Less than a month remains until the creation of the largest IPO in history.
SpaceX, set to ring the bell on Nasdaq, could list as early as June 12 under the ticker SPCX. Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs are leading the underwriting, with an additional 16 investment banks handling institutional, retail, and international channels.
SpaceX aims to raise $75 billion, with a valuation of $1.75 trillion. This would instantly surpass Saudi Aramco’s historic $29.4 billion record set in 2019. Even using the most conservative estimates, this would be the largest stock offering ever.
On May 15, SpaceX's private shareholders approved a 5-for-1 stock split, reducing the fair value per share from $526.59 to approximately $105.32, and increasing the number of outstanding shares by 400%. This is a clear signal that the company is making room for retail investors. Bloomberg reported last week that Brookfield has already invested $2 billion in pre-market shares.
Elon Musk himself will officially become the world's first trillionaire at the moment the bell rings.
And beyond Musk, the biggest true winner of this IPO may be neither on Wall Street nor in Silicon Valley.
trade.xyz is an on-chain trading platform that has been live for less than six months.
The early form of a blockchain-based Nasdaq is emerging
Price discovery is the most fundamental power in financial markets.
Who holds the power to set the price for a new stock listing? In the past, this power was distributed among several clearly defined roles. In the primary market, the underwriting syndicate held authority—they conducted roadshows, answered questions, built order books, and ultimately agreed internally on an offering price. The transition from primary to secondary market was managed by market makers and designated traders, responsible for opening and matching trades. Only after entering the secondary market did pricing power truly shift to all buyers and sellers.
trade.xyz is rewriting exactly this power chain.
This capability has already been demonstrated by trade.xyz during the recent Cerebras IPO.
May 14 at 10:00 PM Eastern Time.
Three hours remain until Cerebras Systems officially opens on Nasdaq. The company, dubbed a "Nvidia challenger," produces an AI chip the size of a dinner plate and counts OpenAI among its clients. The IPO price of $185 is double the upper end of market expectations.
Nasdaq's pre-market matching is still ongoing, and retail investors won't be able to trade this stock until after 1 a.m. the following day.
But the CBRS contract on trade.xyz has already started to see increased volume.
The price surged from $290 to $380, with nearly $100 million in trading volume within one hour. When Cerebras officially opened on Nasdaq the following morning, its opening price was $350, 89% above its IPO price, reaching a intraday high of $386.
Related reading: “Cerebras IPO Surges 68%, On-Chain Market Priced It Hours Earlier”.
A more intuitive comparison is to place trade.xyz alongside traditional pre-IPO platforms.
Forge Global is one of the world’s largest private equity secondary markets, serving institutional investors, VCs, and accredited individual investors, with an eligibility threshold of $200,000 in annual income or $1 million in net worth. On May 12, the day before the IPO pricing, Forge Price’s final reading for Cerebras was $113.50, corresponding to a valuation of $29.26 billion—174% lower than Nasdaq’s opening price.
Hiive is similarly positioned, but with more active trading, resulting in a final price of $224.93—much more accurate than Forge, yet still 56% off Nasdaq’s opening price.
The quote for trade.xyz is $290 to $380.
Platforms with higher barriers to entry tend to have worse pricing. Platforms that are more openly accessible tend to have more accurate pricing.
This is not a coincidence; it is a structural difference.
Forge and Hiive are essentially one-way markets. Sellers are employees and early investors looking to cash out, while buyers are qualified investors bullish on the company. There is no way to publicly bet that “this company is overvalued,” because short-selling channels simply do not exist. This creates a systemic bias: prices in one-way markets are driven only by upward pressure, with no outlet for bearish sentiment.
Forge Price is updated once daily and is an output of an algorithmic model, not real-time market transactions. Hiive’s trades are infrequent, sometimes occurring only once every few days. During roadshows, investment banks release price signals to the market only every few days, and each release is selectively disclosed.
trade.xyz is a 24/7 matching market that updates prices every 3 seconds. It allows anyone worldwide with a USDC wallet to participate, enabling both long and short positions. Every trade and every order reflects participants openly expressing their judgment about the company with real money.
On-chain markets are leading Nasdaq in pricing.
This trend has naturally been noticed by top traders.
Today I received four calls from different funds, all monitoring CBRS trading on trade.xyz for price discovery. This is surreal.」 On the day CBRS rang the bell on Nasdaq, macro blogger Citrini posted this tweet.
