Crypto exchanges are racing to capitalize on SpaceX's highly anticipated IPO by launching perpetual futures contracts. Binance, Bitget, and Trade.xyz this week introduced derivatives allowing traders to speculate on SpaceX's valuation without owning actual stock. The move reflects how crypto platforms aim to profit from what is expected to be Wall Street's largest listing.

SpaceX, which discussed raising $75 billion at a $1.75 trillion valuation, has seen its futures surge. Trade.xyz launched contracts at $150 based on a $1.78 trillion reference market cap, but they quickly climbed to $210, implying a $2.5 trillion valuation. Binance's offering allows up to 20x leverage, with prices peaking at $225.

These pre-IPO perpetual futures carry significant risks as their pricing depends entirely on speculative demand. The derivatives boom extends beyond SpaceX, with centralized platforms processing $85.3 trillion in perpetual futures trades last year. Crypto exchanges are expanding into traditional assets as they seek new revenue streams outside cryptocurrency.