SpaceX Perpetuals Trade at $165, Above $135 IPO Price

Crypto traders are pricing SpaceX at $2.2 trillion, above the $1.8 trillion valuation set in its IPO at $135 per share. SpaceX perpetual futures on Hyperliquid and Binance are trading near $165, with over $69 million changing hands in the last 24 hours.

The gap between the IPO price and the perpetual price reflects a market that sees more upside in Elon Musk's rocket-and-satellite business than the public listing implied. SpaceX went public at a valuation that some institutional investors called conservative, given its dominance in launch services and the Starlink revenue stream. The perpetual market, by contrast, is pricing in continued growth in both segments.

Perpetual futures on private companies are a niche but growing corner of crypto derivatives. They let traders take directional bets on companies that are not yet public or whose public float is thin. The contracts have no expiry, so the price is set by the same funding-rate mechanism that governs Bitcoin and Ethereum perpetuals. When longs dominate, funding turns positive and shorts get paid to hold. The current funding rate on the SpaceX contract is slightly positive, suggesting the long bias is real but not extreme.

The $69 million in 24-hour volume is small relative to major crypto perpetuals but large for a single-stock contract on a private company. It suggests a concentrated group of traders, not retail flow. The bid-ask spread on Hyperliquid has been tight, around $0.50, which points to market makers providing liquidity rather than one-sided order flow.

The question for traders watching this market is whether the perpetual price is a leading indicator or a speculative outlier. SpaceX has no public earnings calls, no analyst consensus, and no SEC filings to anchor expectations. The perpetual price is a pure expression of what a small group of crypto-native traders thinks the company is worth. That group has been right on some private-company bets before – Reddit's perpetuals traded above its eventual IPO price for months before the listing – but wrong on others, like Stripe, where the perpetual premium collapsed after the company's valuation was cut in a secondary round.

The next catalyst for the SpaceX perpetual is the company's quarterly financial update, expected in late July. If Starlink subscriber growth or launch revenue beats internal targets, the perpetual could push higher. If the numbers disappoint, the premium over the IPO price could narrow quickly. Traders holding long positions are paying a small funding cost each hour to maintain the bet. That cost adds up over weeks, which means the trade is a conviction call, not a passive hold.