On July 7, 3 weeks after the largest IPO in history, SPCX enters the Nasdaq-100 with billions in passive index buying behind it. The more interesting market is the one Wall Street does not run: tokenized shares on Solana, perpetual futures that priced the listing before bankers did, a $557 million subscription campaign that had to refund almost everyone, and 18,712 Bitcoin sitting on the rocket company’s balance sheet.
Summary
- SpaceX’s Nasdaq-100 entry will bring estimated passive buying while crypto markets already trade its exposure around the clock.
- Tokenized shares, tracker products, and perpetual futures turned SPCX into a live test of equity trading on crypto rails.
- The SpaceX cycle exposed both the promise and risks of tokenized markets, from global access to failed allocations and liquidations.
Index inclusions are usually the sleepiest events in finance. A committee updates a list, passive funds rebalance, and the market moves on. SpaceX joining the Nasdaq-100 before the open on Tuesday, July 7, is not sleepy, partly because the company only went public on June 12 and partly because the estimated $4.3 billion in passive buying tied to the inclusion is arriving into one of the strangest market structures any stock has ever had.
SpaceX, ticker SPCX, is the first mega-cap whose entire public life has run in parallel on crypto rails. Its valuation was traded around the clock for weeks before the IPO priced. Its shares exist simultaneously as Nasdaq stock, as redeemable tokens on Solana, as tracker certificates on half a dozen exchanges, and as cash-settled perpetual futures that liquidated more than $50 million in positions during one bad 48-hour stretch. Its balance sheet holds 18,712 Bitcoin. And when the index funds start buying on Tuesday morning, a meaningful part of the price discovery will already have happened overnight, on-chain, while the exchange was closed.
This is what it looks like when the market structure conversation stops being theoretical. Here is the full map of the SpaceX trade, and what Tuesday tests.
The listing that broke records and brokers
The numbers behind the underlying event deserve a restatement, because everything else sits on top of them. SpaceX sold 555.6 million Class A shares at $135 on June 12, raising $75 billion, the largest initial public offering in United States history, at a valuation near $1.75 trillion. Goldman Sachs led the syndicate alongside Morgan Stanley, Bank of America Securities, Citigroup, and JPMorgan. The company dual-listed on Nasdaq’s Texas exchange under the same ticker, and in a sharp break from mega-cap convention, allocated 30% of the offering to retail investors instead of the usual sliver near 10%.
The stock opened at $150, traded as high as the mid-$160s, and then did what heavily hyped listings often do: it came back down, slipping below its opening price in late June during the broader market drawdown, leaving buyers above the $135 offer price with a live lesson in post-IPO volatility. The first public earnings report lands in September, and the first quarterly disclosure period, ending June 30, has just closed.
One filing detail turned the listing into a crypto story on its own. SpaceX’s registration statement disclosed 18,712 BTC on the balance sheet, acquired back in 2021 at a cost basis of roughly $661 million and worth around $1.2 billion at recent prices. As a public company, SpaceX now reports that position, its cost basis, and its fair-value changes every quarter, joining the small club of corporates whose earnings calls double as Bitcoin disclosures. The June market slide made that holding a talking point immediately, with analysts noting that the $75 billion raise itself competed for the same pool of risk capital that had been holding up crypto prices.
The perpetuals that front-ran the bankers
The most consequential crypto layer of the SpaceX trade started weeks before the stock existed. On May 18, the builder TradeXYZ deployed a pre-IPO perpetual futures market for SpaceX on Hyperliquid under the ticker xyz:SPCX, using the HIP-3 framework that lets outside builders launch perpetual markets on the chain.
Centralized exchanges followed with their own contracts, and by listing day the pre-IPO complex had processed $3.2 billion in volume across 8 venues with open interest peaking above $390 million, including more than $190 million on Hyperliquid alone before the Nasdaq open.
What makes those markets more than a curiosity is how well they priced the event. Aggregated pre-IPO contracts traded at a volume-weighted average near $155 in the final stretch against the $135 offer price, and closed the pre-listing period at an average of $157, within 4.7% of the $150 opening print. The precedent held from the Cerebras listing months earlier, where the equivalent contract landed within 1.3% of the opening price. Synthetic, around-the-clock markets built on crypto infrastructure produced a credible forecast of where one of the most oversubscribed offerings in history would open, while the traditional book-building process kept that information inside the syndicate.
