Cerebras · SpaceX · Circle · Elon Musk · SEC · Wall Street · CryptoSlate
SpaceX IPO betting on Hyperliquid values Elon Musk’s company above $2 trillion even before SEC filing
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Hyperliquid’s SPCX contract gives traders synthetic exposure to SpaceX before an IPO, turning private-market expectations into a live crypto derivatives price.
Key facts
- However, SPCX's trading quickly moved above that level as its value rose to as high as $216, pushing the implied valuation beyond $2.5 trillion before settling near $203
- That starting point implied a SpaceX valuation of about $1.78 trillion, placing the contract inside the $1.75 trillion to $2 trillion range that SpaceX has reportedly targeted for a public offering
- Data from Arkham Intelligence shows that the firm is also holding about 8,285 Bitcoin in Coinbase Prime custody, valued at about $637 million
- According to the firm, the contract will trade under the ticker SPCX-USDC, opened with a $150 reference price based on SpaceX’s reported 11.87 billion fully diluted shares
Summary
Crypto traders are already assigning Elon Musk’s SpaceX stock a public-market valuation before the rocket and satellite company has filed for an IPO. On May 17, Hyperliquid-powered Trade.xyz launched a SpaceX pre-IPO perpetual futures contract, creating a live, cash-settled market for traders to bet on where the private company could trade when it eventually lists. According to the firm, the contract will trade under the ticker SPCX-USDC, opened with a $150 reference price based on SpaceX’s reported 11.87 billion fully diluted shares. That starting point implied a SpaceX valuation of about $1.78 trillion, placing the contract inside the $1.75 trillion to $2 trillion range that SpaceX has reportedly targeted for a public offering.