LIVE MARKETS-Polymarket bets suggest big gains in SpaceX's first day on Wall Street

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POLYMARKET BETS SUGGEST BIG GAINS IN SPACEX'S FIRST DAY ON WALL STREET

As Wall Street braces for the world's largest IPO this week, bets on Polymarket show traders expect big gains in SpaceX's SPCX.O first day of trading.

Polymarket's "SpaceX IPO Closing Market Cap" market shows an aggregate prediction that Elon Musk's space and satellite company will have a market capitalization of $2.13 trillion at the end of its first trading session.

That compares to Musk's $1.75 trillion valuation and $135 share price he has set for SpaceX, and it shows traders expect the stock to rally about 33% in its first day on the Nasdaq.

On UK-based derivatives platform CMC Markets, SpaceX shares are valued at $164 apiece, well above Musk's $135 target price.

CMC offers contracts speculating on SPCX's eventual valuation, and traders on that platform are not buying and selling real SPCX shares with voting rights.

SpaceX contracts on CMC have steadily declined since late May, when they were at $204.

(Noel Randewich)

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