Hyperliquid Lists SpaceX Perpetual Contract, Sparking Regulatory Gray Area Debate

Odaily Planet Daily News Decentralized derivatives platform Hyperliquid has listed a pre-IPO perpetual contract for SpaceX (SPCX-USDC) through Trade.xyz, sparking a debate over a global regulatory gray area. The contract does not require holding any SpaceX stock nor does it have the company's authorization, yet it offers leveraged trading. It launched with a reference price of $150, corresponding to an implied valuation of approximately $1.78 trillion, and briefly surged to $216.

It is reported that the contract is settled in USDC, with prices sourced from market oracles, and is not linked to SpaceX's actual financials or equity structure. SpaceX itself has neither authorized nor participated in this market, but its valuation is being priced and traded in real-time on-chain, raising concerns that "price discovery for private companies is being taken over by decentralized derivatives." This market stems from Hyperliquid's HIP-3 mechanism, suggesting that the valuations of private companies may be being repriced by on-chain derivatives, while the regulatory system has yet to establish a corresponding framework. (Forbes)