Less than a month remains until the birth of the largest IPO in history.

SpaceX, which will ring the bell on Nasdaq, is expected to go public as early as June 12, under the ticker SPCX. Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs lead the underwriting, along with 16 other investment banks responsible for institutional, retail, and international channels.

SpaceX aims to raise $75 billion, with a valuation of $1.75 trillion. The historical record set by Saudi Aramco in 2019 of $29.4 billion will be wiped out in one go. Even with the most conservative estimates, this will be the largest stock issuance in history.

On May 15, SpaceX's private shareholders approved a 5-for-1 stock split, lowering the fair value per share from $526.59 to about $105.32. The number of shares outstanding will increase by 400%. This is a clear signal that the company is creating space for retail investors. Bloomberg reported last week that Brookfield has already placed a $2 billion bet on the pre-IPO shares.

Elon Musk will officially become the world's first trillionaire the moment the bell rings.

Aside from Musk, the true biggest winner of this IPO may not be on Wall Street or Silicon Valley.

It is a trading platform that has been online for less than six months, trade.xyz.

The Emergence of On-Chain Nasdaq Prototype

Price discovery is the most critical power in financial markets.

When a new stock goes public, who holds the pricing authority? In the past, this power was distributed among several very defined positions. The primary market belongs to the underwriting syndicate, which conducts roadshows, inquiries, and builds the book, ultimately negotiating an issue price internally. The transition from primary to secondary markets belongs to market makers and designated dealers, responsible for opening matches. After the secondary market, power is truly delegated to all buyers and sellers.

What trade.xyz is doing rewrites this chain of power.

And this capability was already demonstrated a few days ago during the Cerebras IPO.

On May 14, at 10 PM New York time.

There are three hours left until Cerebras Systems officially opens on Nasdaq. This company is the "NVIDIA challenger," with a product the size of a dinner plate for AI chips, and customers including OpenAI. The IPO price of $185 is already twice the market's expected upper limit.

The pre-market matching on Nasdaq is still ongoing, and retail investors will not be able to trade this stock until after 1 AM the next day.

But contracts for CBRS on trade.xyz have already begun to surge.

The price surged from $290 to $380, with trading volume nearing $100 million within an hour. By the time Cerebras officially opened on Nasdaq the next morning, the opening price was $350, which is 89% higher than the IPO price. The intraday high reached $386.

Related reading: “Cerebras IPO Soars 68%, On-Chain Market Set Prices Hours Earlier”.

A more intuitive comparison is to view trade.xyz alongside traditional Pre-IPO platforms.

Forge Global is one of the largest secondary markets for private equity globally, serving institutional investors, VCs, and accredited individuals, with an entry threshold of an annual income of $200,000 or a net worth of $1 million. On May 12, the day before the IPO pricing, Forge Price gave Cerebras a final reading of $113.50, corresponding to a valuation of $29.26 billion. This is 174% lower than the Nasdaq opening price.

Hiive has a similar positioning but is more active, with a final transaction price of $224.93. This is much more accurate than Forge but still has a 56% deviation from the Nasdaq opening price.

The quote on trade.xyz is between $290 and $380.

The higher the platform’s threshold, the worse the pricing. The more open the platform, the more accurate the pricing.

This is not a coincidence; it is a structural difference.

Forge and Hiive are essentially one-way markets. Sellers are employees and early investors looking to cash out, while buyers are accredited investors who believe in the company. No one can publicly bet “this company is overvalued” because there is no channel for shorting. This causes systemic bias; price in one-way markets can only be driven by upward pressure, with no outlet for bearish forces.

Forge Price updates daily, based on an algorithmic model output, not real-time market transactions. Hiive's transactions are discrete, sometimes taking days for a single transaction. During the roadshow period, underwriters release price signals to the market every few days, and each time is selective disclosure.

However, trade.xyz operates as a continuously running matching market 24/7, updating prices every 3 seconds. It allows anyone globally holding a USDC wallet to participate, enabling both long and short positions. Every transaction and every order reflects participants explicitly expressing their judgments about the company with real money.

The on-chain market is leading Nasdaq in completing price discovery.

This trend has naturally been captured by top traders.

"Today I received 4 calls from different funds; they are observing the CBRS trading on trade.xyz for price discovery. This is surreal.” On the day of the Nasdaq bell ring for CBRS, macro influencer Citrini tweeted.

