Five platforms in the cryptocurrency ecosystem have already enabled speculation on SpaceX’s future IPO, creating a parallel market to predict its price and valuation before its official debut on the Nasdaq. This activity is centered around Hyperliquid, Bitget, OKX, BingX, and Polymarket, each with different mechanisms for providing early exposure to SpaceX.
This phenomenon became even stronger on May 26, 2026, following market and currency forecasts. Plans to expand product offerings in conjunction with the company’s anticipated IPOThe initial valuation is $1.75 billion, with an estimated recovery of $75 billion, according to documents.
Hyperliquid was one of the first to move. Initially adjusted at a valuation close to USD 1.78 trillion through the SPCX-USDC synthetic contract, the instrument began trading at a base of USD 150, reached USD 216, and then stabilized around USD 202.89. Trading volume of USD 33 million was accumulated on the first day alone, and another USD 7.1 million was added the next day.
Meanwhile, Bitget has launched a pre-IPO perpetual contract related to SpaceX, while OKX has incorporated a pre-market contract settled in USDT. BingX, on the other hand, has opted for reputation tracking tokens. Expanding trade show options for retail users.
Meanwhile, Polymarket has opened a probability market to estimate the capital that the company will reach after its debut. Most popular scenario from participants as of May 26th SpaceX is valued between $2 billion and $2.5 billionthe implied probability is 39%. Another 26% bet in the $1.5 billion to $2 billion range.
It is important to clarify that these measures: They do not represent actual shares or confer ownership in the company. Instead, they function as derivatives, synthetic contracts, or prediction markets built on price expectations or external references.
Another piece of information that increased market interest was SpaceX’s exposure to Bitcoin (BTC). The document revealed that The company maintains 18,712 BTC, which is equivalent to approximately USD 1.29 billion in market value. This position makes the company one of the largest corporate Bitcoin vaults in the world, surpassing the 11,509 coins reported by Tesla, but still a long way from the 843,738 BTC that Strategy has accumulated.
Points to note are: Binance also recently joined this trend With the launch of the SPCXUSDT Pre-IPO contract offered on May 21, 2026, CriptoNoticias reports. In the first few hours of trading, the instrument was trading close to USD 224, with a trading volume of approximately USD 43.9 million. The exchange said the goal is to provide early exposure to private companies before initial public offerings.
However, these market advances also open up regulatory discussions that are still outstanding. let’s remember that There is no clear definition yet Legislation also dictates whether these products should be treated as securities, traditional derivatives, or a new financial category related to digital assets.
In addition to this, several companies are adding to the uncertainty. Private companies do not endorse tokenized products that claim to represent their actions. A recent example is that of Anthropic, which warned that certain tokenized representations related to its securities were not approved by its board of directors and did not confer any real power over the company.
After the notification, the tokens associated with Anthropic on the PreStocks market will be Approximately 35% drop in 24 hoursgo from around 1.409 USD to 895 USD. The company also noted that some structures used to support these equipment, such as special purpose vehicles (SPVs), are not approved.
Beyond the SpaceX case, this move signals a broader shift. Cryptocurrencies are starting to build a stage before a traditional IPO. However, the growth of these markets also raises questions regarding legal support, economic representation, and the validity of the assets issued. If this model can resolve these frictions, some of the price formation could begin to shift to platforms based on crypto networking technology even before companies formally enter Wall Street.
(Tag translation) Cryptocurrency