On the same day, he added a second post, consisting of just one sentence, accompanied by a photo of a Wall Street trader staring at a screen.
Morgan Stanley's price discovery happens on trade.xyz.
These two tweets have been retweeted hundreds of times. Among the retweeters are Benchmark partner Eric Vishria, VanEck’s Head of Digital Assets Research Matthew Sigel, and a number of accounts not active on Crypto Twitter that typically focus on macroeconomics and stocks.
Notably, Citrini himself is not from the DeFi space. Over the past few years, his content has focused on macroeconomics, AI, and IPO arbitrage, with an audience primarily consisting of institutional investors and family offices. The fact that this account publicly endorses a contract on HIP-3 signals that the notion of “price discovery has shifted” is now entering the discourse of traditional finance.
By May 18, the day SPCX launched, Citrini posted another message: "On the pre-IPO market at trade.xyz, SpaceX's valuation has exceeded $2 trillion. Given how accurately this market previously valued CBRS, Musk will undoubtedly become the world's first trillionaire."
In a sense, trade.xyz has evolved from an experimental decentralized trading platform into a "pricing benchmark" that traditional finance professionals can reference.
Hyperliquid is a high-speed train, with trade.xyz seated at the front.
Hyperliquid is a high-performance Layer 1 blockchain designed specifically for derivatives trading, featuring a fully on-chain order book system. It processes 200,000 orders per second with block times under one second, and all trading, matching, and settlement are executed on-chain by the Hyperliquid validator network. To date, Hyperliquid holds a 38% market share in on-chain perpetual futures markets, making it the de facto leader in this space.
trade.xyz is a trading interface built on top of Hyperliquid.
More precisely, trade.xyz is the first independently deployed instance under the HIP-3 framework, Hyperliquid’s third improvement proposal. HIP-3 enables independent builders to deploy and operate their own perpetual markets on the Hyperliquid chain, with Hyperliquid providing the matching engine, margin system, and on-chain settlement, while builders are responsible for defining the market list, oracle sources, leverage limits, and parameter rules.
Simply put, Hyperliquid is the underlying infrastructure, and trade.xyz is a product built on top of it. One wallet, one USDC margin, and one order book connect all Hyperliquid ecosystem products.
What makes trade.xyz unique is that it connects on-chain matching capabilities to the most valuable off-chain assets—U.S. stocks, indices, commodities, and now the emerging Pre-IPO segment. It has already launched perpetual contracts for major stocks like Apple and Tesla, and, with official authorization from S&P Dow Jones Indices, introduced the first S&P 500 perpetual contract. The first asset in the Pre-IPO segment is Cerebras, followed by SpaceX.
On Hyperliquid, RWA perpetual contract open interest has surpassed $2.5 billion for the first time in history. HYPE rose over 20% in a single day, breaking $40. In the on-chain perpetuals market, Hyperliquid holds a 38% share. Meanwhile, several developments have occurred within the Hyperliquid ecosystem recently: USDH has been acquired by Coinbase, and Circle’s USDC has become Hyperliquid’s Aligned Quote Asset. Hyperliquid captures 90% of reserve yields for HYPE buybacks and ecosystem incentives.
This is a set of concurrent events. Coinbase and Circle have provided infrastructure backing, connecting the stablecoin pipeline. The breakthrough in HIP-3 holdings indicates that real trading demand is flowing in. HYPE’s price movement shows that the secondary market is revaluing this system.
trade.xyz is the team that first turned these underlying capabilities into products visible to the outside world.
2026 is the year of IPOs. Cerebras has already launched, and SpaceX will ring the bell on June 12. OpenAI and Anthropic are both in line. Each project belongs to the most compelling sectors—hard tech, AI, and aerospace—and also the ones with the highest retail traffic.
Hyperliquid is a high-speed train already moving at full speed, with 2026 being its IPO year and its destination the key hubs of traffic in this market. trade.xyz is riding at the front.
On June 12, at the moment SpaceX rings the bell, Morgan Stanley will collect its underwriting fee, Brookfield will cash in its $2 billion bet, and Musk will become the world’s first trillionaire.
Meanwhile, trade.xyz has acquired a narrative. On the eve of the largest IPO in history, the power of pricing has already shifted. Once this consensus is recognized by the market, trade.xyz will become one of the biggest winners of the SpaceX IPO.
This is also a microcosm of the long-term process by which DeFi is gradually displacing TradFi markets.
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