Investing.com -- Crypto traders valued SpaceX higher than its expected initial public offering price on Thursday morning, with perpetual futures contracts trading around $165 on Hyperliquid and Binance exchanges in New York. This implies a valuation of roughly $2.2 trillion for Elon Musk's rocket, satellite and artificial intelligence company.

SpaceX set its IPO share price at $135, which would give the company a valuation of around $1.8 trillion and raise about $75 billion. The offering attracted demand for more than four times the available shares, Bloomberg reported earlier.

Perpetual futures are contracts that do not expire but have no legal claim on the companies they track. The price of these contracts depends on several factors including funding rates needed to maintain positions, changing liquidity levels, settlement rules and reference pricing data for external assets.