- Pre-IPO perpetual futures tied to SpaceX go live on Hyperliquid under the ticker SPCX.
- Aster confirms SpaceX Pre-IPO perpetuals will launch with up to 5x leverage later this month.
Ahead of the anticipated SpaceX IPO, Trade.xyz has launched a SpaceX-linked synthetic perpetual contract on Hyperliquid. The pre-IPO perpetual futures are trading under the ticker SPCX. According to reports, SpaceX is close to going public in what is expected to be a record-setting public listing.
SPCX is a synthetic perpetual, meaning no real SpaceX shares are bought or sold. Instead, traders speculate on SpaceX’s estimated value through a derivative contract that follows a reference price, using funding rates and oracle price feeds to keep it aligned.
The SPCX-USDC contracts launched at $150, but have surged to $200, suggesting the company is valued at $2.2 trillion. In the first session, the market posted $33 million in 24-hour volume and $21.8 million in open interest.
Identifying the opportunity, Aster has announced that it is launching the SpaceX pre-IPO perpetual with up to 5x leverage. Trading under the ticker SPCX, it will reference the market-implied SpaceX share price.
New RWA perp listing: $SPCX
The SpaceX Pre-IPO Perpetual has launched on Aster with up to 5x leverage. $SPCX references the market-implied price per share of SpaceX.
Trade now. Earn 1.2x trading points until May 25, 23:59 UTC. pic.twitter.com/yGb4ej7yQG
— Aster 🥷 (@Aster_DEX) May 18, 2026
The sharp rise in initial prices indicates high demand and suggests that the SpaceX IPO on Wall Street will positively influence the crypto market. Sources say the company intends to list publicly before mid-June to raise over $75 billion at a valuation that could reach $2 trillion.
This valuation would make it the 6th most valuable company in the world and one of the most valuable companies to hold Bitcoin. The most recent reports show that SpaceX holds $637 million worth of BTC.
As ETHNews reported last week, the first U.S. spot exchange-traded fund tied to Hyperliquid’s HYPE token opened on Nasdaq with $1.8 million in first-day trading volume. Bloomberg ETF analyst James Seyffart called the debut a “very solid day” for a new fund.
Hyperliquid Refutes Claims of Manipulation
Although the Hyperliquid network is on an upward trend, there has been concern over manipulation. The ICE and CME say the DEX’s anonymous nature could enable sanctioned individuals to trade. Hyperliquid has responded, noting that its market enables transparency, noting:
“These concerns are unfounded. Hyperliquid offers enhanced market transparency, publishing a complete onchain record of every transaction in real time, making it a uniquely hostile environment for insider trading or price manipulation.”
Jake Chervinsky, the founder and CEO of the Hyperliquid Policy Center, stated that he was looking forward to meaningful conversations with regulators in DC as the team works to expand Hyperliquid in the American market.
I spent the past few days in Washington with @hyperliquidpc meeting with policymakers during the historic advancement of the Clarity Act. We discussed Hyperliquid, the benefits that it offers to American consumers, and the regulatory path to bring onchain derivatives markets into…
— jeff.hl (@chameleon_jeff) May 15, 2026
Hyperliquid’s HYPE coin holders have celebrated the launch of SPCX with a 6% rally, extending its weekly gains by nearly 10%. HYPE is trading for $45.28 at the time of writing. Trading volume is up by 118%, reaching nearly $700 million in the last 24 hours.
