SpaceX’s highly anticipated IPO, set for June 12, is prompting early speculation among crypto traders, who are already betting on its future valuation through synthetic contracts. These contracts, traded on the decentralized exchange Hyperliquid (HYPE), allow traders to engage in perpetual futures that track SpaceX’s market value even before the company officially enters the stock market.
Hyperliquid enables the trading of synthetic pre-IPO contracts, including those associated with SpaceX. The platform’s HIP-3 framework permits developers to create unique markets, although trading in such contracts does not require Know Your Customer (KYC) checks and is generally restricted to users outside the United States.
As part of the upcoming IPO, SpaceX plans to offer about 555.6 million shares at $135 each, totaling a market valuation of around $1.75 trillion, with Goldman Sachs spearheading the process. Notably, the company holds 18,712 Bitcoin (BTC), adding a financial dimension that further intrigues investors.
On May 17, the synthetic contract for SpaceX, referred to as SPCX-USDC, launched on Trade.xyz with an initial reference price of $150. This derivative has already gained traction among traders, with its price showing significant movement. On May 18, the contract opened at $216 and peaked at $230, substantially exceeding the initial IPO price of $135.
Currently, despite some cooling in activity as the IPO date approaches, the 24-hour trading volume stands at approximately $29 million and open interest is around $67 million, with prices hovering at about $165. This still represents a considerable markup of approximately 22% over SpaceX’s projected IPO price.
Interestingly, SpaceX isn’t the only company attracting such speculation on Hyperliquid. Cerebras, an AI chipmaker positioned as a competitor to Nvidia, saw its pre-IPO contracts soar ahead of its recent public offering. Cerebras was priced at $185 for its IPO, yet speculative trading pushed the contract to peak around $320 to $323 prior to its launch. When the company finally debuted, it opened at $350, aligning closely with the speculative price action leading up to the IPO.
These developments signal a growing trend in the realm of speculative trading around IPOs, with platforms like Hyperliquid creating new avenues for investors to engage with valuations before they officially materialize on stock exchanges.
