SpaceX has priced its initial public offering at $135 per share, targeting a valuation of roughly $1.77 trillion and cementing its place as the largest IPO in history. The company plans to list on Nasdaq under the ticker SPCX on June 12, offering approximately 555 million shares.

But here’s the thing: crypto markets aren’t waiting for the opening bell. A synthetic perpetual futures contract tracking SpaceX shares on Hyperliquid is already trading around $177, a premium of roughly 30% over the IPO price.

Crypto’s pre-market for Wall Street

The SPCX perpetual contract launched on Hyperliquid around May 17 using the platform’s HIP-3 framework, which allows traders to speculate on asset prices without actually holding the underlying shares. Positions settle in USDC, the stablecoin, meaning anyone with a crypto wallet can get exposure to SpaceX’s stock price movements.

The contract debuted with a reference price of $150 per share, already above where SpaceX would eventually set its IPO price. From there, speculative enthusiasm pushed SPCX above $216 at its peak, briefly implying a valuation north of $2.5 trillion. The price has since cooled. As of June 10, SPCX was trading in the $162 to $177 range, representing a roughly 20% to 30% premium over the $135 IPO price.

Volatility is the feature, not the bug

On May 28, the SPCX contract experienced a sharp flash crash that liquidated about $1.5 million worth of positions. Trading activity and open interest have remained elevated despite the volatility event.

The platform’s native HYPE token rallied approximately 7% following the SPCX contract launch, a clear signal that the market views SpaceX-related activity as a catalyst for the exchange’s growth.

What this means for investors

The persistent premium over the IPO price tells a clear story. Market participants expect SpaceX to open well above $135 on Nasdaq. Whether that optimism proves justified will become apparent within hours of the June 12 listing.

The risks are real. Synthetic contracts don’t carry the same regulatory protections as traditional securities. Liquidation cascades, like the May 28 flash crash, can wipe out leveraged positions in seconds. If SpaceX opens at $140, not $177, a lot of Hyperliquid traders will learn an expensive lesson about the difference between speculative premium and fundamental value.

There’s also the regulatory dimension to consider. A decentralized exchange listing what is functionally a derivative tied to a US-listed security is exactly the kind of thing that tends to attract attention from the SEC.