HYPE token bucked the broader market Monday, jumping about 7% in the past 24 hours even as major tokens slid and bitcoin dipped below $77,000 in Asian trading.
The catalyst: Trade.xyz listed SPCX‑USDC — a pre‑IPO perpetual futures contract that tracks the market‑implied price of Elon Musk’s SpaceX common stock — on Hyperliquid’s order book at roughly 05:16 UTC. The contract launched with a reference price of $150, implying an initial fully diluted market cap of $1.78 trillion based on SpaceX’s reported 11.87 billion shares. That valuation sits squarely inside the $1.75 trillion to $2 trillion range SpaceX has been targeting for its potential IPO, per CoinDesk reporting after the company filed confidentially with the SEC on April 1.
SPCX traded actively out of the gate: it spiked to $216 within hours before settling near $202.89, up 12.7% on the day by Trade.xyz data. In its first session the market pulled roughly $33 million in 24‑hour volume and about $21.8 million in open interest.
How SPCX works — and why it matters
SPCX is a synthetic perpetual, meaning no actual SpaceX shares change hands. Instead, traders take positions that track an oracle‑fed reference valuation of the private company. Funding rates and continuous price feeds keep the derivative anchored to that reference. As with other perpetual futures, the contract has no expiry — positions can stay open as long as margin is maintained and funding payments are settled.
That structure is important because it avoids a legal pitfall that recently sank tokenized pre‑IPO spot products. Last week, tokenized stock offerings tied to Anthropic and OpenAI on PreStocks plunged roughly 50% after both companies warned that transfers of their shares via special purpose vehicles (SPVs) or tokenized instruments are void under corporate bylaws. Those spot token models relied on SPVs holding real shares — a structure the companies disavowed. A synthetic perpetual, by contrast, contains no underlying shares to transfer, leaving nothing for the private company to declare invalid.
What’s next
Trade.xyz says SPCX is the first in a planned series of pre‑IPO perpetual markets. Whether the synthetic perpetual approach endures where SPV‑based tokens failed will likely hinge on how private companies and regulators react — including any moves to restrict derivatives that reference their valuations. One more detail to watch: SpaceX reportedly holds 8,285 bitcoin in Coinbase Prime custody, a position that will appear publicly once an S‑1 is filed and could trigger fair‑value accounting considerations under new FASB rules slated to take effect in late 2025.
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