Hyperliquid Whales Short SpaceX Pre-IPO Contracts, Two Contracts Show $137B Valuation Gap

According to Hyperinsight monitoring, on May 25, seven whales on Hyperliquid are shorting SpaceX Pre-IPO contracts (SPCX), with the top five all net short. The three largest positions each exceed $3 million, built in the $204–$205 range, corresponding to an implied SpaceX valuation of approximately $2.42–$2.433 trillion. The largest whale, 0xf51, holds 19,022 SPCX contracts worth about $3.95 million at 5x leverage.

The two SpaceX Pre-IPO contracts on Hyperliquid show a notable valuation gap: SPCX/USDC (deployed on trade.xyz) currently prices at $2.467 trillion implied valuation, while SPACEX/USDH (deployed on Ventuals) prices at $2.33 trillion, a difference of approximately $137 billion.