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SpaceX lists on the Nasdaq June 12 under the ticker $SPCX. $135 a share, around 556 million shares, a $1.75 trillion valuation. The largest IPO in history, full stop.
Most people will wait for the opening bell and a brokerage allocation they probably won’t get (the float is roughly 3%, with retail fighting over a sliver). The onchain crowd is already positioned, and here’s the part that matters for this audience: they’re farming airdrops while they do it.
This is the rare moment where TradFi’s biggest event and DeFi’s best farming primitive line up on the same trade. Two ways to play it.
Play 1: trade SPCX as a perp on tradexyz (farm $UNIT + $HYPE)
tradexyz has had an SPCX pre-IPO perp live since May 18, cash-settled with continuous trading, opened at a $150 reference price. It’s the dominant HIP-3 builder on Hyperliquid, running over 90% of HIP-3 open interest.
The airdrop angle is the reason you’d route this through tradexyz instead of a centralized venue:
- tradexyz has already acquired the UNIT ticker, which usually signals a token is in the pipeline. No points program yet, but Hyperliquid ecosystem launches have a habit of rewarding early activity retroactively.
- Trading on HIP-3 builders also stacks against Hyperliquid‘s own potential incentives, with roughly 38% of HYPE supply still unallocated for community rewards.
So a single SPCX position here is exposure to the IPO repricing plus two potential airdrops. Trade SPCX on Hyperliquid.
Play 2: hold tokenized SPCXx on xStocks (farm xStocks points + $INK)
xStocks offers $SPCXx, a tokenized share backed 1:1 by the underlying SPCX security, accessible through Kraken. This is spot exposure rather than a perp, so no funding rate, no liquidation, just the token tracking the stock.
The farming layer:
- Holding and using xStocks assets earns xPoints. The program is early, no token confirmed yet, and the 20% early adopter boost is still live for newly linked wallets.
- Activity through Kraken’s stack also feeds Ink points, with INK TGE expected Q3 2026.
Same SpaceX exposure, different risk profile, two more points programs in the mix. Farm xStocks and Ink via Kraken.
Why bother going onchain for this
A normal investor buys SPCX on a brokerage and that’s the whole trade. The onchain version of the same exposure is a 2-for-1, sometimes a 2-for-3: you get the SpaceX position you wanted AND you’re farming UNIT, HYPE, xStocks points, or INK depending on the route. The IPO is the reason to show up. The airdrops are why you show up onchain.
If you’re a Base or Hyperliquid farmer already comfortable with perps and tokenized assets, this is simply a higher-yield way to express a view you were going to take anyway.
The bull and bear case, quickly
You’re taking a position either way, so here’s the shape of the debate. This is context, not advice.
The bull case. SpaceX ran 165+ orbital launches in 2025, more than the rest of the world combined, and launch revenue is growing fast off a roughly $4.2B 2024 base. ARK’s long-term model has Starlink alone reaching $149B in revenue by 2040, which makes even a $1.75T valuation look defensible on a discounted-cash-flow basis if you believe the trajectory. Bulls also argue index-inclusion mechanics eventually force passive funds to allocate as the company grows into major benchmarks.
The bear case. At $1.75T against this year’s revenue estimates, you’re paying well north of 70x price-to-sales, versus Nvidia near 20x and Apple under 10x. SpaceX reported close to $5B in net losses in 2025, which bears attribute partly to the reported xAI tie-up adding a heavy cash-burn engine alongside the narrative. And Starship commercialization is still in the demonstration phase after $15B invested, with NASA’s Artemis timeline already slipping. Push that thesis out two or three years and the long-term valuation math gets a lot harder.
At $1.75 trillion, the honest read is that you’re not buying the company as it exists today. You’re buying the next twenty years of the vision at close to full price.
Bottom line
The SpaceX IPO is the defining listing of the year, and for once the onchain route isn’t just a workaround for access. It’s the higher-yield way to take the trade. Trade the perp on tradexyz to farm UNIT and HYPE, or hold tokenized SPCXx on xStocks to farm points and INK. Either way you’re positioned before June 12 and farming while you wait.
NFA, DYOR. IPOs are volatile, especially in early sessions with thin float. Perps carry liquidation risk, tokenized stocks carry tracking and custody risk, and none of the airdrops referenced here are confirmed. Size to what you can afford to lose.
