After Cerebras comes SpaceX, understand the trigger for the Pre-IPO Trade.xyz

Cao Zhu, Golden Finance

Summary: On May 17, 2026, Trade.xyz purchased the SPCX code on HIP-3. On May 18, it officially launched SpaceX’s Pre-IPO perpetual contract. This is the second project to go live in the platform’s Pre-IPO segment after Cerebras Systems. Previously, Trade.xyz’s CBRS had precisely anchored market prices before and after the Cerebras IPO, drawing widespread market attention and causing Wall Street to once again reassess the possibility of on-chain Pre-IPO pricing mechanisms. After SPCX launched, the SPCX price surged from $150 to $230 at one point, reigniting market sentiment.

### 1. Who is Trade.xyz?
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Trade.xyz is a RWA perpetual-contract DEX running on Hyperliquid L1+HIP‑3, built by the HyperUnit team. It is the most important application in the Hyperliquid ecosystem and dominates trading volume—accounting for over 90% of HIP‑3’s total volume.

In October 2025, Hyperliquid carried out an important HIP‑3 upgrade, allowing anyone to stake 500,000 HYPE to deploy their own permissionless perpetual contract market on Hyperliquid. Trade.xyz was introduced at this time and focuses on trading products including global stocks, indices, commodities, forex, Pre‑IPO, and more.

Trade.xyz’s founder remains anonymous, using the codename Shoku. Shoku is an early cryptocurrency investor who bought his first BTC at a price of $66 in 2013. He had no initial plan to start a business, but later Jeff Yan encouraged him to stay in the cryptocurrency space. Recognizing Hyperliquid’s founder Jeff Yan, he decided to fully commit himself to Trade.xyz. The team is small—around 11 people—with no VC funding.

### 2. Trade.xyz’s two major Pre-IPO targets
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On May 1, Trade.xyz officially launched its Pre-IPO segment, focusing on a “cash-settled synthetic perpetual” model. It does not involve any transfer of real equity; instead, it provides investors with a valuation-betting channel for unlisted companies. As of May 19, Trade.xyz has officially listed 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, launched on May 1, the same day the Pre-IPO segment went live.

CBRS’s initial reference price is $175. It is a cash-settled perpetual contract that does not involve any transfer of actual equity or IPO allocation shares. It anchors Cerebras Systems’ primary-market valuation solely through oracle prices plus funding rates, supports 7×24 trading, has no lock-up limits, and allows ordinary investors to participate with small amounts. According to Trade.xyz’s official documentation, after Cerebras’ official IPO, CBRS automatically converts into a regular U.S. stock perpetual contract. Investors are not required to forcibly close positions; holdings can transition seamlessly to post-listing trading. This effectively avoids the position-matching risk before and after the IPO, which is one of its core advantages compared with traditional Pre-IPO investments.

Cerebras Systems is a U.S. AI chip company that focuses on developing high-performance wafer-scale AI chips and related supercomputing systems. Its core positioning is as an “AI training and inference computing solutions provider.” It officially rang the bell to list on NASDAQ on May 15, becoming the largest U.S. IPO since 2026. Its stock code is "CBRS".

As of the time of writing, the CBRS trading price on Trade.xyz is $298.73, and the CBRS stock price is $295.65—nearly identical.





### 2. SpaceX (SPCX)

On May 17, Trade.xyz completed the purchase of the SPCX code on HIP‑3. On May 18 at 7:00 AM, it officially launched this contract. The underlying asset corresponds to SpaceX, the global aerospace technology giant, sparking market attention again.

SPCX’s initial reference price is $150 as well. It is also a cash-settled synthetic perpetual and does not involve real equity. It supports up to 5× leverage. SPCX uses SpaceX’s valuation as the pricing basis, calculated from 1.187 billion fully diluted total shares, corresponding to an initial implied valuation of $1.78 trillion, which is basically in line with SpaceX’s target valuation of $1.75 trillion in the S-1 file it secretly submitted to the SEC.

SpaceX was founded by Musk in 2002. Its core goal is to drastically reduce the cost of space transportation and ultimately enable human colonization of Mars. With its innovations in commercial spaceflight, its valuation has now exceeded $350 billion, making it one of the highest-valued private companies in the world. SpaceX has begun IPO preparations, planning to list in mid-June 2026. It is expected to become the largest IPO in global history, and its valuation is expected to exceed $1.75 trillion.

For details, see “A Dimensional Blow from Space: The True Ambition Behind SpaceX’s Trillion-Dollar IPO”.

After SPCX went live, market sentiment was extremely hot. The price surged to a peak of $230, up 53.3% from the initial reference price of $150. As of the time of writing, the SPCX trading price on Trade.xyz has pulled back to $203.24.



