Bybit has launched a new perpetual trading product tied to SpaceX ahead of the aerospace company’s expected public listing in June. Summary Bybit launched the SPCXUSDT perpetual contract with up to 10x leverage, giving traders round-the-clock exposure to SpaceX ahead of its planned IPO. SEC filings showed SpaceX holds 18,712 BTC, exceeding earlier blockchain estimates and surpassing Tesla’s reported Bitcoin balance. SpaceX is targeting a valuation of up to $2 trillion and a $75 billion raise, which could make it the largest IPO in market history. According to the exchange, the newly listed SPCXUSDT perpetual contract gives traders exposure to SpaceX with leverage of up to 10x. The contract is already live on the platform and is settled in USDT, allowing users to trade continuously without an expiry date or rollover requirement. The launch arrives as SpaceX moves closer to what several market reports describe as one of the largest stock market debuts ever attempted. Regulatory filings reviewed ahead of the planned Nasdaq listing show the company is seeking a valuation between $1.75 trillion and $2 trillion while targeting a capital raise of roughly $75 billion. If completed at that level, the offering would exceed the record set by Saudi Aramco during its 2019 IPO, which raised approximately $29.4 billion. Why is SpaceX attracting so much market attention? Fresh filings submitted to the U.S. Securities and Exchange Commission have also revealed that SpaceX currently holds 18,712 Bitcoin on its balance sheet. The figure was disclosed in the company’s S-1 registration filing and exceeded earlier blockchain-tracking estimates that had placed the company’s holdings closer to 8,285 BTC. The filing further showed that SpaceX now holds more Bitcoin than Tesla, which currently reports 11,509 BTC according to BitcoinTreasuries data. Both firms are linked to Elon Musk, who has publicly supported Bitcoin during previous market cycles. Beyond its cryptocurrency holdings, SpaceX continues to expand its commercial operations. Company disclosures stated that Starlink, its satellite internet unit, reached more than 8 million active subscribers worldwide and generated about $7.7 billion in revenue during 2024. Recently, the company also acquired xAI, Musk’s artificial intelligence venture. The deal combined SpaceX’s satellite and launch businesses with AI infrastructure and connectivity operations under a single corporate structure. How does Bybit’s SpaceX contract work? Bybit stated that the SPCXUSDT perpetual contract is based on SPCX and references an estimated share count of about 11.87 billion shares. Unlike traditional equity trading, the product remains available around the clock, including weekends and holidays. Exchange documentation noted that traders can maintain positions indefinitely because the contract carries no fixed settlement date. Alongside leveraged access, Bybit said the platform includes professional charting tools, integrated custody systems, and insurance protections for users trading the contract. Meanwhile, SpaceX’s SEC filing described the company’s total addressable market across space transport, internet connectivity, and artificial intelligence as roughly $28.5 trillion. The filing stated that the company sees opportunities across what it called the largest actionable market in “human history.” Although the filing confirmed the company’s Bitcoin holdings, SpaceX did not disclose whether it plans to increase, reduce, or maintain its cryptocurrency exposure after going public. For now, investors appear focused on how the IPO, Bitcoin holdings, Starlink growth, and AI expansion could shape trading activity surrounding the company in the months ahead.
