SpaceX IPO was robbed crazy, can ordinary people still drink this soup? In traditional IPOs, the fattest meat is always given to institutions, underwriters, and major clients first But this time the Crypto market has lifted the table first, and ordinary users can also participate in this IPO subscription through various platforms In public information, SpaceX plans to issue at a price of $135 per share, with a valuation of approximately $1.75 trillion, and will land on NASDAQ on June 12th under the code SPCX At present, it seems that the subscription has been oversubscribed by 3-4 times, and the popularity is still increasing You may not be able to grab SpaceX's subscription quota, but you can already trade its pre IPO price on Hyperliquid According to AiCoin's on chain data statistics, SPCX on Hyperliquid is currently trading around $155, with a 24-hour transaction volume of approximately $123 million and an open interest volume of approximately $105 million That is to say, SpaceX has not yet landed on NASDAQ, and the on chain market has already given it an expected price higher than the issue price What's even more interesting is that this market is already quite large As of 08:00 this morning, the Hyperliquid main market OI is approximately $5.87 billion, and the HIP-3 OI is approximately $3.08 billion, accounting for 34.42% of the total OI In terms of 24-hour transactions, the main market transactions were about 6.55 billion US dollars, and HIP-3 transactions were about 4.63 billion US dollars, accounting for 41.43% That is to say, HIP-3 is no longer a peripheral market Among them, the OI of SP500 has reached about 723 million US dollars, with a 24-hour transaction volume of about 942 million US dollars SpaceX related xyz: The current price of SPCX is about $155.7, OI is about $115 million, and the 24-hour transaction is about $71.21 million If you follow the traditional IPO logic, this is outrageous But if you follow the logic of Crypto, this is actually quite normal: The market doesn't want to wait for the opening, the market wants to bet in advance, and the market wants to release the expected price before institutions allocate it Now Hyperliquid is not just a crypto perpetual exchange anymore HIP-3 is turning assets such as US stock indices, energy, semiconductors, and IPO expectations into tradable leveraged markets on the chain And address level warehouses have already emerged According to AiCoin's on chain data statistics, significant whale positions can be seen in the current xyz market: There is an address holding a short position of XYZ: SP500, with a position value of approximately $147 million and a liquidation price of approximately 8065.85 There are also addresses on the energy side that hold approximately $58.81 million in BRENTOIL short positions and $31.85 million in CL short positions, totaling nearly $90 million in energy short positions So the SpaceX IPO seems to be a hot topic in the US stock market on the surface But when viewed in Hyperliquid, it looks more like a signal: If super IPOs like SpaceX can be traded, priced, and leveraged on the chain first, will OpenAI, Anthropic, popular US stocks, indices, and commodities all run on the chain to discover prices in the future? This is where HIP-3 is most worth discussing, it may not be replicating the traditional US stock market But rather, it is turning "expectations that have not yet been listed" into tradable assets in advance Of course, the risks are also evident. These markets do not necessarily equate to holding stocks, but rather involve trading price expectations and perpetual contract risks. Once there are deviations in IPO pricing, fluctuations on the first day of listing, liquidity, and market depth, the on chain prices may also experience a sharp reversal So the question arises: Do you think Hyperliquid's HIP-3 is the real beginning of RWA racing Or is it just turning SpaceX's IPO heat into an on chain leverage game ahead of schedule? Hyperliquid SpaceX HYPE