A synthetic perpetual contract tracking SpaceX’s implied share price has racked up more than $300 million in 24-hour trading volume on the Hyperliquid blockchain. The contract, launched by Trade.xyz, is giving crypto traders leveraged exposure to the most anticipated IPO in history before shares even begin trading on Nasdaq.
SpaceX is set to debut on June 12, 2026, under the ticker SPCX, with an IPO price of $135 per share. The offering aims to raise approximately $75 billion, which would make it the largest IPO ever.
What the contract actually is
The SPCX-USDC perpetual contract doesn’t give you any ownership of SpaceX. No equity, no voting rights, no claim on Elon Musk’s rocket empire. It’s a fully synthetic, cash-settled instrument, meaning traders are essentially betting on price movements without ever touching a real share. The contracts are margined and settled entirely in USDC, with oracle pricing and funding rates governing the mechanics instead of traditional stock exchange infrastructure.
Trade.xyz launched the contract on Hyperliquid around May 17-18, 2026, opening at a reference price of $150. That initial price implied a fully diluted valuation of roughly $1.78 trillion for SpaceX, based on 11.87 billion shares outstanding.
