Tao Zhu, Golden Finance

Abstract: On May 17, 2026, Trade.xyz purchased the SPCX code on HIP-3, and on May 18, SpaceX’s Pre-IPO perpetual contract was officially launched. This is the second project launched in the Pre-IPO section of the platform after Cerebras Systems. Previously, the CBRS launched by Trade.xyz accurately anchored the market price before and after the Cerebras IPO, which attracted widespread market attention and caused Wall Street to begin to re-examine the possibility of an on-chain Pre-IPO pricing mechanism. After SPCX went online this time, the price of SPCX soared from US$150 to US$230, igniting market sentiment again.

1. Who is Trade.xyz?

Trade.xyz is a RWA perpetual contract DEX running on Hyperliquid L1+HIP‑3. It is built by the HyperUnit team. It is the most important application in the Hyperliquid ecosystem and dominates the transaction volume (accounting for more than 90% of the total HIP‑3 volume).

In October 2025, Hyperliquid carried out an important HIP‑3 upgrade: allowing anyone to stake 500,000 HYPE and deploy their own permissionless perpetual contract market on Hyperliquid. Trade.xyz was launched at this time, focusing on global stocks, indices, commodities, foreign exchange, Pre-IPO and other trading products.

The founder of Trade.xyz remains anonymous and goes by the codename Shoku. Shoku is an early cryptocurrency investor who bought his first BTC in 2013 for $66. He initially had no plans to start a business, but was later encouraged by Jeff Yan to stay in the cryptocurrency space. After recognizing Jeff Yan, the founder of Hyperliquid, he decided to devote himself to Trade.xyz. The team size is only about 11 people and there is no VC financing.

2. Two major Pre-IPO targets of Trade.xyz

On May 1, Trade.xyz officially launched the Pre-IPO section, focusing on the "cash settlement synthetic sustainability" model, which does not involve real equity transfers and only provides investors with a valuation game channel for unlisted companies. As of May 19, Trade.xyz has officially launched two major Pre-IPO targets on HIP‑3: Cerebras Systems (CBRS) and SpaceX (SPCX).

1.Cerebras Systems (CBRS)

CBRS is the first Pre-IPO perpetual contract on Trade.xyz, which was launched on May 1st on the same day as the Pre-IPO section.

The initial reference price of CBRS is US$175. It is a cash-settled perpetual contract and does not involve the transfer of any actual equity or IPO placement shares. The primary market valuation of Cerebras Systems is anchored only through the oracle price + funding rate. It supports 7×24-hour trading and has no lock-up restrictions. Ordinary investors can participate in small amounts. According to Trade.xyz official documents, CBRS will automatically convert into an ordinary U.S. stock perpetual contract after Cerebras’ official IPO. Investors do not need to force liquidate their positions, and their positions can be seamlessly connected to post-listing transactions, effectively avoiding the risk of position connection before and after the IPO. This is one of its core advantages that distinguishes it from traditional Pre-IPO investments.

Cerebras Systems is an American AI chip company that focuses on the development of high-performance wafer-level AI chips and related supercomputing systems. Its core positioning is as an "AI training and inference computing power solution provider." It has been officially listed on Nasdaq on May 15. It is the largest IPO in the United States since 2026, with the stock code "CBRS".

As of press time, CBRS is trading at $298.73 on Trade.xyz, and CBRS stock price is $295.65, with prices basically unchanged.

2.SpaceX (SPCX)

On May 17, Trade.xyz completed the purchase of the SPCX code on HIP-3, and the contract was officially launched at 7:00 a.m. on May 18. The target corresponded to the global aerospace technology giant SpaceX, which once again aroused market attention.

The initial reference price of SPCX is US$150, which is also a cash-settled synthetic perpetual, does not involve real equity, and supports up to 5 times leverage. SPCX uses SpaceX's valuation as its pricing basis, calculated based on 1.187 billion fully diluted total share capital, corresponding to an initial implied valuation of US$1.78 trillion, which is basically consistent with the target valuation of US$1.75 trillion in the S-1 document submitted secretly to the SEC by SpaceX.

SpaceX was founded by Musk in 2002. Its core goal is to completely reduce the cost of space transportation and ultimately realize human colonization of Mars. With its innovations in the commercial aerospace field, its current valuation has exceeded US$350 billion, making it one of the most valuable private companies in the world. SpaceX has started IPO preparations and plans to go public in mid-June 2026. It is expected to become the largest IPO in global history, with a valuation expected to exceed US$1.75 trillion.

For details, please see "Dimensionality Reduction Attack from Space Thinking: The Real Ambition Behind SpaceX's Trillion IPO"

After SPCX went online, market sentiment was extremely hot, and the price once soared to a maximum of $230, a 53.3% increase from the initial reference price of $150. As of press time, the trading price of SPCX on Trade.xyz has fallen back to $203.24.

