「Today's Largest On-chain SPCX Short Position」 is currently at $3.5 million, with an anticipated post-IPO valuation of less than $2.32 trillion.

June 12 — Per Hyperinsight’s monitoring data, a whale on the Hyperliquid platform opened a new 3x leveraged short position for SPCX over the past two hours, totaling $3.52 million. This is the largest single position opened on the platform so far today. The position has an entry price of $177.7 (corresponding to a ~$2.32 trillion market cap) and is currently generating slight unrealized profit; its liquidation price is set at $222 (≈$2.9 trillion market cap). According to reports, SPCX will enter its Nasdaq display period at 9:30 PM Beijing time today. Once price volatility stabilizes, the first official order matching will take place — Hyperliquid’s SPCX contract price is expected to reference this benchmark price post-matching. SpaceX’s IPO was priced at $135 per share, and current on-chain valuations sit at a ~29.6% premium to that IPO level. The whale’s short position at this premium suggests it expects post-display period trading to converge toward the IPO price, pushing SPCX’s market cap below the $2.32 trillion entry threshold. Note: The trade.xyz SPCX contract has not yet undergone its Rebase mechanism — a ~1.1x adjustment to the contract’s price multiplier designed to smooth pricing. Current market pricing relies on manual calculations based on ~13.08 billion outstanding shares, leading to calibration mismatches. Wallet Address: 0x17c3c8fdbcb7d1b240ce08965e09b1fc91cba868.