- SpaceX ($SPCX) goes public tonight on Nasdaq at an official IPO price of $135 per share — the largest IPO in history at $75 billion raised and a $1.77 trillion valuation.
- Hyperliquid's SPCX-USDC perpetual is already trading at $177.95 — a 32% premium to the $135 IPO price — with $254.58M in open interest and $219.47M in 24-hour volume.
- A prominent whale has opened the largest single SPCX position on Hyperliquid — a 2x isolated long on 163,160 SPCX worth $28.755 million at an entry of $170.05 — currently sitting on +$1.01M in unrealised PnL.
- The whale's long stands out sharply against a backdrop of hedger short positions — a high-conviction directional bet that SpaceX will trade significantly above the $135 IPO price when Nasdaq opens.
Tonight the SpaceX — Elon Musk’s rocket and satellite company — goes public on Nasdaq at an official IPO price of $135 per share. But on Hyperliquid, the market has already been open for weeks — and right now it is pricing SpaceX at $177.95.
The gap between $135 and $178 tells the entire story of what Hyperliquid’s HIP-3 pre-IPO perpetual framework has delivered: real-time, 24/7, on-chain price discovery for the world’s most anticipated public offering — weeks before any traditional investor could trade a single share.
As we covered in our SpaceX SPCX pre-IPO perpetual launch article — Hyperliquid listed the SPCX perpetual at a reference price of $150 and it has been providing continuous price discovery ever since. Tonight’s IPO is the moment the on-chain market and the traditional market finally converge — and one whale has just made one of the biggest single directional bets on the outcome.
SpaceX IPO — The Historic Numbers
| Metric | Data |
|---|---|
| IPO Price | $135 per share |
| Listing Exchange | Nasdaq (and Nasdaq Texas) |
| Listing Date | June 12, 2026 |
| Shares Offered | 555.6 million |
| Amount Raised | $75 billion |
| IPO Valuation | ~$1.77 trillion |
| Trading Start | 9:30 AM ET (30–90 min for stable price) |
The $75 billion raise is the largest IPO in history — dwarfing prior records — and the $1.77 trillion valuation makes SpaceX one of the most valuable public companies on its first day of trading. Elon Musk’s net worth is expected to cross $1 trillion following the debut.
Hyperliquid SPCX Perpetual — Live Market Data
While traditional investors wait for the Nasdaq bell — Hyperliquid traders have been positioned and active:
The $254.58M in open interest crossing the $250M milestone is a significant threshold — it signals that the SPCX perpetual has moved from a speculative novelty to a serious institutional-grade derivatives market. As we covered in our ICE CEO “bigger than NASDAQ” article — the HIP-3 framework that enables these pre-IPO perpetuals has been building toward exactly this kind of real-world validation moment.
The 32% premium to the $135 IPO price is the most important number in the entire picture. Hyperliquid’s on-chain market is collectively pricing SpaceX at approximately $178 — implying the market expects a significant IPO day pop well above the official issue price.
The Whale — $28.75M Long — Largest SPCX Position on Hyperliquid
The on-chain data reveals a single wallet that has stepped into the SPCX market with extraordinary conviction — and is now the largest SPCX position address on all of Hyperliquid.
Wallet: 0x9cc10bd3c7e2486c0ae4623e4f7cc3ff143fac56
What this position tells us:
The wallet entered 163,160 SPCX at $170.05 — well above the $135 IPO price but below the current market price of $176.24. This is not a speculative micro-position — it is a $28.75 million directional conviction bet that SpaceX will trade at or above current levels when Nasdaq opens.
The 2x isolated leverage is disciplined — not the aggressive 5x or 10x leverage that characterises speculative retail trades. At 2x with a liquidation price of $94.39 — the position needs SpaceX to fall approximately 47% from current on-chain levels before it gets liquidated. This structure suggests an informed, risk-managed participant rather than a pure momentum trader.