On the same day, he added a second tweet, consisting of a single sentence accompanied by a photo of Wall Street traders staring at screens.

“Morgan Stanley's price discovery occurred on trade.xyz.”

These two tweets were shared hundreds of times. Among those sharing were Benchmark partner Eric Vishria, VanEck's Head of Digital Asset Research Matthew Sigel, and several accounts that do not usually appear on Crypto Twitter, focusing instead on macro and equities.

Notably, Citrini himself is not from the DeFi circle. His content over the past few years has centered on macro, AI sectors, and IPO arbitrage, with a clientele leaning towards institutional and family offices. A publicly endorsed HIP-3 contract by such an account means that the idea of "price discovery has migrated" is beginning to enter the dialogue framework of traditional finance.

By May 18, the day SPCX went live, Citrini tweeted again. “On the Pre-IPO market of trade.xyz, SpaceX’s valuation has exceeded $2 trillion. Considering how accurate this market was in valuing CBRS, Musk will undoubtedly become the world's first trillionaire.”

In a sense, trade.xyz has transformed from an experimental decentralized trading platform into a "pricing benchmark" that can be cited by traditional finance professionals.

Hyperliquid is a high-speed train, with trade.xyz at the front

Hyperliquid is a high-performance Layer 1 blockchain designed specifically for derivatives trading, featuring 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 captures a 38% share of the on-chain perpetual contracts market, making it the de facto leader in this lane.

And trade.xyz is a trading interface built on top of Hyperliquid.

More precisely, trade.xyz is the first independent deployment instance under the third improvement proposal HIP-3 of Hyperliquid. HIP-3 allows independent builders to deploy and operate their own perpetual contract markets on the Hyperliquid chain, with Hyperliquid providing the matching engine, margin system, and on-chain settlement, while builders define market listings, oracle sources, leverage limits, and parameter rules.

In simple terms, Hyperliquid is the underlying infrastructure, and trade.xyz is the product built on top of it. One wallet, one USDC margin, and one order book run through all Hyperliquid ecosystem products.

The uniqueness of the trade.xyz product lies in its ability to connect on-chain matching capabilities to the most valuable assets off-chain—the US stocks, indices, commodities, and now the emerging Pre-IPO sector. It has already launched perpetual contracts for mainstream stocks like Apple and Tesla, as well as the first S&P 500 perpetual contract with official authorization from S&P Dow Jones Indices. The first asset in the Pre-IPO sector was Cerebras, followed by SpaceX.

The RWA perpetual contract holdings on Hyperliquid have historically surpassed $2.5 billion for the first time. HYPE rose over 20% in a single day, exceeding $40. In the on-chain perpetual contract market, Hyperliquid holds a 38% share. Meanwhile, several events have occurred in the Hyperliquid ecosystem during this time. USDH has been taken over by Coinbase, and Circle's USDC has become Hyperliquid’s Aligned Quote Asset. Hyperliquid captures 90% of reserve yields for HYPE buybacks and ecological incentives.

This is a collection of concurrently occurring events. Coinbase and Circle provide infrastructure backing, and the stablecoin pathway is now connected. The breakthrough in HIP-3 holdings indicates a surge in genuine trading demand. The price trend of HYPE suggests that the secondary market is repricing this system.

Meanwhile, trade.xyz is the team that first transformed these underlying capabilities into a product visible to the outside world.

2026 is a big year for IPOs. Cerebras has already launched, and SpaceX will ring the bell on June 12. OpenAI and Anthropic are both in line. Each project is in the strongest storytelling lanes of hard tech, AI, and aerospace, and also focuses on retail traffic.

Hyperliquid is a high-speed train already moving fast, as 2026 is also an IPO year, heading towards the places with the most concentrated traffic in this market. trade.xyz is at the front.

At the moment SpaceX rings the bell on June 12, Morgan Stanley will receive underwriting fees, Brookfield will cash in on its $2 billion bet, and Musk will become the world's first trillionaire.

And trade.xyz will obtain a kind of narrative. On the eve of the largest IPO in history, "pricing power" has already changed. Once this consensus is recognized by the market, trade.xyz will become one of the biggest winners of SpaceX's IPO.

This is also a reflection of the long process of DeFi gradually encroaching on the TradFi market.

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