SpaceX tops $200 as post-IPO rally fuels crypto trading frenzy

SpaceX shares broke past $200 in premarket trading Tuesday, with Bloomberg reporting the stock was on track for a cumulative gain exceeding 50% since its June 12 Nasdaq ↘1.26% debut.bloomberg
The rally drove record crypto derivatives volume, with Binance logging over $9 billion in total SpaceX perpetual futures trading and capturing more than 60% market share, according to the exchange.prnewswire
Tokenized SpaceX stock on Solana via Backpack Securities traded near $209, while Backpack’s native BP token surged over 150% since early June.jup

SpaceX’s Post-IPO Rally Fuels Crypto Derivatives Frenzy as Billions Flow Into Synthetic Markets

SpaceX’s meteoric rise since its June 12 Nasdaq debut has spilled into crypto markets, igniting record trading volumes across perpetual futures, tokenized equities, and decentralized platforms that offer round-the-clock exposure to the rocket company’s stock.

Binance Dominates With Billions in Volume

Binance captured more than 60% of the SpaceX derivatives market across centralized and decentralized exchanges, with its SPCXUSDT perpetual futures contract exceeding $5.6 billion in 24-hour volume shortly after the IPO, according to a company press release citing Coinglass and CoinMarketCap data. The product became Binance’s second-most-traded contract, accumulating over $9 billion in total volume across both the pre-IPO and post-listing phases. Binance had launched the SPCXUSDT pre-IPO perpetual on May 21, giving retail traders early synthetic exposure to SpaceX before shares hit public markets.cbs19news

On Hyperliquid, the decentralized exchange that first listed the SPCX-USDC perpetual contract in mid-May, the instrument had already been a focal point for price discovery. The contract traded as high as $230 before the IPO and surged past $180 on listing day as SpaceX shares closed at roughly $161 on the Nasdaq. With SpaceX shares extending their rally past the $200 mark in premarket trading on Tuesday, June 16, the Hyperliquid perp continued tracking the upward momentum.roic

Tokenized SpaceX Stock Surges on Solana

Backpack Securities and infrastructure provider Sunrise launched a tokenized version of SpaceX stock on Solana the same day as the Nasdaq listing. Each SPCX token represents one real share custodied by Backpack Securities and is redeemable into a traditional brokerage account through standard settlement rails. On-chain SPCX trading volume exceeded $86 million across decentralized exchanges including Jupiter and Raydium, according to official platform data. The live price of the Backpack SPCX token stood at $208.64 with $75.9 million in daily trading volume as of June 15.solanacompass

Backpack’s native exchange token BP surged over 30% within 24 hours on June 15, reaching $0.475 with a market capitalization of $118 million. The token had already jumped roughly 27% on June 12 when the tokenized SpaceX product first went live.htx

Meanwhile, Ondo Finance’s SPCXON — a tokenized SpaceX equity product within its real-world asset framework — was listed on exchanges including BitMart on June 13, trading around $165 by mid-June.zendesk

A New Template for IPO Speculation

The simultaneous activity across perpetual futures, tokenized shares, and prediction markets represents an emerging pattern in how crypto infrastructure captures liquidity around major equity events. SpaceX, which priced its record $75 billion IPO at $135 per share and saw shares climb more than 40% across its first two trading sessions, proved to be the catalyst. As CoinDesk reported before the listing, Hyperliquid’s SPCX contract was “the first live, retail-accessible market to put pre-IPO price discovery on-chain”.reuters