Trade.xyz launched the first SpaceX pre-IPO perpetual futures on the Hyperliquid platform around 05:16 AM UTC on May 18, with the contract’s implied valuation spiking from $1.78 trillion to over $2.5 trillion within hours.
"The SPCX-USDC contract, launched by Trade.xyz, saw first-hour volume reach roughly $11.48 million with open interest around $12.34 million," according to data from the platform. The contract provides a cash-settled way for traders to speculate on the valuation of Elon Musk’s company ahead of a widely anticipated public offering.
The contract began with a $150 reference price, based on SpaceX’s reported 11.87 billion fully diluted shares. It quickly traded as high as $216 before settling near $203. The activity helped push Hyperliquid's native HYPE token up more than 7 percent to approximately $45.42, outperforming a broader market decline led by Bitcoin.
This launch establishes a novel, on-chain venue for price discovery of a major private company, offering a liquid alternative to traditional pre-IPO vehicles. However, it also introduces new layers of regulatory and platform risk as institutional attention grows on decentralized derivatives ahead of SpaceX's potential June IPO.
The launch of an on-chain pre-IPO market offers a distinct alternative to regulated fund vehicles, which often come with structural limitations. According to a Forbes analysis, interval funds like the ARK Venture Fund (ARKVX) may only permit redemptions quarterly and can cap withdrawals, potentially taking an investor multiple quarters to exit a position.
Closed-end funds, such as Destiny Tech100 (DXYZ), can trade at significant premiums to their net asset value (NAV), meaning investors may pay far more than the underlying assets are worth. The SPCX-USDC perpetual on Hyperliquid, by contrast, allows for intraday liquidity and direct price discovery, though it carries its own risks, including counterparty and regulatory uncertainty not present in traditional vehicles.
The SpaceX market is the latest in a series of developments fueling interest in Hyperliquid’s ecosystem. The HYPE token is trading above its 10, 20, 50, 100, and 200-day exponential moving averages, a technical setup favored by trend-following models.
Momentum has also been supported by narratives around potential ETF-linked products and the platform's growing scale, which has attracted scrutiny from established players like CME Group and Intercontinental Exchange. While this regulatory attention introduces uncertainty, it also signals that decentralized derivatives platforms are becoming large enough to compete with traditional markets for price discovery.
This article is for informational purposes only and does not constitute investment advice.
