Trade.xyz is the biggest winner of the SpaceX IPO

Less than a month remains until the birth of the largest IPO in history.

SpaceX, set to ring the bell on the Nasdaq, could be listed as early as June 12th, under the ticker SPCX. The underwriting is led by Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs, with 16 other investment banks handling institutional, retail, and international channels.

SpaceX aims to raise $75 billion, targeting a valuation of $1.75 trillion. The $29.4 billion record set by Saudi Aramco in 2019 would be completely erased. Even by the most conservative estimates, this will be the largest stock offering in history.

On May 15th, SpaceX private shareholders approved a 5-for-1 stock split, reducing the fair value per share from $526.59 to approximately $105.32. The number of outstanding shares increased by 400%. This is a clear signal that the company is making room for retail investors. Bloomberg reported last week that Brookfield has already placed a $2 billion pre-market order.

Elon Musk himself will officially become the world's first trillionaire at the moment of the bell ring.

But besides Musk, the biggest real winner of this IPO might be found neither on Wall Street nor in Silicon Valley.

It is a blockchain-based trading platform that launched less than six months ago: trade.xyz.

The Prototype of an On-Chain Nasdaq Emerges

"Price discovery" is the most core power in financial markets.

When a new stock goes public, who holds the power to set the price? In the past, this power was distributed across a few distinct positions. In the primary market, it belonged to the underwriting syndicate, who conducted roadshows, fielded inquiries, managed the book, and finally negotiated an offering price internally. The transition from primary to secondary market belonged to market makers and designated dealers responsible for opening auction matching. After the secondary market began, power was truly handed over to all buyers and sellers.

What trade.xyz is doing rewrites this very power chain.

And this capability was already demonstrated by trade.xyz during the Cerebras IPO just days ago.

On May 14th, 10:00 PM New York time.

Three hours before Cerebras Systems officially opened on the Nasdaq. This company is an "Nvidia challenger," its product being a dinner-plate-sized AI chip, with OpenAI on its client list. The IPO was priced at $185, already double the upper end of market expectations.

The Nasdaq's pre-market matching was still underway. Retail investors would not be able to trade this stock until at least 1:00 AM the next day.

But on trade.xyz, the CBRS contract had already started trading in volume.

The price surged from $290 to $380, with trading volume nearing $100 million within an hour. By the time Cerebras officially opened on the Nasdaq the next morning, the opening price was $350, an 89% premium over the IPO price. It hit an intraday high of $386.

Related reading: "Cerebras IPO Surges 68%, On-Chain Market Priced It Hours Earlier."

A more direct comparison is to put 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 entry requirements of $200,000 annual income or $1 million in net worth. On May 12th, the day before the IPO pricing, Forge Price gave a final reading for Cerebras of $113.50, corresponding to a valuation of $29.26 billion. That was 174% lower than the Nasdaq opening price.

Hiive has a similar positioning but with more active trading, its final trade price was $224.93. Much more accurate than Forge, but still a 56% deviation from the Nasdaq opening price.

Trade.xyz's quoted price range was $290 to $380.

The higher the barrier to entry for a platform, the worse its pricing. The more open a platform, the more accurate its pricing.

This is not a coincidence; it's a structural difference.

Forge and Hiive are essentially one-way markets. Sellers are employees and early investors looking to cash out. Buyers are qualified investors bullish on the company. No one can publicly bet that "this company is overvalued" because shorting channels simply don't exist. This creates a systemic bias. Prices in a one-way market can only be driven by upward pressure; bearish views have no outlet for expression.

Forge Price updates once daily, output from an algorithmic model, not real-time market trading. Hiive's trades are discrete, sometimes only one transaction every few days. During roadshows, investment banks release price signals to the market only every few days, each time a selective disclosure.

In contrast, trade.xyz is a matching market operating 24/7, updating prices every 3 seconds. It allows anyone in the world holding a USDC wallet to participate, enabling both long and short positions. Every trade, every order is a participant using real money to publicly express their judgment on the company.

The on-chain market is leading the Nasdaq in completing price discovery.

And this trend has naturally been picked up by top traders.

"Got four calls from different funds today, all watching CBRS trade on trade.xyz for price discovery. Surreal," tweeted macro blogger Citrini on the day CBRS rang the Nasdaq bell.

