Trade.xyz’s SPCX pre-IPO perpetual on Hyperliquid has crossed $500 million in 24-hour volume and more than $300 million in open interest, turning synthetic SpaceX exposure into one of crypto’s most active real-world asset derivative trades during the Nasdaq debut window.
The xyz:SPCX market gives traders leveraged price exposure tied to SpaceX, but it is not SpaceX stock, an IPO allocation, tokenized equity or a claim on Class A shares. The contract is a perpetual derivative, with pricing shaped by crypto liquidity, funding, leverage, oracle methodology and market expectations around the public listing.
The jump extends a volatile stretch for the same instrument. SPCX had already become a major crypto-market proxy before the listing, with earlier trading showing a sharp reset as the SpaceX pre-IPO perp fell from its peak on Hyperliquidand narrowed toward the official IPO price.
SpaceX Prices Record IPO At $135
SpaceX priced 555,555,555 Class A shares at $135 each, with trading scheduled on the Nasdaq Global Select Market and Nasdaq Texas under the ticker SPCX on June 12. The $75 billion raise makes it the largest IPO on record, surpassing Saudi Aramco’s 2019 listing.
Live indications moved around the $160 area before the first print, with the latest indication near $162 per share. That created three separate reference points for traders: the $135 IPO price, the indicated Nasdaq opening level and the crypto-native SPCX perp price on Hyperliquid.
Demand had already pushed the listing into rare territory before trading began. Retail orders topped $70 billion ahead of the debut, nearly matching the total deal size, while broader demand made SpaceX one of the most watched IPOs in public-market history. That demand also spilled into crypto products, including tokenized IPO subscriptions on Bybit and synthetic pre-IPO perps across major exchanges.
Bybit Says SpaceX Allocations Failed
Bybit has told subscribed users that, due to xStocks’ inability to deliver the underlying assets, no SpaceX allocations were received. As a result, subscribed users will not receive SpaceX allocations, and 100% of subscription funds will be automatically refunded to the original funding account.
The update changes the outcome of Bybit’s first IPO Express campaign. The exchange had opened SpaceX IPO Express as a crypto-funded subscription route for eligible users seeking tokenized SpaceX exposure through xStocks, with allocation and spot trading planned around the public listing date.
Bybit’s xStocks terms state that xStocks do not give holders shareholder voting rights, dividend rights, direct legal ownership or beneficial ownership in the underlying issuer. They provide tokenized economic exposure to a reference asset, subject to product terms, issuer delivery, custody arrangements and eligibility restrictions.
The SpaceX debut now leaves a clear market split. Nasdaq SPCX shares represent listed equity. Hyperliquid’s SPCX market remains a leveraged perpetual derivative. Bybit’s failed allocation shows that tokenized IPO access still depends on the delivery of underlying assets, even when user demand, subscription flow and trading infrastructure are already in place.
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