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

BlockBeats News, May 25th, according to Hyperinsight monitoring, on Hyperliquid, there are a total of 7 whales with SPCX holdings exceeding $1 million, all of the top five holders are currently in a short position. The three largest whales all hold over $3 million, with entry prices concentrated in the $204 to $205 range, implying a SpaceX valuation of approximately $24.2 trillion to $24.33 trillion.

The largest whale with holdings, address 0xf51, is currently short 19,022 SPCX tokens with 5x leverage, with a position value of around $3.95 million, an average entry price of $204.1, the current contract price at $207.9, and an unrealized loss of about $70,000 (-5%).

It is reported that there is currently a discrepancy in the implied market value of SpaceX between the two major Pre-IPO contracts on Hyperliquid:

SPCX/USDC (deployed on trade.xyz): Launched on May 18th, the current price implies a valuation of approximately $24.67 trillion (based on a fully diluted reference share capital of 11.87 billion), with a daily trading volume exceeding $162 million and a total position of $46.05 million;

SPACEX/USDH (deployed on Ventuals): Launched on November 13th last year, the current price implies a valuation of approximately $23.3 trillion (each unit's price corresponds to a $10 billion market cap), with a position of around $4.61 million.

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