Key facts
- SpaceX pre-IPO perpetual futures are trading on Hyperliquid under the ticker SPCX-USDC.
- The contract's trading volume has reached $1.4 billion.
- The SPCX contract has become the largest market on Hyperliquid's HIP-3.
- Early trading implied a valuation for SpaceX exceeding $2.5 trillion.
- SpaceX holds approximately 8,285 Bitcoin, valued at about $637 million.
Crypto traders are actively speculating on Elon Musk's SpaceX's future public market valuation through perpetual futures contracts on the Hyperliquid decentralized exchange. The SPCX-USDC contract, launched by Trade.xyz, has seen significant trading volume, reaching $1.4 billion and becoming the largest market on Hyperliquid's HIP-3. Initially set with a reference price implying a $1.78 trillion valuation based on 11.87 billion fully diluted shares, the contract's price quickly surged, pushing the implied valuation beyond $2.5 trillion. This development offers a synthetic price discovery mechanism for a private company before its official IPO, a market previously accessible only to select investors. The appeal lies in providing synthetic exposure to high-profile companies that are otherwise difficult to access through traditional channels. SpaceX's diverse business interests, including reusable rockets, satellite internet, and defense contracts, contribute to the high interest in its potential public listing. Data also indicates SpaceX holds approximately 8,285 Bitcoin, valued at around $637 million, on Coinbase Prime custody.