Crypto traders are pricing SpaceX above $2 trillion on Hyperliquid before Elon Musk's rocket company files for an IPO with the SEC. Trade.xyz, powered by the Hyperliquid decentralized exchange, launched a SpaceX pre-IPO perpetual futures contract on May 17, enabling cash-settled bets on where the private company could trade upon listing.
The move demonstrates how decentralized derivatives platforms now compete with traditional pre-IPO equity markets. Hyperliquid has emerged as a powerhouse in on-chain derivatives, handling billions in daily volume across perpetual contracts. The SpaceX contract allows retail traders to gain price exposure typically reserved for venture capitalists and institutional pre-IPO investors.
SpaceX has no official IPO timeline. The company last raised capital in 2022 at a $127 billion valuation. Market participants assigning a $2 trillion-plus valuation reflect bullish sentiment on Starlink's revenue potential, recent Starship progress, and the company's government contracts. However, the pre-IPO futures price remains speculative and divorced from traditional public market metrics.
This development sits at the intersection of decentralized finance and mainstream markets. Traditional investment banks typically gatekeep pre-IPO access through private equity rounds. Hyperliquid's perpetual contract model bypasses these barriers, allowing anyone with crypto to participate in price discovery.
The contract adds fuel to ongoing debates about regulatory reach. The SEC has taken dim views of crypto derivatives platforms operating without compliance frameworks. However, Hyperliquid operates largely offshore, complicating enforcement jurisdiction.
Hyperliquid has aggressively expanded its contract offerings beyond native crypto assets. Previous launches included tokenized commodities and equity indexes. The SpaceX contract signals the protocol's ambition to become a catch-all derivatives venue for assets crypto retail cannot access through traditional channels.
Traders should note that these contracts represent pure speculation on future IPO pricing, not actual SpaceX ownership stakes. Liquidity and slippage on longer-dated positions could