color: var(color-red-500)

by

3 Massive Things That Could Happen After SpaceX Goes Public in June 2026

SpaceX is preparing to list its shares on June 12th, and this is creating a surge in price speculation within the cryptocurrency market. On the Hyperliquid platform, synthetic perpetual contracts are currently suggesting a valuation of $2 trillion for SpaceX, the company behind rockets and satellite internet.

The market is currently reacting to three optimistic predictions. The initial public offering aims for a $1.75 trillion valuation and seeks to raise $75 billion, which would make it the biggest IPO in history.

1. Perp Convergence Within Six Hours

Hyperliquid’s SPCX-USDC contract, which started trading on May 18th with a price of $150, quickly rose to $216 before stabilizing around $203. Since its launch, traders have consistently paid a premium to hold long positions in the contract.

When SPCX starts trading on Nasdaq, traders will likely sell its perpetual futures contract and simultaneously buy actual shares of the stock. This activity should cause the price of the futures contract to align with the official stock price.

One trader pointed out that SPCX perpetual contracts are currently trading at $216 on Hyperliquid, significantly lower than the predicted $525 IPO price for Nasdaq on June 12th. They explained this large 60% difference is due to issues with arbitrage opportunities. Referencing a previous event (CBRS), they believe similar rapid price alignment will occur in the final 72 hours before the listing.

Arbitrageurs are traders who profit from small price differences of the same item in various markets.

They profit by buying something at a low price in one place and immediately selling it for a higher price elsewhere, guaranteeing a profit as prices adjust.

In this case, the group made a profit by simultaneously selling borrowed, fake shares in cryptocurrency and buying actual shares on the Nasdaq exchange. They benefited when the prices of both sets of shares eventually matched.

We expect the difference to narrow by 1 to 2.5 percentage points. Most of this change will likely happen within the first six hours of trading on June 12th.

As a researcher tracking these events, I’ve observed that previous ‘grey-market’ resets on platforms like Reddit and ServiceTitan typically concluded within four to six hours. The current competitive environment in crypto pricing actually provides arbitrage traders with a favorable opportunity to enter the market right when trading opens.

2. Smaller Venues Face 90-Day Delisting Risk

The new, pre-launch investment products offered by Binance, OKX, Bitget, BingX, and Hyperliquid are unlike anything seen before in US securities regulations. The reason these products exist—to allow investment before a company goes public—disappears once SPCX begins trading on the open market.

So far, regulators haven’t launched a formal investigation. However, if the SEC or CFTC begins asking questions, the smaller trading platforms would be the most vulnerable.

BingX and OKX have less strict regulatory requirements compared to Binance. Hyperliquid, because it’s built using on-chain technology, naturally has fewer areas where problems could arise.

Smaller cryptocurrency exchanges like BTCC’s SpaceX futures market don’t have the financial protection that larger exchanges do if they receive a legal request for information shortly after becoming publicly traded.

At least one venue restricting or delisting SPCX within 90 days is the base case.

That risk weighs heaviest on platforms that followed Bitget’s pre-IPO product onto the trade.

3. Bitcoin Treasury Becomes the Next IPO Playbook

As an analyst, I’ve been reviewing SpaceX’s recent filings, and it’s clear they’ve been holding a significant amount of Bitcoin. Their S-1 disclosure reveals they currently possess 18,712 Bitcoin, which they originally purchased for around $661 million. Based on today’s price of approximately $75,690 per Bitcoin, that investment is now worth roughly $1.42 billion.

The 18,712 figure puts the company ahead of Tesla, which holds about 11,509 BTC.

This information was revealed with Starlink’s financial details, suggesting SpaceX is actively trying to attract investors interested in Bitcoin, rather than this being just a personal interest of Elon Musk’s.

SpaceX revealed in its financial filings that it holds approximately $1.45 billion worth of Bitcoin. This means anyone who invests in SpaceX indirectly gains exposure to Bitcoin, regardless of their intention – it’s a significant part of the company’s financial standing, not just a minor detail.

— You Can Short It (@youcanshortit) May 27, 2026

Both OpenAI and Anthropic are expected to follow SpaceX’s business model by the end of the year. Anthropic has already been valued at over $1 trillion in private trading.

The OpenAI IPO filing is reportedly being drafted at an $852 billion post-money mark.

Both companies have the option to reveal their Bitcoin holdings, which could attract investors focused on crypto and potentially increase their value by 5 to 8%.

What to Watch Next

SpaceX will begin its public offering process on June 4th, announce pricing on June 11th, and start trading on the Nasdaq stock exchange on June 12th. The initial hour of trading will be crucial in determining how the stock performs.

A clean convergence inside six hours validates crypto’s pre-IPO experiment.

A wider gap, or any regulatory action against a venue, would say the opposite.

Read More

2026-05-28 01:13