SpaceX has priced its initial public offering at $135 per share, targeting a valuation of roughly $1.77 trillion and cementing its place as the largest IPO in history. The company plans to list on Nasdaq under the ticker SPCX on June 12, offering approximately 555 million shares.
But here’s the thing: crypto markets aren’t waiting for the opening bell. A synthetic perpetual futures contract tracking SpaceX shares on Hyperliquid is already trading around $177, a premium of roughly 30% over the IPO price.
Crypto’s pre-market for Wall Street
The SPCX perpetual contract launched on Hyperliquid around May 17 using the platform’s HIP-3 framework, which allows traders to speculate on asset prices without actually holding the underlying shares. Positions settle in USDC, the stablecoin, meaning anyone with a crypto wallet can get exposure to SpaceX’s stock price movements.
The contract debuted with a reference price of $150 per share, already above where SpaceX would eventually set its IPO price. From there, speculative enthusiasm pushed SPCX above $216 at its peak, briefly implying a valuation north of $2.5 trillion. The price has since cooled. As of June 10, SPCX was trading in the $162 to $177 range, representing a roughly 20% to 30% premium over the $135 IPO price.
