HYPE breaks $48 as SpaceX pre-IPO trading fuels demand

HYPE has extended its rally above $48 on increased interest in trading stock perpetual futures. Hyperliquid is also the most optimistic price discovery mechanism for pre-IPO SpaceX shares.

HYPE tokens indicate increasing interest in Hyperliquid. HYPE peaked at $48.34 as of May 19, extending its rally from the past few days. The token trades near a three-month peak as the influence of Hyperliquid expanded.

HYPE is not only reflecting short-term interest and whale investments, but also the whole trend of switching to stock perpetual futures. As Cryptopolitan reported earlier, RWAs trading on Hyperliquid reached a new record of open interest, with stocks and pre-IPO stocks taking the lead.

HYPE mindshare remains around 0.8%, with no general hype from crypto retail. The token has become the focus of whales, as well as of Bitwise, which plans to launch a HYPE ETF. As a result of the growing interest, HYPE broke out of its two-month range, potentially moving above $55.

SpaceX pre-IPO tokens accelerate trading

SpaceX pre-IPO tokens (SPCX) are one of the main assets drawing attention to Hyperliquid. The platform has the most optimistic valuation of over $2.5T, making SpaceX the sixth most valuable company in the world.

The pre-IPO stocks are priced at $202.88 on TradeXYZ, with $31.48M in open interest. The trading pairs use the perpetual futures model, and only reflect pricing, not actual access to the IPO shares.

SpaceX pre-IPO stocks also trade on Solana through the PreStocks issuer, with an implied valuation of $1.98T. PreStocks intends to deliver special purpose vehicle stocks, essentially turning into a spot market for the tokens.

Ventuals on Hyperliquid offers alternative perpetual futures, valuing SpaceX at $2.1T. Both the TradeXYZ and Ventuals versions allow moderate leveraged trading, betting on price direction.

The on-chain source of SpaceX activity may mean trading will accelerate ahead of June 12, one of the probable dates for the IPO. As Cryptopolitan reported, the US Securities and Exchange Commission may also boost tokenized share trading through innovation exemptions.

Can Hyperliquid predict the SpaceX IPO price?

Hyperliquid trading on HIP-3 is closely watched for its ability to predict the IPO price range. SpaceX already performed a 1:5 split to increase the number of shares and lower the minimum investment, potentially achieving a wider reach.

On-chain trading for SPCX pre-IPO tokens is giving the most optimistic range and valuation. According to Polymarket, there is only a 49% probability for a valuation above $2.4B.

The SpaceX IPO is also seen as a potential booster to crypto sentiment. As Elon Musk has previously engaged with meme tokens, the IPO may affect the price of DOGE.

The SPCX ticker has also been used by older meme tokens, which may rally during the IPO. However, the main focus is on pre-IPO trading pairs and tokenized shares as a tool for early access to one of the largest IPOs in history. Unlike Anthropic, SpaceX has not given any hints at voiding SPV purchases, although the IPO may be oversubscribed and relatively inaccessible.

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