The same day, he added a second tweet with just one sentence, accompanied by a photo of Wall Street traders staring at screens.

"Morgan Stanley's price discovery happens on trade.xyz."

These two tweets were retweeted hundreds of times. Among the retweeters were Benchmark partner Eric Vishria, VanEck's Head of Digital Assets Research Matthew Sigel, and a host of accounts not typically found on Crypto Twitter but focused on macro and stocks.

Notably, Citrini himself is not from the DeFi circle. His content niche over the past few years has been macro, the AI sector, IPO arbitrage, catering more to institutions and family offices. Such an account publicly endorsing a HIP-3 contract signifies that "price discovery has migrated" is entering the dialogue framework of traditional finance.

By May 18th, the day SPCX launched, Citrini posted again. "On trade.xyz's Pre-IPO market, SpaceX's valuation has already exceeded $2 trillion. Given this market's uncanny accuracy in valuing 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 cite.

Hyperliquid is a High-Speed Train; trade.xyz Rides at the Front

Hyperliquid is a high-performance Layer 1 blockchain specifically designed for derivatives trading, featuring a fully on-chain order book system. It processes 200,000 orders per second with a block time under 1 second. All trading, matching, and settlement are executed on-chain by the Hyperliquid validator network. Currently, Hyperliquid commands a 38% share of the on-chain perpetual contract market, making it the de facto leader in this sector.

And trade.xyz is a trading interface built on top of Hyperliquid.

More precisely, trade.xyz is the first independent deployment instance under Hyperliquid Improvement Proposal 3 (HIP-3). HIP-3 allows independent builders to deploy and operate their own perpetual contract markets on the Hyperliquid chain. Hyperliquid provides the matching engine, margin system, and on-chain settlement, while builders are responsible for defining market listings, oracle sources, leverage limits, and parameter rules.

Simply put, Hyperliquid is the underlying infrastructure, and trade.xyz is the product built upon it. One wallet, one USDC margin, one order book – spanning all Hyperliquid ecosystem products.

What makes trade.xyz special is its ability to connect on-chain matching capabilities to the most valuable off-chain assets: US stocks, indices, commodities, and now the opening Pre-IPO sector. It has already launched perpetual contracts for mainstream stocks like Apple and Tesla. It received an official license from S&P Dow Jones Indices to launch the first S&P 500 perpetual contract. The first asset in the Pre-IPO sector was Cerebras; the second is SpaceX.

For the first time in history, the open interest in RWA perpetual contracts on Hyperliquid surpassed $2.5 billion. HYPE surged over 20% in a single day, breaking $40. In the on-chain perpetual contract market, Hyperliquid holds a 38% market share. Concurrently, several developments occurred within the Hyperliquid ecosystem recently. USDH was taken over by Coinbase, and Circle's USDC became the Aligned Quote Asset for Hyperliquid. Hyperliquid captures 90% of the reserve yield, used for HYPE buybacks and ecosystem incentives.

This is a set of simultaneous events. Coinbase and Circle provide infrastructure endorsement – the stablecoin pipeline is connected. The surge in HIP-3 open interest indicates an influx of real trading demand. HYPE's price action suggests the secondary market is re-pricing the valuation of this system.

And trade.xyz is the team within this system that first turned these underlying capabilities into visible products for the outside world.

2026 is a major year for IPOs. Cerebras has landed, SpaceX rings the bell on June 12th. OpenAI and Anthropic are both in line. Each of these projects represents the strongest narratives in hard tech, AI, aerospace – sectors attracting the most retail investor attention.

Hyperliquid is a high-speed train already in motion. With 2026 being an IPO year, the destination is precisely the most traffic-heavy points in this market. trade.xyz rides at the front.

When SpaceX rings the bell on June 12th, Morgan Stanley will collect underwriting fees, Brookfield will cash in on its $2 billion bet, and Musk will become the world's first trillionaire.

And trade.xyz will capture a narrative. On the eve of the largest IPO in history, "pricing power" has already shifted. Once this consensus is recognized by the market, trade.xyz will stand as one of the biggest winners of the SpaceX IPO.

This is also a microcosm of the long process where DeFi gradually encroaches upon the TradFi market.