SpaceX Implied Valuation Reaches $3 Trillion in Perpetual Futures Squeeze

A short squeeze in the perpetual futures market tied to SpaceX shares caused a brief surge in the company's implied valuation, reaching $3 trillion based on derivative pricing.

The event occurred after the US stock market closed on June 15, when demand for bets on further gains spilled into crypto exchanges. This led to a short squeeze as traders betting on a decline in SpaceX through perpetual futures were forced out of their positions, causing prices to increase.

According to Bloomberg, more than $50 million of bearish bets were liquidated over 24 hours, adding to the upward pressure on prices. The contract for SpaceX perpetual futures on Hyperliquid climbed to nearly $230 within six hours after the market closed, but later converged toward SpaceX's premarket price.