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

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

SpaceX aims to raise $75 billion at a valuation of $1.75 trillion. The historical record of $29.4 billion set by Saudi Aramco in 2019 will be wiped out at once. Even by the most conservative estimates, this is the largest equity offering ever.

On May 15, SpaceX private shareholders approved a 5-for-1 stock split that reduced the fair value per share from $526.59 to approximately $105.32. The number of outstanding shares increased by 400%. This is a clear sign that the company is making room for retail investors. Bloomberg reported last week that Brookfield had taken a $2 billion pre-market share bet.

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

Aside from Musk, the real biggest winner of this IPO may be neither Wall Street nor Silicon Valley.

It is an on-chain trading platform that was launched less than half a year ago, trade.xyz.

The prototype of Nasdaq on the chain appears

"Price discovery" is the core power in financial markets.

When a new stock is listed, who has the say in pricing? In the past, this power was distributed in several very clear positions. The primary market belongs to the underwriting group, which performs road shows, makes inquiries, prepares accounts, and finally internally negotiates an issuance price. The transition from level one to level two belongs to market makers and designated dealers, who are responsible for opening market matching. After the secondary market, power is truly decentralized to all buyers and sellers.

What trade.xyz is doing is rewriting this power chain.

Trade.xyz has already proven this capability during the Cerebras IPO a few days ago.

May 14, 10pm New York time.

There are still three hours until Cerebras Systems officially opens trading on Nasdaq. This company is an "NVIDIA challenger". Its product is an AI chip the size of a dinner plate, and its customer list includes OpenAI. The IPO was priced at $185, already twice the upper limit of market expectations.

Nasdaq's pre-market matching is still in progress, and retail investors will not be able to trade the stock until after 1 a.m. the next day at the earliest.

But the CBRS contract on trade.xyz has begun to increase in volume.

The price moved from $290 to $380, with sales approaching $100 million in one hour. Cerebras officially opened on Nasdaq in the early morning of the next day, with an opening price of $350, 89% higher than the IPO pricing. The intraday high reached $386.

Related reading: "Cerebras IPO soared 68%, and the on-chain market set the price hours ago."

A more intuitive comparison is to look at trade.xyz and the traditional Pre-IPO platform together.

Forge Global is one of the world's largest private equity secondary markets, serving institutional investors, VCs and qualified individual investors, with entry requirements of US$200,000 in annual income or US$1 million in net assets. On May 12, the day before the IPO was priced, Forge Price gave Cerebras a final reading of $113.50, corresponding to a valuation of $29.26 billion. That's 174% below the Nasdaq opening price.

Hiive was similarly positioned, but was more actively traded, with a final price of $224.93. Much more accurate than Forge, but still 56% off Nasdaq's opening price.

trade.xyz offers prices from $290 to $380.

The higher the threshold, the worse the pricing. The more completely open a platform is, the more accurate its pricing will be.

This is not a coincidence, but a structural difference.

Forge and Hiive are essentially one-way markets. The sellers are employees and early investors who want to cash out, and the buyers are qualified investors who are optimistic about the company. No one can openly bet that "this company is overvalued" because the short-selling channels simply don't exist. This creates a systematic bias. The price in a one-way market can only be driven by upward pressure, and the bearish power has no outlet.

Forge Price is updated once a day and is the output of an algorithm model, not a real-time market transaction. Hiive's transactions are discrete, sometimes only one transaction takes place over several days. During the roadshow, investment banks only released price signals to the market every few days, and each time they disclosed prices selectively.

Trade.xyz is a matching market that operates 24/7 and updates prices every 3 seconds. It allows anyone around the world who holds a USDC wallet to participate, and can go long or short. With every transaction and every pending order, participants are using real money to publicly express their judgments about the company.

On-chain markets are completing pricing ahead of Nasdaq.

And this trend has naturally been captured by top traders.

"Received 4 calls today from different funds, all watching CBRS trading on trade.xyz for price discovery. This is so surreal." On the day CBRS rang the bell on Nasdaq, macro blogger Citrini sent out a tweet.

On the same day, he added a second post, a one-sentence post with a live photo of Wall Street traders staring at their screens.

"Morgan Stanley's price discovery occurs at trade.xyz."

