Who would have thought that trade.xyz on Hyperliquid might be the biggest winner of the SpaceX IPO.

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Traditional finance's pricing power is shifting, with on-chain exchanges demonstrating more precise price discovery capabilities on the eve of US stock IPOs. (Background: Web3 enterprises' IPO listing wave: token financing is already "hard to pull off") (Context: IPO or RWA for financing? This is a question worth considering) The birth of the largest IPO in history is less than a month away. SpaceX, set to ring the bell on Nasdaq, may list as early as June 12 under the code SPCX. Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs lead the underwriting, with another 16 investment banks handling institutional, retail, and international channels. SpaceX aims to raise $75 billion at a $1.75 trillion valuation. The $29.4 billion historical record set by Saudi Aramco in 2019 will be wiped out in one stroke. Even by the most conservative estimates, this is the largest stock offering in history. On May 15, SpaceX private shareholders approved a 5-for-1 stock split, with fair value per share dropping from $526.59 to approximately $105.32. The number of outstanding shares increased by 400%. This is a clear signal that the company is making room for retail investors. Bloomberg reported last week that Brookfield has already secured $2 billion in pre-market allocation. Musk himself will officially become the world's first trillionaire at the moment the bell rings. But beyond Musk, the biggest winner of this IPO may be neither on Wall Street nor in Silicon Valley. It's an on-chain trading platform that has been online for less than six months: trade.xyz. "Price discovery" is the most fundamental power in financial markets. When a new stock is listed, who holds the pricing power? In the past, this power was distributed across several very clear positions. The primary market belongs to the underwriting syndicate, who conduct roadshows, inquiries, and bookbuilding, and ultimately negotiate an offering price internally. The transition from primary to secondary market belongs to market makers and designated dealers, responsible for opening matching. Only after the secondary market does power truly devolve to all buyers and sellers. What trade.xyz is doing rewrites exactly this power chain. And this capability was already proven by trade.xyz a few days ago during the Cerebras IPO. May 14, 10 PM New York time. Three hours before Cerebras Systems officially opened on Nasdaq. The company is an "輝達 challenger" — its product is a dinner-plate-sized AI chip, with OpenAI on its client list. The IPO was priced at $185, already twice the upper end of market expectations. Nasdaq's pre-market matching was still in progress, and retail investors couldn't trade this stock until after 1 AM the next day at the earliest. But the CBRS contract on trade.xyz had already begun active trading. Prices climbed from $290 to $380, with trading volume approaching $100 million within an hour. By the time Cerebras officially opened on Nasdaq in the early hours of the next day, the opening price was $350, 89% higher than the IPO price. Intraday it surged as high as $386. A more intuitive comparison is to put trade.xyz alongside traditional Pre-IPO platforms. Forge Global is one of the world's largest private equity secondary markets, serving institutional investors, VCs, and qualified individual investors, with an entry threshold of $200,000 annual income or $1 million net worth. On May 12, the day before IPO pricing, Forge Price gave Cerebras a final reading of $113.50, corresponding to a valuation of $29.26 billion. That's 174% lower than the Nasdaq opening price. Hiive is similarly positioned but with more active trading, with a final transaction price of $224.93. Much more accurate than Forge, but still a 56% gap from the Nasdaq opening price. trade.xyz's quote was $290 to $380. The higher the platform's threshold, the worse the pricing. The more thoroughly open the platform, the more accurate the pricing. This is not a coincidence; it's a structural difference. Forge and Hiive are essentially one-way markets. Sellers are employees and early investors looking to cash out, while buyers are qualified investors bullish on the company. No one can publicly bet that "this company is overvalued" because the channels to short simply don't exist. This creates a systemic gap — prices in one-way markets can only be driven by upward pressure, with no outlet for bearish forces to express themselves. Forge Price updates once a day and is the output of an algorithmic model, not real-time market transactions. Hiive's trades are discrete, sometimes only one every few days. During roadshows, investment banks release price signals to the market every few days, each one selective disclosure. Whereas trade.xyz is a 24/7 continuously operating matching market, with prices updated every 3 seconds. It allows anyone in the world holding a USDC wallet to participate, going long or short. Every transaction, every order, is participants publicly expressing their judgment about the company with real money. On-chain markets