The contracts were quoted at a 30%+ premium to the $135 IPO price, implying a market capitalization above $2.2 trillion before trading begins.
SpaceX crypto perpetuals (derivatives that track an asset’s price without expiry) were trading at $175 ahead of the company’s Nasdaq debut, a level described as more than 30% above the $135 IPO price. At that pricing, the implied market capitalization stood north of $2.2 trillion. The activity points to strong pre-debut positioning in crypto-linked markets, where perpetuals can offer an early read on sentiment before cash equity trading opens.