This week, Trade.xyz launched a synthetic perpetual future on SpaceX stock on the decentralized exchange Hyperliquid. The SPCX-USDC contract opened at USD 150 per share. A few hours later, the price stood at USD 216, an implied valuation of roughly USD 2.56 trillion.
During the first twelve hours, more than USD 40 million in volume changed hands. In addition, 24-hour volume reached USD 33 million and open interest stood at USD 21.8 million. The product is cash-settled in USDC and conveys no claim on actual SpaceX shares. As a result, the on-chain valuation sits well above the official IPO target of USD 1.75 trillion. SpaceX is pursuing that figure in its confidential filing from 1 April, according to CNBC and Bloomberg.
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HIP-3 framework as the technical foundation
Hyperliquid operates a decentralized on-chain derivatives exchange with round-the-clock trading. The so-called HIP-3 framework allows third parties to distribute their own perpetual markets on the platform. Trade.xyz uses precisely this model for the pre-IPO contracts. Since its launch, HIP-3 has processed more than USD 120 billion in volume, according to Dune Analytics. Moreover, on 8 April, HIP-3 deployers already generated 48.1 percent of total platform volume.
Legally, the SPCX contract differs clearly from tokenized stock models. For example, tokenized pre-IPO products for Anthropic and OpenAI on the competing PreStocks platform collapsed by roughly 50 percent last week. Both companies had announced that share transfers via special purpose vehicles were void under their corporate bylaws. The SPCX contract sidesteps this problem by design. It represents no equity claim, instead serving merely as a cash wager on the valuation.
Coinbase became the official USDC treasury deployer for Hyperliquid this week. At the same time, 21Shares launched the THYP ETF on the HYPE token. Both steps give the platform institutional access that was missing just a few months ago.
Cerebras provides the proof of price discovery
On 1 May, Trade.xyz launched the first HIP-3 pre-IPO perp on Cerebras Systems under the ticker CBRS. One hour before the Nasdaq opening, the on-chain contract traded at roughly USD 340. The stock subsequently opened at USD 350, while the IPO price had been set at USD 185. As a result, the deviation of the Hyperliquid price from the later opening came to roughly three percent. By contrast, traditional secondary market platforms were off by around 35 percent on the Cerebras pricing.
This precedent supports the thesis that continuous on-chain markets reflect private valuations more accurately than illiquid secondary market platforms. Furthermore, the SPCX valuation already exceeds the official SpaceX target by more than 25 percent. Polymarket puts the probability that SpaceX will close its listing day above USD 1.3 trillion at 91 percent.
The HYPE token reacted immediately. On the day of the SPCX listing, HYPE rose seven percent to USD 45.25, a seven-month high. Year-to-date, the token is up 70 percent. By contrast, Bitcoin has shed 13 percent over the same period, Ethereum 30 percent and Solana 33 percent. Open interest in HYPE futures has climbed 27 percent since 12 May, reaching USD 2.01 billion.
Regulatory pressure and the IPO roadmap
The Intercontinental Exchange and the CME Group have urged the CFTC to address potential market integrity risks from Hyperliquid. Both US exchange operators point to the platform's pseudonymous trading environment. However, the Hyperliquid Policy Center counters that platform transparency is "hostile to insider trading". Every trade remains publicly visible on-chain. Hyperliquid founder Jeff Yan recently met with US lawmakers and spoke of bipartisan interest in crypto regulation.
SpaceX itself filed a confidential draft registration with the SEC on 1 April. Bloomberg, CNBC and Reuters confirmed the submission. The bookrunner syndicate includes Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America and Citigroup as lead banks, alongside 16 additional institutions. In total, 21 banks are working on the listing. The targeted fundraising of USD 75 billion would more than double the previous IPO record. Saudi Aramco set that mark in 2019 at USD 29 billion.
Elon Musk holds roughly 42 percent of the equity but controls about 79 percent of the votes through super-voting shares. If the placement succeeds, he would become the first person to take two separate trillion-dollar companies public. Starlink closed 2025 with 9.2 million subscribers and more than USD 10 billion in revenue. Moreover, the acquisition of xAI in February 2026 in an all-stock deal lifted the SpaceX valuation from USD 1.0 trillion to USD 1.75 trillion. In addition, according to insiders, SpaceX holds 8,285 Bitcoin in Coinbase Prime custody. The position is set to be disclosed for the first time in the S-1. The roadshow starts as planned on 4 June, pricing follows on 11 June, and the Nasdaq listing takes place on 12 June 2026.
