SpaceX IPO update: Whale opens $22.3M SPCX long as synthetic price hits 30% premium

Written by Yashu Golastaff writerReviewed by Allen Scottstaff editorWritten by Yashu Golastaff writerReviewed by Allen Scottstaff editorSpaceX IPO update: Whale opens $22.3M SPCX long as synthetic price hits 30% premiumMarketsPublishedJun 12, 2026SpaceX’s IPO hype may fuel a strong debut, but history shows richly valued listings often struggle after the first-day pop fades.SpaceX’s IPO is already spilling into crypto markets, where one whale has opened a $22.3 million leveraged long on SPCX, a synthetic pre-IPO perpetual contract tied to Elon Musk’s aerospace company.Key takeaways:The whale is already sitting on more than $1.15 million in unrealized profit.Synthetic SPCX is trading near $175, roughly 30% above SpaceX’s $135 IPO price.Whale's paper profits are over $1.15 million alreadyThe whale's position, visible on data resource Hypurrscan, shows the trader holding a 2x isolated long on "xyz:SPCX" worth about $22.29 million. Address '0x9cc1...' open perpetual positions as of Friday. Source: Hypurrscan The whale entered near $168, while SPCX recently traded around $175, leaving the position with roughly $1.15 million in unrealized profit. It had spent just over $500 in funding fees.Synthetic SPCX trades at 30% premium ahead of IPOSpaceX has priced its IPO at $135 per share to raise $75 billion by selling about 555.6 million shares, bringing the company's valuation to around $1.77 trillion. The stock is expected to trade under the ticker SPCX on Nasdaq.At around $175, the synthetic SPCX market is trading about 30% above the IPO price. In other words, crypto traders are already pricing in a strong first-day rally before regular equity markets fully absorb the listing.SPCX/USDC hourly chart. Source: HyperliquidOther secondary markets are pointing in the same direction. For instance, IG International derivatives implied a SpaceX valuation of about $2.4 trillion, more than 35% above the valuation set by the IPO price.Polymarket traders put 56% odds on SpaceX closing …

SpaceX IPO update: Whale opens $22.3M SPCX long as synthetic price hits 30% premium

Coins in this story

Related stories

For crypto, SpaceX's stock market debut could go either way

Monero prices rocket to $438 amid $120 million onchain laundering maze

There's one simple way to tell whether bitcoin has really bottomed. Right now, it hasn't.