BlockBeats report, June 10: trade.xyz responded to the pricing mechanism of the SpaceX Pre-IPO contract SPCX (IPOP), stating that the product is a price-based perpetual contract tracking market expectations for the per-share price of SpaceX Class A common stock, not the company’s overall valuation. The company’s total shares outstanding and market capitalization are not components of the contract rules, oracle methodology, or any future conversion mechanism.
Previous educational examples in the documentation showed users how to estimate a theoretical share price based on their judgment of a company’s market capitalization and total shares outstanding; however, these examples were intended solely for illustrative purposes and did not influence actual pricing. Due to some users mistakenly believing that the platform uses market capitalization or shares outstanding data for pricing, these examples have been removed from the documentation.
trade.xyz emphasizes that, regardless of whether it is SPCX or any other XYZ market, the platform will not use, publish, or rely on total shares outstanding or market capitalization as pricing parameters. Once SpaceX completes its IPO and sufficient public trading data becomes available, SPCX is expected to transition to a standard external oracle pricing mechanism and gradually converge toward SpaceX’s actual public market share price.
BlockBeats Note: SpaceX’s latest S-1A amended prospectus disclosed the updated actual total shares outstanding—13.08 billion shares (approximately 1.2 billion more than previously estimated by the market, primarily due to recent share issuances and option exercises). The approximately 10% increase in shares means that, at the same company valuation, the theoretical price per share must be adjusted downward by about 10%. Failure to adjust would decouple contract prices from underlying fundamentals, creating opportunities for arbitrage or unfairness. Following this event, multiple CEXs temporarily delisted SPCX Pre-IPO contracts, then relisted them at the new price based on the updated figure of 13.08 billion shares.