Hyperliquid’s native HYPE token rose approximately 7% over 24 hours after Trade.xyz announced it had acquired the SPCX ticker on the platform’s HIP-3 framework, signaling the imminent launch of the first SpaceX pre-IPO perpetual contract on a decentralized exchange. The move arrives weeks before SpaceX’s anticipated Nasdaq listing, which could become the largest IPO in history.

Trade.xyz Brings Pre-IPO Exposure to Decentralized Markets

Trade.xyz, the largest HIP-3 builder on Hyperliquid, acquired the SPCX ticker on May 17, positioning it to launch SpaceX pre-IPO perpetual contracts within days. The product will mark the second pre-IPO market on the platform, following the Cerebras Systems listing that went live on May 1 ahead of the AI chip manufacturer’s public offering.

Pre-IPO perpetuals are cash-settled futures contracts that allow traders to speculate on a company’s expected public listing price before it begins trading on traditional stock exchanges. These instruments are not shares, IPO allocations, or tokenized equity. They function purely as derivative instruments for pre-listing price discovery, settling automatically into regular equity perpetuals once a company completes its IPO.

Trade.xyz currently operates equity perpetuals for major stocks, an officially licensed S&P 500 perpetual, commodity perpetuals, and index perpetuals on Hyperliquid. According to available data, the builder generated over $1.3 billion in trading volume within its first three weeks of operation after launching the XYZ100 index tracking the top 100 public companies.

SpaceX IPO Could Be Largest in History

SpaceX is targeting a Nasdaq listing under the ticker SPCX with pricing expected around June 11 and trading beginning June 12, 2026. The company is seeking a valuation in the range of $1.75 trillion to $2 trillion and aims to raise approximately $75 billion, which would surpass Saudi Aramco’s $29 billion 2019 flotation as the largest stock market debut on record.

SpaceX merged with Elon Musk’s artificial intelligence company xAI in an all-stock deal valued at approximately $250 billion earlier this year. The company is also targeting early inclusion in the Nasdaq-100 Index under a new fast-entry rule that took effect May 1, 2026, which could trigger automatic buying from index-tracking funds shortly after listing.

Secondary market pricing for SpaceX shares stood at approximately $634 per share as of May 12, implying a valuation of roughly $1.51 trillion. The gap between secondary market pricing and the targeted IPO range suggests that pre-IPO perpetual markets could attract significant speculative interest from traders looking to position ahead of what many expect will be a landmark public offering.

Multiple Catalysts Drive HYPE Token Momentum

The SpaceX announcement adds to a series of developments that have supported HYPE’s price in recent weeks. On May 15, Bitwise Asset Management launched the Bitwise Hyperliquid ETF (NYSE: BHYP), the first spot Hyperliquid exchange-traded product with in-house staking capabilities. Three days earlier, 21Shares debuted the first US spot Hyperliquid ETF (THYP), which saw $1.8 million in volume on its first trading day.

HYPE currently trades near $45.65 with a market capitalization of approximately $10.9 billion, ranking it among the top 15 digital assets by market cap. The token has gained roughly 8% over the past seven days, reflecting sustained buying pressure across multiple sessions.

The broader Hyperliquid ecosystem continues to expand through the HIP-3 framework, which launched in October 2025 and allows builders who stake approximately 500,000 HYPE tokens to deploy their own perpetual markets on HyperCore, Hyperliquid’s trading engine. The platform handles settlement and margining while builders control oracle sources, contract specifications, leverage limits, and margin ratios. This permissionless market creation model has attracted builders spanning equities, commodities, forex, and now pre-IPO instruments.

Whether HYPE can sustain its current momentum will likely depend on the successful launch of the SpaceX perpetual market, trading volume generated by the new pre-IPO instrument, and broader market conditions as the crypto sector navigates ongoing macroeconomic headwinds including rising Treasury yields and elevated oil prices.

About XT Exchange

Founded in 2018, XT Exchange is a leading global digital asset trading platform, serving over 12 million registered users across more than 200 countries and regions, with an ecosystem reach exceeding 40 million. XT Exchange supports 1,300+ tokens and 1,300+ trading pairs, offering a wide range of trading options, including spot, margin, and futures, alongside a secure RWA (Real World Assets) marketplace. Guided by the vision ‘Xplore Crypto, Trade with Trust,’ the platform strives to provide a secure, trusted, and intuitive trading experience.