SpaceX, Elon Musk's rocket and satellite company, is being priced above $2 trillion on a Hyperliquid-linked pre-IPO market, even before the company has published its prospectus.
Citrini Research, a market commentary account followed by active traders, wrote on X that the SpaceX pre-IPO market on Trade.xyz, a Hyperliquid-based trading platform for perpetual markets, is trading above a $2 trillion implied valuation.
- The contract is called SPCX and is meant to reflect the market-implied expected price per share of SpaceX common stock.
Trade.xyz launched SPCX at $150 with a reference fully diluted share count of 11.87 billion shares, implying a starting valuation of about $1.78 trillion.
- Reuters earlier reported that SpaceX is targeting a Nasdaq listing as early as June 12 under the ticker SPCX and could raise about $75 billion at a valuation of roughly $1.75 trillion, citing people familiar with the matter.
SpaceX pre-IPO market runs ahead
SPCX isn't actual SpaceX stock. Trade.xyz's broader equity markets are perpetual futures contracts that track outside prices through oracle feeds, rather than tokenized shares or wrapped securities, according to Hyperliquid's documentation.
So traders aren't buying direct ownership in SpaceX, but trading a contract that tries to price where SpaceX shares could land before or around the IPO.
Data from Loris Tools, a third-party Hyperliquid analytics site, shows Trade.xyz processed $3.4 billion in 30-day perpetual futures volume across 59 listed markets.