SpaceX Hits the Nasdaq as SPCX Pre-IPO Perps Top $300M on Hyperliquid
— By Whatsertrade in Markets
SpaceX debuted on Nasdaq as SPCX today, marking the largest IPO in history. Pre-IPO perpetuals on Hyperliquid saw over $300M in 24-hour volume.
SpaceX commenced trading on the Nasdaq today under the ticker SPCX, in what is being described as the largest initial public offering (IPO) in stock market history. This debut follows significant price discovery activity on-chain, where a pre-IPO perpetual futures contract allowed traders to speculate on SPCX ahead of its official listing.
SpaceX Debuts on Nasdaq
SpaceX began trading on the Nasdaq today, June 12, 2026, under the ticker symbol SPCX. The company's shares were priced at 135 dollars per share, marking what has been described as the largest IPO in stock market history.
This long-anticipated public offering brings a significant new player to the traditional financial markets, attracting considerable attention from global investors.
On-Chain Price Discovery Ahead of IPO
Prior to the Nasdaq debut, a notable crypto market phenomenon emerged, facilitating price discovery for SpaceX shares. A pre-IPO perpetual futures contract for SPCX was deployed by TradeXYZ on the Hyperliquid blockchain, utilizing its HIP-3 builder-deployed markets feature.
This contract allowed traders to speculate on the future price of SPCX before it officially listed on a public exchange. Such instruments offer a unique avenue for early market sentiment assessment.
Hyperliquid Perp Sees Significant Activity
According to reports from DegenerateNews and corroborated by on-chain data, the SPCX pre-IPO perpetual contract demonstrated substantial trading activity. It surpassed 300 million dollars in 24-hour volume, indicating strong trader interest and liquidity.
The contract also recorded approximately 275 million dollars in open interest. This metric reflects the total number of outstanding contracts held by market participants at the end of a trading day, suggesting robust engagement.
Premium Trading and Valuation Implications
The pre-IPO perpetual contract traded at a premium compared to the official IPO price. The contract was observed trading in a range of roughly 155 to 175 dollars, relative to the 135 dollar IPO price.
This premium trading on the perpetual contract implied a valuation for SpaceX above 2 trillion dollars, based on the speculative market activity. Such a valuation highlights the high expectations surrounding the company's market entry.
Tracking Market Sentiment
The activity surrounding the SPCX pre-IPO perpetual on Hyperliquid offers insights into market sentiment and demand for the asset prior to its traditional market listing. Platforms like DEXTools can be used to track the performance of various tokens and markets, including those on Hyperliquid, providing real-time data for traders.
The interaction between traditional IPOs and on-chain derivatives markets represents an evolving landscape for price discovery and speculation in high-profile assets.
This report is based on information reported on June 12, 2026, by CoinDesk, Unchained, and DegenerateNews.
Frequently Asked Questions
What is SPCX?
SPCX is the ticker symbol for SpaceX, which began trading on the Nasdaq on June 12, 2026, with an IPO price of 135 dollars per share.
What are pre-IPO perpetual futures contracts?
These are speculative financial instruments that allow traders to bet on the future price of a company's stock before its official initial public offering.
How did the SpaceX pre-IPO perp perform?
The SPCX pre-IPO perpetual futures contract on Hyperliquid surpassed 300 million dollars in 24-hour volume and 275 million dollars in open interest.
What was the implied valuation of SpaceX from the perp contract?
The contract traded at a premium of 155 to 175 dollars, implying a valuation for SpaceX above 2 trillion dollars prior to its official listing.