Bybit lists SPCXUSDT pre-IPO perpetual contract ahead of SpaceX's IPO

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has listed the SPCXUSDT Perpetual Contract, giving traders leveraged exposure to SpaceX ahead of its anticipated initial public offering (IPO) on June 12, 2026. The contract is live on the platform with up to 10x leverage.

The listing comes as SpaceX prepares for what could be a landmark moment in stock market history. According to official filings, the company is targeting a valuation of $1.75 trillion to $2 trillion and plans to raise approximately $75 billion, putting it ahead of Saudi Aramco’s (TADAWUL: 2222) $29.4 billion IPO in 2019 as the largest in history.

SpaceX’s rapid growth

SpaceX has fundamentally transformed the aerospace industry, reducing launch costs by orders of magnitude through reusable rocket technology.

Its satellite internet service Starlink has grown to over 8 million active subscribers worldwide, generating approximately $7.7 billion in revenue in 2024.

The company has also recently acquired xAI, Elon Musk’s AI venture, creating a vertically integrated enterprise spanning space exploration, satellite technology, and AI.

The underlying asset of Bybit’s SPCXUSDT perpetual contract is SPCX settled in USDT, with a total estimated share count of 11.87 billion shares. The contract offers 24/7 access, up to 10x leverage, and no expiration date, providing unlimited holding periods without rollover.

Bybit’s perpetual contract structure gives traders several operational advantages over traditional equity markets, including around-the-clock access unrestricted by market hours, capital-efficient leverage, and professional-grade charting and risk management tools. Custody and insurance protections are also included.

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