Someone with the wallet address 0x9cc just made the kind of bet that makes even seasoned crypto traders do a double-take. Over the past 48 hours, this anonymous trader has deposited roughly $16.6 million in USDC to build what appears to be the largest long position ever recorded in SPCX perpetual futures on Hyperliquid.

The result: approximately $18.5 million in SPCX exposure, with around $10 million in USDC still sitting as collateral. The unrealized profit on the position is roughly $676,000.

Inside the position

On June 11, 0x9cc initiated a $3.69 million 2x long position covering about 23,056 tokens. That was the opening salvo. Within a day, the trader had scaled into a position totaling around 100,580 SPCX tokens at roughly 2x leverage.

SPCX perpetual futures are derivative contracts that track pre-IPO shares of Space Exploration Technologies Corp., better known as SpaceX. These are crypto-native instruments that let traders speculate on SpaceX’s stock price before the company actually goes public.

The contracts have been trading between $162 and $172 on platforms like Hyperliquid and Binance Futures. That’s a notable premium to SpaceX’s anticipated IPO pricing of around $135 per share, which is expected to land around June 11-12, 2026.

On-chain monitoring platforms Arkham and Onchain Lens flagged the accumulation in real time.

The broader SPCX market is heating up

Open interest in SPCX perpetual futures on Hyperliquid alone exceeds $97 million.

There’s also a separate tokenized vehicle worth mentioning. Paimon launched a SpaceX SPV token, also called SPCX, on the BNB Chain in 2025. That product offers fractional ownership through a British Virgin Islands corporate structure and targets qualified investors.

What this means for investors

The premium of SPCX perpetual contracts over the expected IPO price creates a notable dynamic. If SpaceX shares begin trading publicly at or near $135, anyone holding perpetual contracts at $162-$172 is immediately underwater unless the stock rallies hard on its first day.

At 2x, 0x9cc’s position amplifies both gains and losses. A 10% drop in SPCX contract prices would wipe out roughly $1.85 million from the position’s value. With $10 million in collateral cushion, the trader has room to absorb a drawdown.