### 3. Why did Trade.xyz choose CBRS and SPCX?
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Trade.xyz’s setup in the Pre‑IPO segment fully reflects its product-selection logic.

First, Cerebras Systems is in the AI chip sector, and SpaceX is in the aerospace sector. Whether it is chips or aerospace, both are hot topics right now.

According to Cerebras’ official announcement, its IPO offering price is $185 per share. It will issue 34.5 million Class A common shares, including a 4.5 million share over-allotment option fully exercised by the underwriters. On the first day of trading, Cerebras’ stock opened sharply higher and once approached $386. Because of its unique wafer-scale chip technology, many media outlets also call it the “Nvidia challenger.”

Meanwhile, SpaceX’s recent IPO plans themselves shook the market—expected to become the largest IPO in human capital markets history, with an estimated valuation exceeding $1.75 trillion. The combination of Musk’s personal influence and the future narrative of “Mars colonization” made it a focal point for global investors, with attention staying high at all times.

Trade.xyz’s two major targets in the Pre‑IPO segment cover two popular sectors—AI and commercial aerospace. This not only meets investors’ asset-allocation needs but can also quickly drive trading volume in the platform’s Pre‑IPO segment, achieving an “instant hit” effect after going live.

Second, Trade.xyz’s cash-settled synthetic perpetual model requires the target’s IPO progress to be clear and the valuation anchor to remain stable. The IPO progress of Cerebras and SpaceX fully meets these requirements.

Cerebras first submitted an IPO application in September 2024, but withdrew it due to market skepticism over over-reliance on a single customer, G42. In October 2025, it completed $1.1 billion in financing, reaching a valuation of $8.1 billion. In February 2026, it completed $1.0 billion in Series H financing, and its valuation rose to $23 billion. In April 2026, Cerebras submitted an IPO application again, and in May it officially landed on NASDAQ.

SpaceX, meanwhile, secretly submitted its S‑1 registration filing to the SEC on April 1, 2026. It plans to go public in mid-June. Market expectations for its IPO process are highly consistent, so there is no need to worry about risks such as delays or valuation concerns.

In summary, we can also reasonably speculate that Trade.xyz may continue to expand its focus on the Pre‑IPO track in the future, with its sights set on newly listed companies in popular, high-valuation areas such as aerospace and AI chips. As SpaceX’s IPO approaches, the trading volume and valuation of SPCX on Trade.xyz are expected to keep rising.

### 4. What other trading platforms are on HIP‑3
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In addition to Trade.xyz, which was highlighted above, there are many other platforms on HIP‑3. Most of these revolve around perpetual contracts, RWA, stablecoins, AI, Meme, and so on. By the number of traders, Trade.xyz remains firmly in first place, far ahead of other competitors.



### 1. Ventuals

Ventuals is one of the earliest and core Pre‑IPO applications currently on Hyperliquid. It went live at the end of 2025, making it among the first HIP‑3 applications.

Ventuals has three core Pre‑IPO products: SPACEX, OPENAI, and ANTHRO, corresponding to SpaceX, OpenAI, and Anthropic respectively. Under the combined influence of the AI boom, SpaceX IPO, and OpenAI or its listing, its trading heat has remained among the top on HIP‑3 for a long time.

Although Ventuals’ total trading volume is not as high as Trade.xyz’s, it outperforms in terms of community influence, topic popularity, and Meme heat.

### 2. Felix Exchange

Felix Exchange launched in November 2025, developed by Felix Protocol. It is influential in the HyperEVM, feUSD (the issuer of the feUSD stablecoin), and CDP stablecoin domains. Felix’s biggest feature is connecting lending with perpetual markets.

### 3. HyENA

HyENA launched in December 2025 with support from the Ethena Foundation. It is a yield-oriented perpetual trading platform. HyENA’s biggest innovation is using USDe as margin—when users trade, the margin can also earn yield (about 12% APY). This attracts the attention of medium-to-large funds as well as high-frequency trading users.

### 4. Markets by Kinetiq

Markets by Kinetiq officially launched in January 2026. The founder is Omnia; the team was created by Kinetiq. It positions itself as a “trading exchange factory.” It leans toward traditional finance areas such as indices, forex, commodities, and macro assets. Representative products include US500, BABA, EUR/USD, Bond Index, and more.

### 5. Dreamcash

Dreamcash launched in early 2026, developed by the Supreme Liquid Labs team. It prefers U.S. stocks, indices, commodities, and tech stocks. Representative products include NVDA, TSLA, META, GOLD, SILVER, USA500, and so on.

### 6. Paragon

Paragon launched in early 2026. It is currently a niche institutional product, with relatively low attention from retail users. It favors structured yield, ETFs, bonds, and fixed-income products.