The same markets also delivered the cautionary chapter. Once Nasdaq trading began, the contracts converted into standard equity-linked perpetuals using the live stock price as an oracle, and when SPCX slid below its $150 opening level in late June, leveraged longs paid for the enthusiasm: more than $50 million in SPCX perpetual liquidations in 48 hours, a total that briefly ranked the contract behind only Bitcoin and Ethereum among crypto derivatives. A perpetual future on a stock inherits crypto’s speed in both directions, and the liquidation engine does not wait for an opening bell.
Four things called SpaceX exposure, one of them actual stock
The tokenized layer is where the SpaceX trade turned into a market structure exam that much of the industry failed. By late June, a retail buyer reaching for SpaceX exposure through crypto could end up holding four legally distinct instruments, and the differences only became obvious under stress.
The first is the real thing: a Nasdaq share, whether through a traditional broker or through exchange offerings that route whole-share orders to an introducing broker with standard clearing. Real equity, real shareholder claim, real trading halts.
The second is the redeemable token. Backpack Securities issued a Solana-native SpaceX token backed 1:1 by actual shares in regulated custody, redeemable into the underlying equity and transferable to a conventional brokerage. Ondo launched its own 1:1 tracker on Ethereum and Solana with daily custody attestations. These are the instruments the tokenization thesis has been promising: the stock, wrapped, portable, and trading around the clock.
The third is the tracker certificate. The xStocks product, launched by Kraken parent Payward and distributed across exchanges including Bybit, delivers price exposure through bearer debt instruments with no shareholder rights, no voting, and no legal claim on the underlying shares, and its own terms allow the collateral behind them to be assets other than the stock itself. It is exposure, not ownership, and the paperwork says so for anyone who reads it. Payward has spent 2026 planting flags across mainstream finance, from tokenized equities to its FIFA World Cup sponsorship, and xStocks is the ambitious middle of that portfolio.
The fourth is the perpetual, which owns nothing at all and tracks the price purely through funding mechanics.
The stress test arrived before the stock did. Binance Wallet ran a tokenized subscription campaign for SpaceX exposure through xStocks that raised $557 million from 27,689 wallet addresses, one of the largest tokenized offering campaigns ever, with Bybit running a parallel program. Then the supply failed to show up: the xStocks provider received a smaller pre-IPO share allocation than expected, and Binance, Bybit, and Bitget canceled customer allocations and refunded in full, with Binance distributing a consolation $1 million in shares through its newer bStocks platform. The fine print had warned that allocations were not guaranteed, and the fine print won. Tokenization can wrap a share, but it cannot conjure one, and the biggest tokenized IPO campaign in history ended as a refund notice.
None of that stopped the sector’s growth. Tokenized stock volumes hit a record $20 billion during the SpaceX cycle, pre-IPO tokenized trading volume surged over 1,000%, and tokenized equities as a category kept compounding, with Citi projecting tokenized real-world assets to grow from around $17 billion today to $5.5 trillion by 2030. SpaceX was simultaneously the category’s best advertisement and its most public quality-control failure.
How a market for a private company actually works
Since pre-IPO perpetuals are about to become a fixture of every major listing, the mechanics deserve a proper walkthrough, because the instrument is stranger than its chart suggests.
A perpetual future normally needs a reference price to anchor its funding mechanism: longs pay shorts when the contract trades above the index, shorts pay longs below it, and the payments tether the derivative to the underlying. A private company has no underlying. The pre-IPO contracts solved this by letting the funding mechanism anchor to itself, with the contract price representing the market’s continuously updated estimate of the eventual listing value, disciplined by traders willing to take the other side of any drift. It is price discovery with no ground truth until listing day, which sounds like astrology and behaved like arbitrage.
The Cerebras listing was the controlled experiment. The chipmaker’s pre-IPO perpetual traded for weeks before its Nasdaq debut, and when the stock opened, the contract’s final pre-listing price sat within 1.3% of the $350 opening print. Spreads on the contract compressed to a 0.07% median once the live stock price became the oracle, and open interest rolled off in an orderly unwind as positions reconciled against reality. The experiment answered the core objection to synthetic pre-IPO markets, that with no underlying to arbitrage they would drift into fantasy, with a data point: they did not.
