SpaceX has not yet started trading, but many investors are already experiencing significant returns. The company submitted its S-1 registration in May 2026, planning to offer shares at an initial price of $135, aiming for a total valuation of about $1.77 trillion. This move positions SpaceX to achieve the largest initial public offering in history, with a target fundraising of approximately $75 billion.
Investors who acquired shares previously valued around $350 billion in late 2024 can now see their investments potentially multiplying five times on paper.
#How is the Secondary Market Performing?
The secondary market has seen a rush of activity with shares trading on platforms like Forge Global and Hiive. Here, the prices peaked at about $595 and $674 per share, respectively, both significantly higher than the proposed IPO price of $135. Trading is expected to commence on June 12, 2026, presenting potential opportunities and risks for investors.
#What Innovations Are Being Employed?
In a novel twist, crypto traders found a way to engage with SpaceX's valuation through a cash-settled perpetual futures contract launched by Hyperliquid on May 18, 2026. This mechanism allows for leveraged bets on the company’s valuation without actual ownership of shares. Initially, the contract's reference prices suggested a valuation around $1.78 trillion, closely aligned with the expected IPO valuation. However, market speculation led valuations to surge above $2 trillion, culminating in a 45% flash crash that liquidated over $1.5 million in positions.
#Why Should Investors Pay Attention to Bitcoin?
SpaceX currently possesses more than 18,000 Bitcoin, valued at about $1.3 billion, making it one of the largest corporate holders of Bitcoin alongside companies like MicroStrategy and Tesla. Despite this substantial asset, Bitcoin comprises less than 0.1% of SpaceX's impending $1.77 trillion valuation.
#What Does This Mean for Future Investors?
Hyperliquid’s futures contract illustrates that decentralized finance (DeFi) can provide liquid, leveraged exposure to assets that are not publicly traded yet. The $1.5 million in liquidations during the recent market fluctuation was minimal relative to its broader implications. Investors who entered at a $350 billion valuation in late 2024 can be considered the direct beneficiaries, regardless of the IPO's subsequent performance.
As SpaceX prepares to issue $75 billion worth of new shares to the market, the post-IPO landscape will reveal how new investors fare in comparison to early adopters, thereby posing an essential question: will the market look favorably upon new buyers?