SpaceX IPO puts $1.2 billion in perp trading under Wall Street's glare

SpaceX's blockbuster stock market debut also spotlighted a fast-growing rival product: perpetual futures tied to pre-IPO demand. On Hyperliquid, traders exchanged more than 7 million SpaceX perp contracts worth over $1.2 billion on Friday, according to exchange data cited by CNBC. The contracts traded as high as $180 around the opening bell and as low as $153 before SpaceX's first stock trade printed at $150. Shares later climbed to $176.52 and closed at $160.95, valuing the company at more than $2.1 trillion. The close alignment between perp prices and the stock's debut adds pressure on established exchanges as event contracts and crypto-linked derivatives gain traction in U.S. market structure.