You cannot purchase SpaceX stock at this time. However, crypto traders have found an innovative way to speculate on its value, driving nearly $18 million in daily volume through synthetic perpetual futures tied to Elon Musk’s aerospace company.
Traders engage in these contracts, which do not provide actual equity or shareholder rights, to bet on the implied valuation of SpaceX. These derivatives can be found on both decentralized and centralized exchanges, allowing the crypto community to react to market expectations without owning shares.
#How Do Synthetic Perpetual Futures Work?
Synthetic perpetual futures are unique financial instruments that mimic the price movement of an asset without requiring the asset to actually exist in the market. Traders leverage these contracts to wager on SpaceX’s perceived value based on a price feed. Hyperliquid, a decentralized exchange, introduced their SpaceX contract on May 17, 2026, followed closely by Binance.
The initial response from the market was significant. On its first day, Hyperliquid reported trading volumes soaring between $30 million and $40 million, with open interest hitting the tens of millions across various platforms. Prices for the contracts started around $150 per share, indicating a valuation of SpaceX between $1.7 and $1.8 trillion. As interest grew, prices even surpassed $200 per share, suggesting that the company could be worth over $2 trillion.
Since its introduction, the average daily trading volume for these synthetic contracts has been approximately $18 million.
#What Caused the Unexpected Flash Crash?
On May 28, 2026, a significant flash crash occurred for a SpaceX-linked contract on Hyperliquid, resulting in a drop of around 45%. This unforeseen event liquidated about $1.5 million in trader positions, highlighting the inherent risks in this market.
#Why Is This Important Beyond SpaceX?
SpaceX is only the beginning of a broader trend. Similar synthetic perpetual contracts are being developed for other renowned private companies, including OpenAI and Anthropic. These crypto platforms are creating alternative markets for pre-IPO speculation that bypass traditional private equity barriers. Anyone with a crypto wallet and necessary collateral can participate in betting on SpaceX’s valuation without the restrictions typically associated with accredited investor status or lock-up periods.
These synthetic futures do not give ownership of shares. If SpaceX successfully conducts an IPO at $200 a share and a trader initially bought synthetic options at $150, they will profit from the difference. However, it is crucial to understand that this entails trading derivatives, which come with their own set of risks and do not provide voting rights or dividend claims.