SpaceX IPO Stress Tests Crypto’s Bid to Reinvent Stocks

SpaceX completed the largest IPO in history at $135 per share, closing its first trading day at $160.95 and rising to $184.69 the next day, valuing the company at approximately $2.2 trillion. Crypto perpetual futures on Hyperliquid generated over $1.3 billion in trading volume on listing day, accurately reflecting pre-listing investor sentiment, while tokenized SpaceX share distributions on Binance, Bybit, and Bitget Wallet were canceled after xStocks (acquired by Kraken) secured only a partial allocation. The episode underscored that blockchain can replicate price discovery for pre-IPO stocks via derivatives but cannot bypass the real-world constraint of sourcing actual shares for tokenized ownership.