「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.

BlockBeats News, June 12, according to Hyperinsight monitoring, in the past 2 hours, a whale on the Hyperliquid platform opened a 3x leveraged SPCX short position with a scale of $3.52 million, currently the largest position on the platform today. The entry price of this position is at $177.7 (equivalent to a market cap of approximately $2.32 trillion), with a slight unrealized profit at the moment, and a liquidation price of $222 (market cap $2.9 trillion).

It is reported that at 9:30 PM today (Beijing time), SPCX will enter the Nasdaq display period. After price volatility stabilizes, the first real matching will be completed, at which time the Hyperliquid contract price is expected to be based on this reference price.

SpaceX's IPO listing price is $135 per share, while the current on-chain pricing carries a premium of about 29.6% over the issuance price. The whale chose to short at this premium level, possibly anticipating that after the first day of real matching, market pricing will converge towards the IPO price and the market cap will fall below $2.32 trillion.

It is worth noting that the contract on trade.xyz has not yet undergone the Rebase mechanism (contract multiplier adjustment of about 1.1x) to smooth the price. The current market still manually prices it based on approximately 13.08 billion shares outstanding, leading to some calibration errors.

Address: 0x17c3c8fdbcb7d1b240ce08965e09b1fc91cba868