SpaceX Pre-IPO Frenzy Is Here, And Retail Traders Are Already Warning Of ‘Bagholders’ – Even As Crypto Platforms Push Alternative Access

• Retail traders on Stocktwits turned skeptical on the SpaceX PreStocks on Monday, calling the pre-IPO contract “vastly overpriced”.
• SpaceX PreStocks traded around $688, which is way above the reported IPO price of $135, a premium of over 400%.
• Retail skepticism followed Morningstar analyst Nicolas Owens’s bearish call last week, in which he labeled SpaceX stock “significantly overvalued.”

The race for SpaceX pre-IPO exposure is heating up, but not everyone is convinced. Retail traders on Stocktwits turned sharply skeptical on SpaceX PreStocks on Monday, branding the pre-IPO contract “overpriced” as its price tag was five times the price Elon Musk’s aerospace company proposed for its IPO.

Retail Questions SpaceX PreStocks’ Valuation

"It's an overinflated stock that is vastly overpriced," one user wrote. Another called the contract "a joke," adding, "Don't be the fools buying this overpriced crap." 

https://www.stocktwits.com/Kingjake26/message/655720831 

Others warned that "so many bagholders will be made," and several asked how to short the position. A handful of bullish posts asked how to get in, but the prevailing tone was skeptical.

https://www.stocktwits.com/Hiddenprofit/message/655719953 

https://www.stocktwits.com/Rampant00/message/655716899 

Contract Trades At More Than 400% Premium To Proposed SpaceX IPO Price

Some traders questioned the price of the pre-Stock directly. "How's this a prestock, and why is the price over $700? Isn't it debuting at like $145-195?" one asked. Another predicted the contract would "eventually come back down dramatically," describing it as "a social media pump and then pre-IPO mass exits."

 SpaceX PreStocks’ price was trading around $688 in Monday pre-market hours — more than five times the $135 IPO price, a premium of over 400%. The contract would need to fall roughly 80% to reach the offering price.

Retail Sentiment Surges Even As Skepticism Soars

On Stocktwits, it was the top trending ticker at the time of writing. Retail sentiment around it improved to an ‘extremely bullish’ zone from the ‘bearish’ zone over the past day. Chatter around it improved to ‘extremely high’ from ‘extremely low’ levels. 

Is SpaceX IPO Overvalued?

The retail caution mirrored skepticism from traditional analysts. Morningstar lead equity analyst Nicolas Owens said last week on CNBC that SpaceX is worth less than half of its reported $1.75 trillion IPO target.

"SpaceX is worth less than half of its stated IPO target of $1.75 trillion," Nicolas Owens, a lead equity analyst at Morningstar, told CNBC last week. “We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO” according to the report. 

The surge of sentiment came as crypto platforms rushed to get tokenized access to the aerospace company before it went public. 

Crypto Platforms Offer Alternative Investment Routes

Bybit launched Bybit IPO Express on Monday, becoming one of the first two centralized crypto exchanges to offer tokenized access to the SpaceX (SPACZZX) IPO  at the offering price, unlike SpaceX PreStocks.

The product, powered by Payward Services’ xStocks, offers regulated exposure that is 1:1 backed by real equity held in custody by a broker-dealer, with an indicative price of 135 USDC and spot trading beginning June 12 — a separate instrument from the SpaceX PreStocks contract that triggered the Stocktwits reaction.

“Bybit users globally can now invest in US-listed IPOs alongside their crypto assets, on par with institutional investors,” said Emily Bao, Head of Spot at Bybit.

The competing paths to pre-IPO exposure to SpaceX suggest broader momentum for tokenized real-world assets (RWA), an area that is becoming more attractive to both crypto-native players and traditional financial institutions as a long-term growth driver for blockchain adoption.

Read also: ZEC Rallies After Emergency Upgrade: ZODL Founder Compares Zcash's Orchard Fix To A ‘Rick And Morty' Survival Story

For updates and corrections, email newsroom[at]stocktwits[dot]com