3 Massive Things That Could Happen After SpaceX Goes Public in June 2026

SpaceX’s June 12 listing is triggering a parallel pricing race in crypto. Synthetic perpetuals on Hyperliquid already imply a $2 trillion valuation for the rocket and satellite-internet group.

Three forward-looking calls now define the trade. The IPO targets $1.75 trillion and a $75 billion raise, the largest float ever attempted.

1. Perp Convergence Within Six Hours

Hyperliquid’s SPCX-USDC contract, launched May 18 at a $150 reference, spiked to $216 before settling near $203. Funding rates have run steeply positive since launch.

SPCX/USDC Price Performance. Source: Hyperliquid

Arbitrageurs are expected to short the perp and buy real shares the moment SPCX opens on Nasdaq. That trade should pull the synthetic back toward the listed price.

“SPCX perps trading $216 on Hyperliquid vs $525 predicted Nasdaq IPO on June 12. That 60% gap exists because the arbs [Arbitrageur] is structurally broken…CBRS proved convergence happens violently in the final 72 hours before listing,” one user noted.

Arbitrageurs are traders who make money by spotting tiny price differences for the same thing in different places.

They buy low in one market and sell high in another at the same time, locking in risk-free profit as prices snap together.

In the CBRS example, they shorted expensive pretend shares on crypto, bought real shares on Nasdaq, and profited when prices converged.

A 100 to 250 basis-point gap is the most plausible convergence window. The bulk of that move should land in the first six trading hours of June 12.

Prior grey-market resets on Reddit and ServiceTitan closed in four to six hours. The crypto pricing race gives arbs a clean entry at the open.

2. Smaller Venues Face 90-Day Delisting Risk

Synthetic pre-IPO products from Binance, OKX, Bitget, BingX, and Hyperliquid have no precedent in US securities law. The rationale for the synthetics fades the moment SPCX trades publicly.

Regulators have not opened a formal inquiry yet. If the SEC or CFTC starts asking questions, the smallest venues are the most exposed.

BingX and OKX run lighter compliance benches than Binance, while Hyperliquid’s on-chain architecture limits its surface area.

BTCC’s SpaceX futures and other mid-tier venues do not have that cushion if a subpoena lands during the post-IPO window.

At least one venue restricting or delisting SPCX within 90 days is the base case.

That risk weighs heaviest on platforms that followed Bitget’s pre-IPO product onto the trade.

3. Bitcoin Treasury Becomes the Next IPO Playbook

SpaceX’s S-1 disclosed 18,712 Bitcoin (BTC) at a $661 million cost basis. That position is worth roughly $1.42 billion at the current BTC spot price of $75,690.

The 18,712 figure puts the company ahead of Tesla, which holds about 11,509 BTC.

Top Public Companies Holding BTC. Source: Bitcoin Treasuries

The disclosure landed alongside Starlink revenue in the prospectus, signaling a marketing pitch to BTC-correlated allocators rather than a Musk-only quirk.

OpenAI and Anthropic are the most likely candidates to copy the SpaceX template before year-end. Anthropic’s pre-IPO valuation already crossed $1 trillion on private markets.

The OpenAI IPO filing is reportedly being drafted at an $852 billion post-money mark.

Either company could disclose a BTC position to secure a 5 to 8% premium from crypto-correlated allocators on the book.

What to Watch Next

SpaceX’s roadshow opens June 4, with pricing on June 11 and first Nasdaq trading on June 12. The first hour of SPCX activity will decide the trade.

A clean convergence inside six hours validates crypto’s pre-IPO experiment.

A wider gap, or any regulatory action against a venue, would say the opposite.