Shadow market investors pawed SpaceX's growth by more than 35% after the start of trading

Derivatives deals in so-called shadow markets indicate SpaceX shares could rise sharply after they begin debut trading on the Nasdaq exchange on Friday, June 12, Bloomberg writes.

On the morning of the listing, derivative contracts valued the space company at about $2.4 trillion, according to online broker IG International. That represents an increase of more than 35% relative to the offering price of $135 per share. IG analyst Fabienne Yip said demand for the IPO was strong and pre-market interest was a record for the platform, despite the fact that "the company's valuation looks overvalued."

The perpetual futures on the crypto platform Hyperliquid, which is tied to SpaceX, were trading at around $180, suggesting a capitalization of over $2.3 trillion. The trading volume of this instrument has exceeded $143 million in the last 24 hours, with open positions totaling over $208 million.

Members of event betting platform Polymarket estimate a 70% probability that SpaceX's value will exceed $2 trillion at the end of the first day of trading.

While all this indicates strong enthusiasm, it does not necessarily reflect real demand for shares, Bloomberg notes. Shadow markets are less liquid and less transparent than public markets, so quotes there can fluctuate dramatically and are often determined by the actions of a small group of traders, the use of leverage or short-term speculation, the agency warns.

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