Crypto Traders Bet on SpaceX Valuation Through Hyperliquid Perpetual Futures

Crypto-native traders are already pricing Elon Musk's SpaceX ahead of its potential IPO through a novel perpetual futures contract on Hyperliquid-powered Trade.xyz. The SPCX-USDC contract opened with a $150 reference price, implying a $1.78 trillion valuation for SpaceX—aligning with the company's reported $1.75 trillion to $2 trillion target range.

Within hours, trading activity surged, pushing the contract's value to $216 and briefly inflating SpaceX's implied valuation beyond $2.5 trillion. Over $40 million in volume materialized in the first 12 hours, showcasing crypto traders' appetite for pre-IPO exposure unavailable on traditional exchanges.

This market experiment extends crypto's frontier into private equity, creating a shadow valuation mechanism independent of Wall Street underwriting. The frenzy underscores how decentralized finance infrastructure can price assets before conventional markets react.