These two tweets have been retweeted hundreds of times. Among the forwarding lists are Benchmark partner Eric Vishria, VanEck digital asset research director Matthew Sigel, and a group of accounts whose names are not on Crypto Twitter and who usually only write about macro and stocks.

Of note is Citrini himself. He is not from the DeFi circle. His main lines of content in the past few years have been macro, AI sector, and IPO arbitrage, and his client base has been focused on institutions and family offices. Such an account publicly endorses a contract on HIP-3, which means that "price discovery has migrated" has begun to enter the dialogue framework of traditional finance.

On May 18, the day SPCX went online, Citrini posted another one. "In the Pre-IPO market of trade.xyz, SpaceX's valuation has exceeded US$2 trillion. Considering that this market's valuation of CBRS was once so accurate, Musk will undoubtedly become the world's first trillionaire."

In a sense, trade.xyz has changed from an experimental product of a decentralized trading platform to a "pricing benchmark" that can be cited by traditional financial people.

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

Hyperliquid is a high-performance Layer 1 blockchain designed specifically for derivatives trading, with a built-in order book system that runs entirely on-chain. 200,000 orders are processed per second, and the block generation time is less than 1 second. All transactions, matching, and liquidation are completed on the chain by the Hyperliquid validator network. As of now, Hyperliquid accounts for 38% of the on-chain perpetual contract market and is the de facto leader in this track.

Trade.xyz is a layer of trading interface built on Hyperliquid.

To be more precise, trade.xyz is the first independent deployment instance under the HIP-3 framework of Hyperliquid Improvement Proposal No. 3. HIP-3 allows independent builders to deploy and operate their own perpetual contract market on the Hyperliquid chain. Hyperliquid provides the matching engine, margin system and on-chain settlement. The builder is responsible for defining the market list, oracle source, leverage cap and parameter rules.

To put it simply, Hyperliquid is the underlying infrastructure, and trade.xyz is the product built on top. One wallet, one USDC deposit, and one set of order books, running through all Hyperliquid ecological products.

The special thing about trade.xyz is that it connects the matching capabilities on the chain to the most valuable assets outside the chain - US stocks, indices, commodities, and the Pre-IPO sector that is now opening. It has launched perpetual contracts for mainstream stocks such as Apple and Tesla, obtained official authorization from S&P Dow Jones Indices, and launched the first S&P 500 perpetual contract. The first target in the Pre-IPO sector is Cerebras, and the second is SpaceX.

The RWA perpetual contract position on Hyperliquid exceeded US$2.5 billion for the first time in history. HYPE jumped more than 20% in a single day, topping $40. Hyperliquid accounts for 38% of the on-chain perpetual contract market. At the same time, several things have happened in the Hyperliquid ecosystem in the past period of time. USDH was taken over by Coinbase, and Circle’s USDC became Hyperliquid’s Aligned Quote Asset. Hyperliquid captures 90% of reserve earnings for HYPE buybacks and ecological incentives.

This is a set of events that occur simultaneously. Coinbase and Circle provide infrastructure endorsement, and the stablecoin pipeline is connected. The breakthrough of HIP-3 open interest indicates that real trading demand is pouring in. The price trend of HYPE shows that the secondary market’s valuation of this system is re-pricing.

Trade.xyz is the first team in this system to turn these underlying capabilities into products that can be seen by the outside world.

2026 is the year of IPOs. Cerebras has landed, and SpaceX is ringing the bell on June 12th. OpenAI and Anthropic are both lined up. Each project is a track with the strongest narratives such as hard technology, AI, and aerospace, and is also a track with the highest concentration of retail traffic.

Hyperliquid is a high-speed train that is already traveling at high speed. 2026 is another IPO year, and its destination is the places with the highest concentration of traffic in this market. trade.xyz is sitting at the front of the car.

The moment SpaceX rings the bell on June 12, Morgan Stanley will collect the underwriting fee, Brookfield will make good on its $2 billion bet, and Musk will become the world's first trillionaire.

What trade.xyz gets is a narrative. On the eve of the largest IPO in history, “pricing power” has changed. Once this consensus is recognized by the market, trade.xyz will become one of the biggest winners in the SpaceX IPO.

This is also a microcosm of the long process of DeFi gradually eroding the TradFi market.