillion for this IPO.

Also, according to the predictive market Polymarket contract, the probability that SpaceX’s first-day closing market cap will exceed $2 trillion is 78%, the probability of exceeding $2.2 trillion is 64%, and the probability of reaching $2.4 trillion is 42%.

In crypto trading platforms, the price trend of related derivatives had weakened significantly earlier on, but as the stock listing approached, bullish sentiment increased, and funds flowed back into the contract market—indicating that expectations for SpaceX’s overall valuation to break through $2.4 trillion have risen markedly.

Overall, traditional capital markets and crypto trading markets are currently split on the company’s listing valuation: the latter is offering a substantial premium, reflecting different assessments across trading circles of how SpaceX’s next market move will play out.

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