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Forbes: Hyperliquid SpaceX Perpetual Contracts Create Regulatory Blind Spots, Private Company Valuation Pricing Raises Concerns
Deep Tide TechFlow News, May 27 — According to Forbes, on May 18, 2026, the decentralized derivatives exchange Hyperliquid launched a synthetic perpetual contract based on SpaceX through its HIP-3 framework. The reference price was $150, with an implied valuation of approximately $1.78 trillion. Within hours of going live, the price surged to around $216, and the HYPE token increased by about 7% on the same day.
This contract does not require SpaceX's authorization, does not grant holders any equity or voting rights, and is settled in USDC. Its price is entirely driven by market sentiment. SpaceX neither reported, agreed, nor benefited from this, yet passively owns a real-time leveraged pricing market.
On the regulatory front, this contract is neither a traditional security nor issued by an onshore entity, and both the SEC and CFTC are unlikely to claim jurisdiction, creating a clear enforcement vacuum. The article warns that high-value private companies like OpenAI, Anthropic, and Stripe also face the risk of being "listed" at any time by anonymous developers, while retail investors will bear leverage risks without financial disclosures.