Bybit has put a new pre-IPO product into play just as the market begins to focus more intensely on SpaceX’s long-awaited public debut. The crypto exchange said it has listed the SPCXUSDT perpetual contract , giving traders a way to gain leveraged exposure to SpaceX before the company’s expected IPO on June 12, 2026.
The contract is already live and offers up to 10x leverage, which makes it one of the more aggressive ways for traders to position themselves around what could become one of the biggest listings in market history. In simple terms, it lets users speculate on the price movement of SPCX in USDT without waiting for the company to officially hit the stock market.
That timing matters. SpaceX is not just another private company nearing an IPO. It has spent years building a reputation as one of the most important technology businesses in the world, and the numbers now being discussed around its public debut are enormous. According to official filings, the company is targeting a valuation somewhere between $1.75 trillion and $2 trillion, while also aiming to raise around $75 billion. If that happens, it would break every existing IPO record by a wide margin. For comparison, Saudi Aramco still holds the current record after raising $29.4 billion in 2019.
Beyond the Hype
SpaceX’s appeal goes well beyond the hype around the listing itself. The company has played a central role in reshaping the aerospace industry by cutting launch costs dramatically through reusable rocket technology. That alone changed the conversation around space travel, commercial launch services, and long-term access to orbit. It is no longer seen just as a bold space company. It is now viewed as a business that helped rewrite the economics of the industry.
Then there is Starlink, which has become one of the biggest reasons investors keep watching SpaceX so closely. The satellite internet business now has more than 8 million active subscribers around the world and generated an estimated $7.7 billion in revenue in 2024. That kind of growth has turned Starlink into a major commercial engine inside the broader SpaceX story, not just a side project.
The company’s recent acquisition of xAI, Elon Musk’s artificial intelligence venture, has only added to the sense that SpaceX is becoming something larger than a launch provider. It now sits at the intersection of space exploration, satellite connectivity, and artificial intelligence, which gives it a much broader strategic profile than most companies ever reach. That combination is a big part of why its valuation has drawn so much attention.
For Bybit, the launch of the SPCXUSDT contract is another sign that it wants to give traders access to major market narratives before they fully reach traditional finance. The exchange said the product is built around several advantages that are not available in standard equity markets. It trades 24/7, it has no expiration date, and it comes with professional tools for charting, analysis, and risk control.
The contract also gives traders the flexibility to hold positions for as long as they want, without having to roll over an expiring futures contract. Bybit has also framed the listing as part of its larger push to connect traders with early access to transformative opportunities. That message fits the broader direction the exchange has been taking as it continues to position itself as a bridge between crypto markets and traditional finance.
The company said the total estimated share count for the underlying asset is 11.87 billion shares. It also noted that the product is intended for users who understand the risks involved in leveraged trading. That is an important point, because products like this can move quickly and sharply, especially when they are tied to something as closely watched as SpaceX.
Still, the launch speaks to the scale of interest surrounding the company. SpaceX is one of those rare firms that attracts attention far beyond the usual tech or aerospace circles. Its name alone carries enough weight to move market conversations, and the possibility of a historic IPO has only made that interest stronger.
Bybit’s move suggests there is already demand for exposure before the opening bell even rings. Whether traders see SPCXUSDT as a speculative opportunity or simply a way to participate in one of the most talked-about listings in years, the message is clear: SpaceX’s road to the public markets is already becoming a market event in its own right.