are completing price discovery ahead of Nasdaq. And this trend has naturally been noticed by top traders. "Got 4 calls today from different funds, all watching CBRS trades on trade.xyz for price discovery. This is surreal." On the day CBRS rang the bell on Nasdaq, macro blogger Citrini sent out a tweet. The same day, he followed up with a second one, just a single sentence, with a photo of Wall Street traders staring at screens. "Morgan Stanley's price discovery is happening on trade.xyz." These two tweets were retweeted hundreds of times. Among those retweeting were Benchmark partner Eric Vishria, VanEck Head of Digital Assets Research Matthew Sigel, and a batch of accounts whose names are not on Crypto Twitter and who usually only write about macro and stocks. Notably, Citrini himself. He is not from the DeFi crowd. His content over the past few years has focused on macro, AI sectors, and IPO arbitrage, with a client base skewed toward institutions and family offices. For such an account to publicly endorse a contract on HIP-3 means that "price discovery has migrated" is starting to enter the conversation framework of traditional finance. By May 18, the day SPCX went live, Citrini posted another. "On trade.xyz's Pre-IPO market, SpaceX's valuation has already exceeded $2 trillion. Given how precisely this market valued CBRS, Musk will become the world's first trillionaire without suspense." In a sense, trade.xyz has gone from an experimental decentralized trading platform to a "pricing benchmark" that can be cited by traditional finance professionals. Hyperliquid is a high-performance Layer 1 blockchain designed specifically for derivatives trading, with a fully on-chain order book system. It processes 200,000 orders per second, with block times under 1 second, and all trading, matching, and clearing are completed on-chain by the Hyperliquid validator network. As of now, Hyperliquid commands 38% of the on-chain perpetual contract market, making it the de facto leader in this sector. And trade.xyz is a trading interface built on top of Hyperliquid. More precisely, trade.xyz is the first independent deployment instance under Hyperliquid's third improvement proposal HIP-3 framework. HIP-3 allows independent builders to deploy and operate their own perpetual contract markets on the Hyperliquid chain. Hyperliquid provides the matching engine, margin system, and on-chain settlement, while builders are responsible for defining market listings, oracle sources, leverage caps, and parameter rules. Simply put, Hyperliquid is the underlying infrastructure, and trade.xyz is the product built on top. One wallet, one USDC margin, one order book — running through all Hyperliquid ecosystem products. What's special about the trade.xyz product is that it connects on-chain matching capabilities to the most valuable assets off-chain — US stocks, indices, commodities, and the now-opening Pre-IPO sector. It has launched perpetual contracts on mainstream stocks like Apple and Tesla, received official authorization from S&P Dow Jones Indices, and launched the first S&P 500 perpetual contract. The first Pre-IPO listing was Cerebras, the second is SpaceX. RWA perpetual contract open interest on Hyperliquid broke through $2.5 billion for the first time in history. HYPE rose over 20% in a single day, breaking $40. In the on-chain perpetual contract market, Hyperliquid holds 38% share. Meanwhile, over the past period, several things have happened in the Hyperliquid ecosystem. USDH was taken over by Coinbase, and Circle's USDC became Hyperliquid's Aligned Quote Asset. Hyperliquid captures 90% of reserve income, used for HYPE buybacks and ecosystem incentives. This is a set of simultaneously occurring events. Coinbase and Circle provide infrastructure endorsement, and the stablecoin pipeline is connected. The breakthrough in HIP-3 open interest shows real trading demand is pouring in. HYPE's price movement shows the secondary market is repricing this system. And trade.xyz is the team within this system that first turned these underlying capabilities into a product visible to the outside world. 2026 is a big IPO year. Cerebras is done, SpaceX rings the bell on June 12. OpenAI and Anthropic are both in the queue. Every project is in the strongest narrative sectors — hard tech, AI, aerospace — and also the sectors where retail traffic is most concentrated. Hyperliquid is a high-speed train already running at full speed, 2026 is an IPO year, and the destination is exactly where the most concentrated traffic in this market lies. trade.xyz sits at the front of the train. At the moment SpaceX rings the bell on June 12, Morgan Stanley will receive its underwriting fee, Brookfield will cash in its $2 billion allocation, and Musk will become the world's first trillionaire. And trade.xyz gets a narrative. On the eve of the largest IPO in history, "pricing power" has already changed. And once this consensus is acknowledged by the market, trade.xyz will become one of the biggest winners of the SpaceX IPO. This is also a microcosm of the long process of DeFi gradually eating into the TradFi market.

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