The +$1.01M in unrealised PnL on the position confirms the entry was well-timed — and the position is currently profitable despite the wider market dynamics.
The Whale vs The Hedgers
What makes this position particularly notable — as highlighted by on-chain observers — is its context within the current SPCX positioning landscape.
The broader SPCX open interest of $254.58M is dominated by hedger short positions — participants who are long the actual SpaceX IPO shares through traditional allocation channels and are using the Hyperliquid perpetual to hedge their exposure against a potential IPO-day sell-off or premium compression.
Against this backdrop of organised hedging — this single wallet’s $28.75M naked long stands out prominently. It is not a hedge — it is a pure directional bet. The whale is saying: SpaceX will trade above $176 when Nasdaq opens. And they have put $28.75 million behind that conviction.
Why This Matters for HYPE
Every dollar of SPCX trading volume on Hyperliquid generates protocol fee revenue — which flows directly into the HYPE buyback engine. As we detailed in our Will HYPE Reach $100 analysis:
- $219.47M in 24-hour SPCX volume alone generates meaningful fee revenue
- $254.58M in open interest means funding rate revenue continues accruing
- The SpaceX IPO day trading frenzy — expected to be the most-watched single stock event of 2026 — will drive volume significantly higher
The SPCX perpetual is not just a price discovery tool. It is a revenue-generating event for Hyperliquid — and the SpaceX IPO is the single largest catalyst the HIP-3 framework has ever processed.
The Convergence Question — $135 or $178?
The most interesting moment of tonight and tomorrow will be watching the gap between the $135 IPO price and the $178 Hyperliquid price either converge or diverge as Nasdaq trading begins.
If SpaceX opens near $178 — Hyperliquid’s on-chain perpetual will have delivered near-perfect price discovery weeks before the traditional market had access. The whale’s $28.75M long will be deep in profit. And Hyperliquid’s thesis as the premier pre-IPO price discovery venue will be validated in the most public way possible.
If SpaceX opens near $135 — the 32% premium will compress rapidly, the perpetual will reprice toward the IPO level, and the whale faces significant mark-to-market losses on a position that currently shows +$1M PnL.
The market has voted $178. The IPO priced at $135. Tonight we find out which is right.
Bottom Line
SpaceX going public at $135 tonight is the biggest IPO in history. But on Hyperliquid — the market has already been running for weeks, already priced the stock 32% above the IPO price, accumulated $254M in open interest, and produced the largest single directional bet in SPCX history from a single $28.75M long whale.
This is exactly what the ICE CEO meant when he called Hyperliquid “bigger than NASDAQ.” The on-chain market does not wait for the bell. It does not close on weekends. And tonight — it is pricing SpaceX at $178 while Wall Street is still processing orders at $135.
Watch the convergence. Watch the whale. And watch what happens to HYPE when $219M in daily SPCX volume translates into protocol revenue.
Frequently Asked Questions (FAQ)
What is SpaceX’s official IPO price and valuation?
SpaceX priced its IPO at $135 per share — raising $75 billion and achieving a valuation of approximately $1.77 trillion — the largest IPO in history. Trading begins on Nasdaq tonight.
Who is the largest SPCX whale on Hyperliquid?
Wallet 0x9cc10bd3...143fac56 holds a 2x isolated long on 163,160 SPCX worth $28.755 million — entered at $170.05 with current unrealised PnL of +$1,010,145. It is the largest single SPCX position address on Hyperliquid.
How does SPCX trading benefit HYPE holders?
All SPCX trading volume generates protocol fee revenue that flows directly into the HYPE buyback engine — $219.47M in 24-hour volume alone creates meaningful additional buyback pressure on top of the existing $771.79M annualised rate.
What is the key question for tonight’s SpaceX debut?
Whether the Nasdaq opening price converges toward Hyperliquid’s $178 implied price — validating on-chain price discovery — or compresses toward the $135 IPO price — which would produce significant losses for the $28.75M long whale.
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