SpaceX ran the experiment at 40 times the size. The Hyperliquid contract launched on May 18 with the IPO reference at $135, and the market immediately priced the company richer, clustering between $180 and $200 in the first weeks, an implied valuation near $2.5 trillion that said more about scarcity hunger than fundamentals. Then something instructive happened: as the roadshow progressed and allocation details leaked, the contracts converged, sliding into the $160 to $170 range by June 8 and settling near $155 aggregate VWAP into listing week. The synthetic market did not just guess; it updated, absorbing information through the exact process equity analysts describe as price discovery, running around the clock on rails the syndicate did not control.
At listing, the contracts flipped their oracle to the live Nasdaq price and became ordinary equity-linked perpetuals, which is where the second lesson arrived. An around-the-clock leveraged derivative on a stock means the stock effectively trades around the clock too, with all of crypto’s liquidation mechanics attached. When SPCX broke below $150, the cascade cleared more than $50 million in 48 hours, forcing exits firing at 3 a.m. against a reference asset whose actual venue was closed. Equity investors got their first taste of a dynamic crypto traders know in their bones: in a leveraged 24-hour market, the price you are liquidated at and the price the asset deserves are frequently different numbers, and only one of them empties your account.
The regulatory seam running through everything
Every layer of the SpaceX crypto complex operates around a single inconvenient fact: most of it is unavailable to Americans, on purpose.
The tokenized products draw the sharpest lines. xStocks excludes users from the United States, the United Kingdom, Canada, and Australia outright. Ondo’s tracker is for non-United States users. Backpack’s redeemable token operates through securities registrations that carefully fence its distribution. The pattern is uniform because the legal exposure is: a tokenized share offered to a United States retail investor is a securities offering, and nobody in the stack wants to run that experiment ahead of legislation. The result is an inverted access map, where a trader in Lagos or Manila can hold around-the-clock SpaceX exposure through a phone wallet while a trader in Ohio needs a brokerage account and market hours, for a company whose rockets launch from Texas and Florida.
The perpetuals live in the same seam. The offshore exchanges listing SPCX contracts exclude United States persons as a matter of stated policy, with all the enforcement rigor that phrase historically implies, and the domestic regulated path for equity perpetuals is still being fought over between the CFTC and the exchanges. Meanwhile, the pending market structure legislation grinding through the Senate would redraw several of these lines at once, which is why every player in the tokenized stock complex is building now and lobbying simultaneously: the rails that exist when the rules finalize tend to get grandfathered into legitimacy, and the ones that do not get built never do.
The seam also explains the industry’s strange incentive alignment around Tuesday. A clean, liquid, boring index inclusion, with the tokenized layer tracking faithfully and no structural embarrassments, is a lobbying exhibit for the entire sector. A blowup is an exhibit for the other side. Rarely has a passive rebalancing event carried this much narrative weight for people who do not own the stock.
What Tuesday actually tests
The Nasdaq-100 inclusion, effective before the market opens on July 7, is mechanically simple: index-tracking funds led by the QQQ complex must hold SPCX, and the estimated $4.3 billion in passive demand tied to that rebalancing arrives on a schedule everyone can see. The flow is not new money deciding it likes rockets; it is rule-following capital buying whatever the index says, funded by trimming whichever component fell out of the top 100, which is why inclusion effects are usually front-run, faded, and forgotten within a week. The wrinkle this time is that the front-running venues never close. The same June liquidity squeeze that drained a record $4 billion from Bitcoin ETFs while whales accumulated on-chain showed how sharply passive flows and conviction flows can diverge; Tuesday runs that experiment inside a single ticker. For a normal stock, the interesting question is how much of the flow is already priced in. For this stock, there are three better questions.
First, where does the price discovery happen? The inclusion takes effect at the open, but the tokenized shares and the perpetuals trade through the weekend and overnight. Whatever the market decides about the inclusion will be visible on-chain hours before the first Nasdaq print on Tuesday, the same way the pre-IPO perps front-ran the offer price. Index events used to be a bell-to-bell affair. This one has a 24-hour shadow market attached, and the arbitrage between the two is now a professional trade.
