Crypto exchange Bybit has introduced a new perpetual futures product tied to SpaceX, allowing traders to speculate on the aerospace giant’s valuation before its highly anticipated public listing.
The newly launched SPCXUSDT perpetual contract gives users leveraged exposure to SpaceX with up to 10x leverage, offering round-the-clock trading without expiration dates or rollover requirements.
Bybit brings SpaceX trading to crypto markets
According to Bybit, the SPCXUSDT contract is already live and settled in USDT. Unlike traditional stock markets that operate during fixed hours, the product allows continuous trading 24 hours a day, including weekends and holidays.
The contract is designed around an estimated SpaceX share count of roughly 11.87 billion shares. Traders can hold positions indefinitely because the perpetual product does not include a fixed settlement date.
Bybit said the platform also includes advanced charting tools, integrated custody solutions, and insurance protections for traders using the new product.
The launch reflects growing demand for tokenized and synthetic exposure to major private companies before they officially enter public markets.
SpaceX IPO could become the largest in history
Interest around SpaceX has intensified as the company moves closer to a potential Nasdaq debut expected in June.
Recent regulatory filings suggest SpaceX is targeting a valuation between $1.75 trillion and $2 trillion while aiming to raise approximately $75 billion during the offering. If completed, the IPO would become the largest public listing ever recorded, surpassing the 2019 IPO of Saudi Aramco.
The expected listing has attracted enormous attention from both traditional investors and crypto traders due to the company’s rapid expansion across multiple industries, including space transport, satellite internet, artificial intelligence, and digital assets.
SpaceX Bitcoin holdings surprise investors
One of the biggest revelations from SpaceX’s SEC filing was the confirmation that the company currently holds 18,712 Bitcoin on its balance sheet.
The figure exceeded earlier blockchain-tracking estimates that suggested the company owned closer to 8,285 BTC. The disclosure also means SpaceX now reportedly holds more Bitcoin than Tesla, which currently reports 11,509 BTC according to BitcoinTreasuries data.
Both companies are closely associated with Elon Musk, who has been one of Bitcoin’s most influential public supporters over the years.
The filing did not reveal whether SpaceX plans to increase or reduce its Bitcoin exposure after going public.
Starlink and AI expansion fuel valuation growth
Beyond crypto holdings, investors are also watching SpaceX’s commercial growth very closely.
Company disclosures showed that Starlink, the firm’s satellite internet division, now serves more than 8 million active subscribers globally and generated approximately $7.7 billion in revenue during 2024.
SpaceX has also expanded deeper into artificial intelligence after acquiring Musk’s AI company xAI. The move combines satellite infrastructure, launch systems, internet connectivity, and AI operations under a broader corporate ecosystem.
According to the filing, SpaceX estimates its total addressable market across space technology, connectivity, and artificial intelligence at nearly $28.5 trillion.
What the launch means for traders
Bybit’s new product gives crypto traders early speculative access to one of the world’s most closely watched private companies before traditional investors can directly participate through public markets.
The combination of SpaceX’s Bitcoin holdings, AI expansion, Starlink growth, and massive IPO valuation has created strong interest across both crypto and traditional finance sectors.
However, leveraged perpetual contracts also come with elevated risk, especially during periods of intense speculation and volatility surrounding major IPO events.
