Five platforms in the cryptocurrency ecosystem already allow speculation on SpaceX’s future IPO, creating a parallel market that anticipates prices and valuations before its official debut on Nasdaq. The activity is concentrated in the following entities: Hyperliquid, Bitget, OKX, BingX and Polymarket, each with different mechanisms to offer early exposure to SpaceX.
The phenomenon gained strength this May 26, 2026, after predictive markets and exchanges will expand their products linked to the company’s expected IPOwhose documentation points to a initial assessment of USD 1.75 billion and an estimated collection of USD 75,000 million.
Hyperliquid was one of the first to move. Through the SPCX-USDC synthetic contract, initially calibrated at a valuation close to USD 1.78 trillion, the product began trading with a reference of USD 150, reached USD 216 and subsequently stabilized around USD 202.89. On its first day alone it accumulated USD 33 million in volume and added another USD 7.1 million the next day.
For its part, Bitget launched pre-IPO perpetual contracts linked to SpaceX, while OKX incorporated pre-market contracts settled in USDT. On the other hand, BingX opted for a valuation tracking token, expanding exhibition alternatives for retail users.
Meanwhile, Polymarket opened probability markets to estimate the capitalization that the company would reach after its debut. As of May 26, the scenario most supported by participants placed SpaceX between USD 2 and 2.5 billion valuationwith an implied probability of 39%. Another 26% were betting on a range between USD 1.5 and 2 billion.
It is important to clarify that these instruments They do not represent actual shares or grant ownership interest in the company. Instead, they function as derivatives, synthetic contracts, or predictive markets built on price expectations and external references.
Another piece of information that raised market interest was SpaceX’s exposure to bitcoin (BTC). The documentation revealed that The company maintains 18,712 BTC, equivalent to about USD 1,290 million in market value. The position places the company among the larger treasuries corporate bitcoins in the world, above the 11,509 coins reported by Tesla, but still far from the 843,738 BTC accumulated by Strategy.
It should be noted that Binance also recently joined this trend with the launch of the SPCXUSDT Pre-IPO contract, presented on May 21, 2026, as reported by CriptoNoticias. During its first hours of trading, the instrument traded close to USD 224 and accumulated approximately USD 43.9 million in volume. According to the exchange, the goal is to offer early exposure to private companies before an initial public offering.
However, the advance of these markets also opens a regulatory discussion that is still unresolved. Let us remember that there is still no clear definition and legal on whether these products should be treated as securities, traditional derivatives or a new financial category linked to digital assets.
Added to this is another uncertainty: several companies Private companies do not endorse the tokenized products that claim to represent their actions. A recent case was that of Anthropic, which warned that certain tokenized representations linked to its securities did not have the approval of its board of directors nor did they grant real rights over the company.
After the notice, the token associated with Anthropic on the PreStocks market fell about 35% in 24 hoursgoing from around USD 1,409 to USD 895. The company even noted that some structures used to support these instruments, such as special purpose vehicles (SPVs), were not authorized.
Beyond the case of SpaceX, the movement shows a broader change: cryptocurrencies are beginning to build a stage prior to traditional IPOs. However, the growth of these markets also raises questions about legal support, economic representation and validity of the assets issued. If the model manages to resolve those frictions, some of the price formation could begin to shift toward platforms based on cryptocurrency networking technology even before a company officially arrives on Wall Street.