3. Why did Trade.xyz choose CBRS and SPCX?

Trade.xyz’s layout in the Pre-IPO section fully reflects Trade.xyz’s product selection logic.

First of all, Cerebras Systems is in the AI chip track, and SpaceX is in the aerospace track. Whether it is chips or aerospace, they are currently hot topics.

According to the official announcement of Cerebras, its IPO price is US$185 per share and the public issuance of 34.5 million Class A ordinary shares, including 4.5 million over-allotment rights fully exercised by the underwriters. On its first day of trading, Cerebras shares opened sharply higher, reaching nearly $386 at one point. It is also called the "Nvidia Challenger" by many media because of its original wafer-level chip technology.

SpaceX’s recent IPO plan itself shocked the market - it is expected to become the largest IPO in the history of the human capital market, with a valuation expected to exceed US$1.75 trillion. Musk's personal influence combined with the future narrative of "Mars colonization" has made it the focus of global investors, and market attention has always been high.

Trade.xyz’s two major targets in the Pre-IPO sector cover the two popular tracks of AI and commercial aerospace respectively, which not only meets the asset allocation needs of investors, but also can quickly drive the transaction volume of the platform’s Pre-IPO sector, achieving the effect of “hitting the market as soon as it is launched”.

Secondly, Trade.xyz’s cash-settled synthetic sustainability model requires a clear IPO process and stable valuation anchoring. The IPO processes of Cerebras and SpaceX fully meet its requirements.

Cerebras submitted an IPO application for the first time in September 2024, but was questioned by the market due to over-reliance on a single customer, G42, and eventually withdrew the application; in October 2025, it completed US$1.1 billion in financing, with a valuation of US$8.1 billion; in February 2026, it completed a US$1 billion H round of financing, with the valuation rising to US$23 billion; Cerebras submitted an IPO application again in April 2026, and officially landed on Nasdaq in May.

SpaceX secretly submitted an S-1 registration document to the SEC on April 1, 2026, and plans to go public in mid-June. The market’s expectations for its IPO process are highly consistent, and there is no need to worry about delays, valuation and other risks.

To sum up, we can also speculate that Trade.xyz may continue to lay out the Pre-IPO track in the future, and focus on upcoming companies in popular and highly valued tracks such as aerospace and AI chips. As the SpaceX IPO approaches, SPCX trading volume and valuation on Trade.xyz are expected to continue to rise.

4. What other trading platforms are on HIP‑3

In addition to Trade.xyz highlighted above, there are many platforms on HIP‑3. Most of these platforms revolve around: perpetual contracts, RWA, stablecoins, AI, Meme, etc. According to the number of traders, Trade.xyz ranks first, far behind other competitors.

1.Ventuals

Ventuals is one of the earliest and most core Pre-IPO applications on Hyperliquid. It will go online at the end of 2025 and is the first batch of HIP-3 applications.

Ventuals has three core Pre-IPO products: SPACEX, OPENAI, and ANTHRO, which correspond to the three giants SpaceX, OpenAI, and Anthropic respectively. Under the combined influence of factors such as the AI ​​craze, SpaceX IPO, OpenAI or listing, its trading popularity has long been at the forefront of HIP-3.

Although Ventures’ total trading volume is not as good as Trade.xyz’s, it is superior in terms of community influence, topicality, and Meme popularity.

2.Felix Exchange

Felix Exchange will be launched in November 2025 and is developed by Felix Protocol. It is quite influential in the fields of HyperEVM, feUSD (is the issuer of feUSD stable currency), and CDP stable currency. The biggest feature of Felix is ​​that it connects lending and the sustainable market.

3.HyENA

HyENA will be launched in December 2025 and is supported by the Ethena Foundation. It is a revenue-based sustainable trading platform. The biggest innovation of HyENA is to use USDe as margin. That is, when users trade, the margin can also earn profits (about 12% APY). Attract the attention of medium and large funds and high-frequency trading users.

4.Markets by Kinetiq

Markets by Kinetiq will be officially launched in January 2026. The founder is Omnia, the founding team is Kinetiq, and it positions itself as an exchange factory. Preference is given to traditional financial fields such as indices, foreign exchange, commodities, and macro assets. Representative products include US500, BABA, EUR/USD, Bond Index, etc.

5.Dreamcash

Dreamcash will be launched in early 2026 and is developed by the Supreme Liquid Labs team. Prefer US stocks, indices, commodities, technology stocks, etc. Representative products include NVDA, TSLA, META, GOLD, SILVER, USA500, etc.

6.Paragon

Paragon will be launched in early 2026. It is currently a niche institutional product and has received relatively low attention from retail investors. Prefer structured income, ETFs, bonds, fixed income products, etc.