Second, does the passive bid meet the leveraged crowd? SPCX perpetual open interest rebuilt after the June flush, and a scheduled, well-telegraphed buying event is exactly the setup that attracts leverage on both sides. The last time the stock moved sharply, the liquidation cascade outpaced anything the equity market itself did. A calm inclusion would be a small landmark for the tokenized complex; a violent one would be a reminder that bolting crypto market structure onto a stock imports crypto’s failure modes along with its hours.
Third, does the index bid revalue the Bitcoin on the books? Passive funds buying SPCX are, at one remove, buying 18,712 BTC without an opinion about it, the same way index investors have been buying corporate Bitcoin treasuries through other tickers for years. It is a small position against a $1.7 trillion company, but the symbolism runs the other direction: Bitcoin exposure is now something the Nasdaq-100 carries by default, embedded in a rocket company, disclosed quarterly, and owned by every retirement account tracking the index.
The precedent being set in real time
Step back from the ticker and the SpaceX cycle reads like a preview of how every major listing will eventually work. A company’s valuation now starts trading the moment the market cares, not the moment a syndicate allows it. The pre-IPO perps priced SpaceX within a few percent while the roadshow was still running. The tokenized wrappers extended the stock into jurisdictions and hours the exchange cannot reach, the same premise Robinhood just built an entire blockchain around. The failures were real, from the xStocks allocation collapse to the liquidation cascade, but they were failures of capacity and leverage, not of the premise.
The IPO pipeline behind SpaceX makes the preview matter. OpenAI and Anthropic perpetuals already trade the same way SPCX did in May, meaning the market is currently pricing companies that have not filed anything, continuously, with open interest in the hundreds of millions. Whenever those listings arrive, the crypto layer will not be an afterthought bolted on for retail access. It will have been the market of record for months, with the exchange listing arriving as the settlement event that reconciles everyone’s positions.
The retail geography of the trade is the part traditional finance keeps underestimating. SpaceX allocated 30% of its offering to retail, an unprecedented share for a listing this size, and the tokenized layer extended that populism to jurisdictions the allocation never reached: on-chain SPCX products let buyers in more than 100 countries take positions from a phone, in fractions, at any hour, with no brokerage relationship. The demand was not hypothetical. The pre-IPO tokenized trading complex grew over 1,000% in volume during the SpaceX cycle, the Binance Wallet campaign alone pulled in $557 million of subscription demand from under 28,000 wallets, and the perpetuals cleared billions from traders who could never have participated in the actual book. Whether regulators read that as democratized access or as an unlicensed parallel offering is precisely the fight the next 2 years of market structure policy will settle, and SpaceX supplied both sides with their best evidence.
There is also a quieter institutional lesson in how the instruments behaved relative to each other. Through the June volatility, the redeemable tokens tracked the stock tightly because arbitrageurs could actually redeem them, the tracker certificates drifted on their own supply and demand because nobody could, and the perpetuals overshot in both directions because leverage always does. The dispersion between four instruments referencing one asset is a live measurement of how much each layer of trust costs, updated every minute, and desks have started trading the basis between the wrappers the way they trade the futures basis in any mature market. Market structure people call this the instrument stack finding its pricing; everyone else calls it confusing, and both are right.
That inversion, crypto markets first and the stock exchange as confirmation, would have sounded absurd during the last cycle. On Tuesday morning, when the index funds show up to buy a stock whose weekend price action already happened on Solana and Hyperliquid, it will just be how the SpaceX trade works. The rocket company did not set out to become the test case for the merger of equity and crypto market structure. It became one anyway, because it was the biggest thing on the launchpad when the rails were finally ready, and markets, like rockets, use the heaviest available payload to prove the vehicle.
The score going into the open
The scoreboard so far: the perpetuals called the IPO price better than the commentary did, the redeemable tokens worked exactly as designed, the tracker certificates exposed the difference between exposure and ownership, the subscription campaigns found the hard limit of tokenized supply, and the leverage got punished on schedule. That is a remarkably complete stress test for a market structure that barely existed 2 years ago, administered by a single stock in 3 weeks.
Tuesday adds the last missing scenario, a scheduled institutional flow event, to the record. Whichever way SPCX trades, the more durable result is already in: the parallel market did not blink, did not halt, and did not wait for anyone’s opening bell. The index committee added a company to a list. The market around that company had already added itself to something bigger.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Digital asset markets are volatile, and you can lose your entire investment. Always do your own research. Information current as of July 4, 2026.
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