HYPE Token Rises 7% as SpaceX Pre-IPO Perpetual Market Launches on Hyperliquid

HYPE Outperforms Crypto Market Despite Bitcoin Decline

Hyperliquid’s HYPE token gained about 7% in the past 24 hours according to Blockto market data, standing out from a broader crypto market downturn where Bitcoin slipped below $77,000 and major tokens traded lower. The rally came after new trading activity linked to SpaceX’s pre-IPO valuation sparked strong interest on the platform.

The move followed the launch of a new synthetic perpetual futures contract called SPCX-USDC by Trade.xyz on Hyperliquid. The contract offers exposure to SpaceX’s implied valuation without involving actual equity shares.

SpaceX Valuation-Based Synthetic Market Gains Traction

The SPCX contract opened with a reference price of $150, implying a fully diluted valuation of around $1.78 trillion based on 11.87 billion shares. This places it within the reported $1.75 trillion to $2 trillion valuation range linked to SpaceX’s potential public offering.

Shortly after launch, the contract surged to around $216 before stabilizing near $202.89, reflecting strong early trading activity. It recorded about $33 million in 24-hour volume and $21.8 million in open interest.

The model gained attention after tokenized stock products linked to companies like OpenAI and Anthropic faced backlash and warnings over share transfer validity.

Broader Market Context and Risks Ahead

The launch comes as Bitcoin and other cryptocurrencies faced selling pressure from macroeconomic concerns. Analysts note that while synthetic markets are gaining traction, their long-term stability will depend on how private companies respond to valuation-linked derivatives in the future.