Hyperliquid's SpaceX (SPCX) Pre-IPO Perp Tops $250M Open Interest as Nasdaq Debut Nears

SpaceX, Elon Musk's rocket and satellite company, is set to begin trading on Nasdaq on June 12, 2026 after pricing its IPO at $135 per share. On Hyperliquid, though, the SPCX pre-IPO perpetual has been trading for weeks and is currently implying a SpaceX price around $177.95–$178. That spread is the core test for Hyperliquid's HIP3 pre-IPO perpetual framework: always-on, onchain price discovery ahead of the traditional market. Hyperliquid listed the SPCX perpetual at a $150 reference price, and since then the onchain market has continuously set its own clearing level. SpaceX IPO: the headline figures - IPO price: $135 per share - Exchange: Nasdaq (and Nasdaq Texas) - Listing date: June 12, 2026 - Shares offered: 555.6 million - Amount raised: $75 billion - IPO valuation: about $1.77 trillion - Trading start: 9:30 AM ET (with 30–90 minutes expected for price stabilization) If those numbers hold, the $75 billion raise would be the largest IPO on record, and the $1.77 trillion valuation would place SpaceX among the most valuable public companies from day one. The newsletter also notes expectations that Musk's net worth could exceed $1 trillion after the debut. Hyperliquid SPCX: open interest crosses $250M Ahead of the Nasdaq open, positioning has already built onchain. SPCX open interest reached $254.58 million, clearing the $250 million mark. The scale is being framed as a milestone: SPCX has moved beyond a niche pre-IPO product into what the newsletter characterizes as an institutional-grade derivatives market. A key signal is the pricing gap. With SPCX implying roughly $178 against the $135 IPO price, the onchain market is assigning about a 32% premium, effectively betting on a strong first-day move above the issue price. A standout bet: $28.75M long becomes the largest SPCX position Onchain data points to the largest single SPCX position on Hyperliquid, held by wallet 0x9cc10bd3c7e2486c0ae4623e4f7cc3ff143fac56. Position details cited: - Direction: long - Size: 163,160 SPCX - Entry price: $170.05 - Notional: $28.75 million - Leverage: 2x isolated - Liquidation price: $94.39 - Unrealized PnL: +$1.01 million The structure suggests measured risk-taking rather than high-leverage speculation: at a $94.39 liquidation level, the position would require roughly a 47% drop from current onchain prices to be forcibly closed. Whale vs. hedgers: why the positioning stands out The newsletter argues that much of the $254.58 million open interest is driven by hedger shorts—market participants who expect to receive IPO allocations in traditional channels and use the onchain perpetual to hedge potential downside, including an IPO-day selloff or premium compression. Against that backdrop, the $28.75 million long is notable because it is described as unhedged directional risk. In effect, the wallet is wagering that SpaceX will trade at or above the current onchain level when Nasdaq opens. Why this matters for HYPE The piece links SPCX activity to Hyperliquid's token economics. It states that SPCX trading volume generates protocol fees that feed into the HYPE buyback engine. Data points cited include: - $219.47 million in 24-hour SPCX volume - $254.58 million in open interest, supporting ongoing funding-rate activity With SpaceX expected to be one of the most watched single-stock events of 2026, the newsletter anticipates a surge in trading activity that could increase fee generation. The key moment: convergence at $135 or $178 The market focus is whether Nasdaq trading pulls the onchain and traditional prices together—and in which direction. - If SpaceX opens near $178: Hyperliquid's pre-IPO market would be credited with accurate, early price discovery; the $28.75 million long would be strongly profitable. - If SpaceX opens near $135: the 32% premium could compress quickly; the perpetual would be expected to reprice toward the IPO level, putting the large long under mark-to-market pressure. Bottom line SpaceX's $135 IPO is being positioned as the biggest IPO in history by proceeds, but Hyperliquid's SPCX perpetual has already been trading around 32% higher, built $254.58 million in open interest, and attracted a headline $28.75 million directional long from a single wallet. The next step is seeing how those two markets reconcile once Nasdaq trading begins. FAQ Q: What is SpaceX's official IPO price and valuation? A: $135 per share, raising $75 billion at an implied valuation of about $1.77 trillion. Trading begins on Nasdaq on June 12, 2026. Q: Who holds the largest SPCX whale position on Hyperliquid? A: Wallet 0x9cc10bd3c7e2486c0ae4623e4f7cc3ff143fac56, with a 2x isolated long of 163,160 SPCX worth about $28.755 million, entered at $170.05 with +$1,010,145 unrealized PnL. Q: How does SPCX trading benefit HYPE holders? A: The newsletter says protocol fees from SPCX volume flow into the HYPE buyback engine; it cites $219.47 million in 24-hour SPCX volume as a meaningful contributor. Q: What is the central question for SpaceX's debut? A: Whether the Nasdaq open price moves toward Hyperliquid's roughly $178 implied level or compresses toward the $135 IPO price—a move that would materially affect the large onchain long.