SpaceX IPO may draw funds from crypto, tokenized trading rises

SpaceX plans to price its initial public offering at $135 a share, targeting roughly $75 billion in proceeds and a valuation near $1.77 trillion. The company has set aside up to 30% of shares for retail investors and the offering is scheduled to launch on Thursday.

Traders and trading desks report reallocations from crypto holdings to fund IPO subscriptions. GSR's global head of over-the-counter trading, Spencer Hallarn, described crypto as “a funding currency for a lot of this” and highlighted that markets must source about $75 billion for the deal.

Market participants and advisers have linked recent declines in bitcoin and ether to investor positioning ahead of a slate of high-profile public listings. A Bitwise adviser warned that bitcoin is being tapped to fund large upcoming trades, while K33's head of research flagged IPO anticipation as a factor in recent price moves.

Tokenized SpaceX products on crypto venues have shown significant activity before the stock begins public trading. Trading infrastructure data from Talos show pre-IPO perpetual futures tied to SpaceX trading around $155, above the $135 IPO price. Those products have generated more than $385 million in open interest and about $2.7 billion in cumulative volume across platforms including Hyperliquid, Binance and OKX.

Talos vice president Samar Sen described crypto venues as enabling “around-the-clock trading and transparent valuation signals ahead of major public listings.” He added that continuous trading has attracted both speculative flows and investors seeking early exposure to private companies.

Bitget reported that its tokenized SpaceX IPO subscription through the xStocks product was oversubscribed, expanding from an initial $3 million allocation to $13 million. Bitget Wallet chief operating officer Alvin Kan commented that the speed and scale of demand reflect crypto-native users seeking direct access, and that self-custodial wallets are becoming a channel for capital markets access.

Other platforms offering tokenized or stock-linked exposure to SpaceX include Hyperliquid, Binance, Kraken, Bybit, OKX and Robinhood. Some exchanges offer stock-linked perpetuals to non-U.S. customers, while other brokers plan to provide direct IPO access to U.S. clients and tokenized versions to customers in other regions.

Tokenized shares and perpetual futures are crypto-based products that mirror a stock's price or provide price exposure and typically trade on crypto exchanges, often outside traditional brokerage systems.

Exchanges and trading desks are monitoring flows between tokenized instruments and spot crypto holdings as SpaceX prepares to price the offering, while market participants decide on capital allocation ahead of the listing.