Hyperliquid Whale Bearish on SpaceX Pre-IPO Implied Valuation, Discrepancy of $137 Billion Between Two Pre-IPO Contracts

May 25, per Hyperinsight monitoring, on Hyperliquid, there are 7 whales holding over $1 million in SPCX tokens. All of the top five largest holders are currently in short positions. The three biggest whales each hold more than $3 million in SPCX, with entry prices clustered between $204 and $205 — implying SpaceX’s valuation is roughly $24.2 trillion to $24.33 trillion. The largest whale here, operating under address 0xf51, is short 19,022 SPCX tokens with 5x leverage. Its position is worth about $3.95 million, at an average entry price of $204.1. The current contract price for SPCX is $207.9, leading to an unrealized loss of approximately $70,000 (or -5%). A key note: there’s a gap in SpaceX’s implied market value between Hyperliquid’s two major Pre-IPO contracts: - SPCX/USDC (hosted on trade.xyz): Launched on May 18, its current price suggests a fully diluted valuation of ~$24.67 trillion (using a reference fully diluted share count of 11.87 billion). This contract has a daily trading volume of over $162 million and total open interest of $46.05 million. - SPACEX/USDH (hosted on Ventuals): Launched last November 13, its current price implies a valuation of around $23.3 trillion (each unit’s price equals a $10 billion market cap). Its total open interest is roughly $4.61 million. The HyperInsight Bot is now live! Add @HyperInsightBot to your community, set it as an administrator, and confirm the "Send Messages" permission is enabled — this will automatically sync on-chain data to your group.