Hyperliquid Launches SpaceX Perpetual Futures SPCX, Surges to $216 on Regulatory Uncertainty

According to ChainCatcher, Hyperliquid launched SpaceX perpetual futures (SPCX-USDC) with an initial reference price of $150, rapidly climbing to $216 and implying a valuation of approximately $1.78 trillion. The contract requires no SpaceX stock ownership or company authorization, enabling leveraged trading via USDC settlement with prices sourced from decentralized oracles, not tied to SpaceX's actual financials or equity structure.

SpaceX neither authorized nor participated in the market, raising concerns about decentralized derivatives reshaping private company price discovery outside traditional regulatory frameworks. The contract was enabled through Hyperliquid's HIP-3 mechanism supporting private company valuations.