Whale Opens $22.3M SPCX Long as Synthetic Price Trades 30% Above IPO

Hypurrscan data shows a trader opened a 2x isolated long on xyz:SPCX worth about $22.29 million. The whale entered near $168 while synthetic SPCX recently traded around $175, leaving roughly $1.15 million in unrealized profit after just over $500 in funding fees.

The position's liquidation level sits near $93.27, implying an estimated loss of about $9.4 million if SPCX falls to that level. SpaceX priced its IPO at $135 per share to raise $75 billion by selling about 555.6 million shares, implying a valuation near $1.77 trillion and a Nasdaq ticker of SPCX.

At roughly $175, the synthetic SPCX market trades about 30% above the IPO price, and other secondary markets point higher: IG International derivatives implied a SpaceX valuation near $2.4 trillion—more than 35% above the IPO valuation—and Polymarket put 56% odds on a first-day close in the $2 trillion–2.5 trillion range.

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