SpaceX will launch at a $1.8 trillion valuation on Nasdaq on Thursday, yet traders on Hyperliquid are pricing the company as high as $2.15 trillion in pre-IPO perpetual contracts.

85% Of Hyperliquid Traders Are Long But 78% Are Currently Losing

Of the 4,528 traders holding open positions on Hyperliquid’s SpaceX contract, 3,865 are long and 663 are short, an 85 to 15 ratio. 

Despite that bullish lean, 78% of all position holders are currently underwater, with only 1,001 of 4,528 traders in profit. More than $450 million in notional volume has traded across 917,000 trades in just three weeks.

The biggest short positions belong to institutional names. Cumberland sits second with a $3.1 million short, with three other large shorts ranging from $2.5 million to $4.5 million. 

Pre-IPO perpetual volume on Hyperliquid, as measured by Hyperliquid Strategies Inc (NASDAQ:PURR), jumped from under $5 million per day to more than $50 million, even as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) volumes sat near multi-quarter lows on the platform.

SpaceX Sitting On $789M In Unrealized Bitcoin Gains

SpaceX disclosed 18,712 Bitcoin on its balance sheet in its S-1 filing, worth roughly $1.4 billion at current prices. 

The company bought at an average cost near $35,000 per coin, generating approximately $789 million in unrealized gains. Unlike Tesla Inc. (NASDAQ:TSLA), SpaceX has not sold any of its Bitcoin holdings.

The $75 billion offering is already oversubscribed with more orders than shares. SpaceX set aside up to 30% of the deal for retail investors through Robinhood (NASDAQ:HOOD), Fidelity, Charles Schwab, SoFi, and E*Trade, roughly triple the usual slice. Outside the US, Kraken and Bybit are offering tokenized SPCX exposure across 110-plus countries.

Is Crypto Selling Funding SpaceX Allocations?

On-chain data shows no clear sign of abnormal stablecoin outflows from crypto markets. USDC and Tether flows stayed within their normal range through the sell-off, and Bitcoin exchange withdrawals resembled dip-buying rather than cash-raising.

The clearest drain on crypto remained spot ETFs, which bled $4.4 billion over 13 sessions before a modest inflow snapped the streak. 

Whether retail crypto holders funded SpaceX allocations will only become clear when Robinhood and Coinbase (NASDAQ:COIN) report June volumes next month.

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