On May 25, according to Hyperinsight monitoring, there are a total of 7 whales on Hyperliquid holding more than $1 million in SPCX positions, with all of the top five holdings being short positions. The three largest whales each hold over $3 million, with entry prices concentrated between $204 and $205, corresponding to an implied valuation of SpaceX of approximately $2.42 trillion to $2.433 trillion.

The largest whale with a position size, 0xf51, is currently short 19,022 SPCX tokens with 5x leverage, with a position value of about $3.95 million, an average entry price of $204.1, and a current contract price of $207.9, resulting in an unrealized loss of about $70k (-5%).

It is reported that among the two major SpaceX pre-IPO contracts on Hyperliquid, there is a price discrepancy in their implied market caps:

SPCX/USDC (deployed by tradexyz): launched on May 18, with the current price corresponding to an estimated valuation of about $2.467 trillion (based on 11.87 billion fully diluted shares), with a daily trading volume exceeding $162 million and a position size of $46.05 million;

SPACEX/USDH (deployed by Ventuals): launched on November 13 of last year, with the current price corresponding to an estimated valuation of about $2.33 trillion (each contract unit corresponds to a $1 billion market cap), with a position size of approximately $4.61 million.