Cryptocurrency traders involved in SpaceX's pre-IPO perpetual contract trading generally expect the much-loved space company to experience a sharp rise on its first day of trading. Hyperliquid is a trading platform that focuses on high-frequency, high-leverage cryptocurrency traders. The current price of the SpaceX pre-listing perpetual contract on the platform is about US$162, which is 20% higher than the fixed IPO price of US$135. However, the price of the contract once exceeded US$220 when it was first launched in May, and has now fallen significantly. Binance’s SpaceX perpetual contract is also trading in a similar range.
On Monday, April 13, 2026, a Tesla Cybertruck drove past the SpaceX factory in Hawthorne, California, USA.
According to sources, the IPO of Musk’s rocket company was oversubscribed four times, and investor demand was approximately four times the number of outstanding shares.
SpaceX will start trading on Nasdaq this Friday. With a corporate valuation of US$1.77 trillion, it will immediately become the seventh-largest public company in the United States upon listing, surpassing Tesla, which currently has a market capitalization of approximately US$1.6 trillion.
Eric Chen, co-founder and CEO of Injective Labs, a decentralized financial infrastructure company, said: "The perpetual contract of the Hyperliquid platform reflects the market's interest in investing in SpaceX IPO, but there is no fanatical hype. The market is dominated by high-frequency traders with high risk tolerance, and the premium given is not exaggerated compared to other pre-IPO assets. The perpetual contract is only for reference and cannot guarantee the true trend of the overall market after SpaceX is officially listed."
Eric Chen said that the risk is that even among the most optimistic traders in the market, the long sentiment is not extremely high, which also calls into question whether the existing demand can be sustained after the stock enters the stage of real liquidity and formal price formation.
Perpetual futures contracts (referred to as "perpetual contracts") are a type of special futures product that allow investors to speculate on the price of the underlying asset with the help of leverage. The contract has no expiration date and does not require actual holding of the underlying underlying asset.
According to statistics from the data platform CoinGecko, perpetual contracts are the most mainstream trading variety in the crypto market. More than 70% of the trading volume of global centralized crypto exchanges comes from perpetual contracts.
While the price of SpaceX’s perpetual contract fell back, the entire cryptocurrency market weakened simultaneously. Since the perpetual contract was launched on May 18, the prices of Bitcoin and Ethereum have fallen by 20% and 23% respectively.