The largest IPO in history prices in three weeks. Five crypto platforms are already trading it and none of them are selling the same thing. Here's a detailed walk-through 👇 @HyperliquidX: Trade[.]xyz (SPCX-USDC) Pure synthetic perpetual without SpaceX shares involved. Cash-settled against a reference price derived from SpaceX's reported 11.87 billion fully diluted shares. Launched May 18 at $150, spiked to $216 within hours, settled around $203. $33 million in first-session volume. $21.8 million open interest day one. The Cerebras precedent is worth knowing: CBRS traded ~$277 onchain before its IPO, roughly 50% above the $185 offering price. Cerebras opened at $350. Onchain traders got the direction right but still underestimated the frenzy. SPCX is currently trading ~50% above SpaceX's own S-1 target. Identical premium to CBRS pre-IPO. Worth noting. ◢ @okx: SpaceX Perpetual (~$2,000) Also synthetic. The apparent 10x price difference versus Hyperliquid is not mispricing but a different share base. OKX uses SpaceX's pre-split share count, which is significantly lower than 11.87 billion. Same implied company valuation underneath, different per-share number on top. No underlying equity. No ownership rights. Purely a derivatives instrument on SpaceX's implied public market price. ◢ @Gate: SPCX (~$1,908) Same structure as OKX. Synthetic derivative using pre-split share count. Price reflects the same underlying valuation thesis at a different denomination. The $1,908 and $2,000 figures are the same bet expressed on the same share base from different market makers. ◢ @bitget : preSPAX (~$680) The most structurally different product in this list. preSPAX is a spot token backed by actual SpaceX equity issued through Republic, a regulated equity crowdfunding platform. Bitget is the only platform here where the token has a real asset underneath it. The key Bitget commitment: preSPAX will be exchangeable 1:1 for SpaceX stock tokens after the IPO lock-up period. That's only possible because there's actual equity in the structure. At $680, the implied valuation is approximately $1.54 trillion: lower than every other platform's implied price, and below SpaceX's own S-1 target range. No voting rights, no dividends, no ownership per the terms. But the underlying is real in a way the pure synthetics are not. ◢ @BinanceWallet: PreStocks SPACEX (~$720) SPV-backed token issued by PreStocks, live in the Binance app since April 10. Also claims 1:1 backing by special-purpose-vehicle exposure to SpaceX shares. Priced close to Bitget's preSPAX, reflecting a similar implied valuation of approximately $1.54-1.7 trillion. Critical distinction from Bitget: PreStocks explicitly states its tokens do not confer ownership, voting, dividend, information, or any other legal rights. ✚ Price exposure only ✚ Not available to US persons The regulatory history here matters: Binance suspended its tokenized stock products in 2021 after multi-jurisdictional regulatory pressure. ◢ @RobinhoodApp: Private Token (EU only) Tracks SpaceX's internal valuation rather than secondary market prices. Fractional ownership starting at $1. Automated onchain dividend settlement. The most retail-accessible product in terms of UX and minimum investment. Hard constraints: ✚ EU users only ✚ No withdrawal to external wallets. If you want self-custody, this product does not allow it. Robinhood's SpaceX and OpenAI tokens previously triggered a Bank of Lithuania investigatio, so. note that the regulatory environment for this product is still unsettled. ◢ The Breakdown in One Line ✚ Hyperliquid: synthetic perp, most transparent, no equity ✚ Bitget preSPAX: real equity underneath, lowest implied valuation ✚ Binance PreStocks: SPV-backed, no US persons, regulatory history ✚ OKX / Gate: synthetic derivatives, pre-split share count ✚ Robinhood: EU only, no self-custody, dividend settlement Three weeks to IPO pricing. Onchain is already at a 50% premium to the S-1 target. Cerebras showed that premium can still be too low.
· 15K Views
