SpaceX hasn’t rung the bell for an IPO yet, but the pre-market contracts just gave retail investors a tough lesson. The 'crash' of preSPCX on Bitget mainly came from a 1:5 token split, which was just a book price adjustment. However, the SPACEX perpetual flash crash on Hyperliquid was a real stampede caused by a combination of oracle anomalies, insufficient order book depth, and leveraged liquidations—over 400 users got liquidated. On-chain pre-IPO assets have opened the door for ordinary people to participate, but they’ve also magnified the shortcomings in pricing, liquidity, and risk control.