SpaceX IPO Futures Trading Hits $3.2 Billion Amid Regulatory Scrutiny

SpaceX is gearing up for its massive $75 billion IPO, and cryptocurrency exchanges are offering traders a chance to bet on the company's share price before it hits the market.

Crypto exchanges like Binance and Coinbase have introduced 'pre-IPO perpetual futures,' which allow traders to speculate on SpaceX's share price using the company's latest valuation instead of actual shares.

The trades offer leverage between 3x and 5x, with prices for these futures sliding from over $200 to $160 in less than a month as regulators started paying closer attention.

Between May 17 and Wednesday, SpaceX futures saw $3.2 billion in trading volume across eight platforms, with Binance alone accounting for $2.1 billion of that total.