Odaily Planet Daily reports: The decentralized derivatives platform Hyperliquid has launched the pre-IPO perpetual contract (SPCX-USDC) via Trade.xyz, sparking global regulatory controversy. The contract enables leveraged trading without requiring ownership of any SpaceX shares or receiving authorization from the company. Upon launch, the reference price was set at $150, implying an implicit valuation of approximately $1.78 trillion, and surged to $216 within a short time.
The contract is settled in USDC, with pricing sourced from market oracles, and is not tied to SpaceX’s actual financials or equity structure. SpaceX itself has neither authorized nor participated in this market, yet its valuation is being实时 priced and traded on-chain, sparking debate over whether price discovery for private companies is being taken over by decentralized derivatives. This market originates from Hyperliquid’s HIP-3 mechanism, suggesting that on-chain derivatives may be revaluing private company valuations—while regulatory frameworks have yet to catch up. (Forbes)