SpaceX IPO bets on Hyperliquid price Elon Musk’s company above $2 trillion before filing

A notable development has hit the crypto markets. 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.

Market Dynamics

78 trillion, placing the contract inside the $1. 75 trillion to $2 trillion range that SpaceX has reportedly targeted for a public offering. 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. At the same time, the first 12 hours of trading generated more than $40 million in volume, showing how quickly crypto-native traders moved into a market that has no equivalent on traditional public exchanges. The early move gives SpaceX a shadow market before Wall Street has an official listing price, underwriting range, or public filing to analyze.

It also extends one of crypto’s fastest-growing market-structure experiments into the private-company arena, where access has historically been limited to venture funds, employees, secondary-market investors, and large institutions. Related Reading SpaceX IPO would eclipse Tesla in market value while holding less Bitcoin — challenging the idea of a Bitcoin proxy A $2T listing would shift how Bitcoin appears in equities, even as it remains a minor part of SpaceX’s value Apr 3, 2026 Oluwapelumi Adejumo SPCX gives traders a market before SpaceX IPO The SpaceX contract is the second pre-IPO perpetual market launched by Trade. xyz after Cerebras Systems, which began trading on May 1 under the CBRS ticker.

Market Impact

The Cerebras product gave traders an early test case for synthetic price discovery around private companies. Market observers noted that its trading price closely tracked the eventual listing price, offering Trade. xyz an early validation point as it expands into larger, more closely watched companies.

SpaceX gives that model a much bigger stage. The company sits at the center of several public-market themes, including reusable rockets, satellite internet, defense contracts, private space infrastructure, and Elon Musk’s broader corporate network. Data from Arkham Intelligence shows that the firm is also holding about 8,285 Bitcoin in Coinbase Prime custody, valued at about $637 million.

SpaceX's Bitcoin Holdings (Source: Arkham Intelligence) For these reasons, its potential listing has long been viewed as one of the most consequential IPO candidates in the world, even though the company has yet to file an S-1 registration statement. SPCX effectively creates a market-implied view of that future valuation. Traders can go long or short the contract using USDC as the quoted asset, with the price reflecting positioning, funding dynamics, and the market’s expectation of how SpaceX could be valued in a public-market debut.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.