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

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.