TLDR Tech / Crypto
SpaceX Pre-IPO Perpetual Lands on Hyperliquid
Trade.xyz launched SPCX-USDC, a SpaceX pre-IPO perpetual on Hyperliquid, at a $150 reference price implying a $1.78 trillion valuation. The contract surged to $216 before settling at $202.89 on $33 million in 24-hour volume and $21.8 million in open interest in its first session. HYPE rallied 7% following the launch, outperforming bitcoin over the same period, as Hyperliquid has now hosted pre-IPO perpetuals for Anthropic, OpenAI, and SpaceX under its HIP-3 standard enabling builders to deploy new perpetual futures contract types. SPCX is a synthetic perpetual with no actual share transfers, anchoring to the reference valuation through oracle-fed price feeds and funding rates, giving retail traders access to late-stage private company valuations previously restricted to institutional and accredited investors.
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