Arkham Flags Whale’s More Than $18 Million Onchain Long Position in SpaceX-Linked SPCX Token

SpaceX’s June 2026 IPO turned the company into a major test case for blockchain-based capital markets. Solana and Hyperliquid are among the busiest venues for tokenized SpaceX shares and perpetual futures, contracts that do not expire and can trade around the clock. The contest matters because such products could draw traditional-finance traders onchain, concentrating liquidity and price discovery on the networks offering the most usable and trusted markets.

On July 29, Jito Foundation President Brian Smith argued that Solana must convert its speed, capacity and low fees into a competitive derivatives product. SpaceX perpetuals implied a price of $171 before the listing, matching the stock’s $171 launch price, while 24-hour spot volume in tokenized stocks on Solana exceeded $100 million for the first time after the IPO. Hyperliquid nevertheless retains an early lead in perpetuals, where liquidity and trader familiarity reinforce each other.

SpaceX is planning to raise $75 billion in what would be the largest IPO on record, targeting a valuation of $1.8 trillion. Backpack Securities will tokenize its shares as SPCX, using Solana to connect traditional brokerage accounts with blockchain markets and allow investors to move assets between the two systems.

SPCX is scheduled to begin trading on Solana the same day SpaceX lists on Nasdaq, though the exact listing date has not been announced. Reports say Solana already accounts for about 98% of on-chain trading in SpaceX. The simultaneous launch would make it the primary trading network and test a model for moving publicly listed shares across markets.

SpaceX is not yet publicly listed, but Hyperliquid's SPCX pre-IPO perpetual contract allows investors to speculate in advance on its IPO valuation and first-day performance. The contract does not represent actual ownership of SpaceX shares. Its price primarily reflects market expectations, making its volatility an important gauge of IPO enthusiasm and risk appetite.

SPCX has fallen about 27% over the past three weeks, signaling a marked decline in expectations for SpaceX's post-listing premium. Based on a SpaceX offering price of $135 a share, SPCX's implied first-day IPO premium has dropped from about 60% in May to roughly 16%, though its current trading price remains above the offering price.