If you’ve been wanting exposure to SpaceX — led by Elon Musk and recently announced to be merging with xAI — but have been disappointed because you’re not an institutional investor who can participate in funding rounds, this article might interest you. This guide introduces how you can build a SpaceX futures position on the Perp DEX HyperLiquid, which is shaking up the blockchain market.
First, if you’ve never heard of HyperLiquid or don’t yet know how to use it, we recommend checking out our HyperLiquid beginner guide (no-KYC trading and USDC deposits). That guide gives a brief introduction to what HyperLiquid is and explains step by step how to get started.
HyperLiquid and HIP-3: Trading SpaceX, OpenAI, and Anthropic Valuation Futures
With the introduction of HIP3, HyperLiquid began supporting the deployment of perpetual futures markets for a wide variety of assets beyond simple cryptocurrencies — open to anyone who meets the requirements. HyperLiquid is building a so-called Exchange-as-a-Service infrastructure, evolving from a traditional environment where only centralized exchanges decided which assets to list, into a decentralized exchange where anyone can participate in the market from both sides.
Since the introduction of HIP-3, multiple firms have deployed perpetual futures markets for a wide range of assets including gold, silver, foreign exchange, and Nasdaq-listed stocks. Among these, this guide focuses on how to open a position on SpaceX’s estimated valuation through the SPACEX-USDH perpetual futures market (perp market) offered by Ventuals (vntl).
What You’re Really Buying: SpaceX Valuation Futures, Not Stock
Strictly speaking, the method introduced in this article is not a way to purchase “SpaceX stock” itself. Let’s look at what exactly you’re buying when you purchase a SPACEX-USDH position through Ventuals’ official documentation.
The positions on companies offered by Ventuals are not based on the company’s share price, but rather on the company’s estimated total valuation divided into base units. In other words, this should be viewed as trading on whether the company’s valuation will rise or fall.
Ventuals explains that it divides a company’s valuation by one billion and represents this as a Valuation Unit. For example, if SpaceX’s valuation on Ventuals is $420.69 billion, then 1 SPACEX position would be $420.69 — the valuation divided by one billion.
Holding a company position provided by Ventuals does not grant you any economic ownership in the company — it only allows you to trade on changes in valuation.
SPACEX-USDH Futures vs. Real SpaceX Pre-IPO Shares
| Aspect | SPACEX-USDH Valuation Futures | Real SpaceX Pre-IPO Shares |
|---|---|---|
| What you hold | A futures position on SpaceX’s estimated valuation — no ownership or shareholder rights | Private equity shares in SpaceX, usually held via funds or special vehicles |
| Access | On-chain via HyperLiquid and Ventuals; no KYC required for many users | Secondary marketplaces and private placements for accredited or institutional investors |
| Minimum size | Can open small positions using valuation units — no full share blocks needed | Typically large tickets, often tens of thousands of dollars |
| Liquidity & pricing | Price driven by oracle feeds, internal models, and funding; can diverge from “true” fair value | Pricing from negotiated private deals; no continuous public market |
| Leverage | Up to 3x (conservative cap set by Ventuals) | No leverage — you buy shares outright |
How to Buy SpaceX on HyperLiquid — Step-by-Step Guide to SPACEX-USDH Futures
Let’s now walk through how to open a SPACEX futures position. If you don’t yet know how to deposit on HyperLiquid, you can refer to our beginner guide. This guide assumes you already have spot USDC in your wallet. Simply put, you create a HyperLiquid account and then purchase spot USDC. If you don’t have a HyperLiquid account yet, you can create one using this link and get a 4% discount on trading fees.
1. Buy USDH for SPACEX-USDH Trading
First, the SpaceX perpetual futures market on HyperLiquid is listed as “SPACEX-USDH.” This means you need USDH to purchase SPACEX.
To buy USDH, you first need spot USDC. (If you have USDC in your futures account, you’ll need to transfer it to your spot account. This is also explained in our HyperLiquid beginner guide.)
As shown in the image below, search for USDH in the spot USDC market search bar to find the USDH/USDC pair.
Clicking on USDH/USDC will bring up a chart and order screen like the one below.
Your available spot USDC will be displayed in the “Available to Trade” field. Set the Size to however much you want to trade.
In the screen above, we’ve set a market order for 70.91 USDC — 100% of our available 70.91 USDC. After choosing your order type and amount, click Place Order and the order confirmation screen will appear as shown below.
The screen shows that you’ll be purchasing 70.90 USDH at market price, and there are no gas fees. Click Buy to finalize the order.
2. Find the SpaceX Pre-IPO Market on HyperLiquid
Now that you have USDH, the next step is to find the SpaceX market.
Go to the trade tab at the top of the HyperLiquid app (indicated by the red box in the image above) and click on the HYPE/USDC section (also marked with a red box) to open the market search screen as shown below.
Find and click on the Tradfi tab (marked with a red box in the image above), and the subcategories Stocks, Indices, Commodities, FX, and Pre-IPO will appear as shown in the image below.
Find and click on Pre-IPO (marked with a red box in the image above), and you’ll see that three markets currently exist: SPACEX-USDH, ANTHROPIC-USDH, and OPENAI-USDH. Traders can trade perpetual futures on the estimated valuations of Anthropic and OpenAI in addition to SpaceX.
Select SPACEX-USDH.
3. Place a SpaceX Long or Short Futures Order
The order panel is displayed on the right side of the screen. In the top row, you can select the leverage type (margin type, leverage size, etc.).
Below that, choose your preferred order method from Market/Limit/Pro, and in the next row down, choose between Buy/Long or Sell/Short positions.
“Available Trade” shows your USDH balance from the purchase above. “Current Position” shows your currently held SPACEX.
In the Size field, enter the amount in USDH you want to trade, or drag the slider below the size field to set the amount as a percentage of your available balance.
Below the size field, you can also set TP/SL.
In this guide, we placed a market order with 1x leverage for a 0.060 SPACEX long position. After clicking Place Order, the order confirmation screen below will appear. Click the Buy/Long button to complete the order. (Even at 1x leverage, forced liquidation is possible in extreme cases.)
A sharp trader might have one question here: I clearly bought USDH in the spot market — but didn’t you say SpaceX is in the futures market? → That’s right. USDH is unified between spot and futures. You can buy USDH in the spot market and use it directly in the futures market.
Once the order is filled, you can confirm that the long position you just bought appears under Positions, as shown in the image below.
Risks of Trading SPACEX-USDH and Other Pre-IPO Futures
- You are trading SpaceX’s estimated valuation, not real equity shares.
- Prices can gap sharply because SpaceX is private — driven by VC rounds, OTC deals, and news.
- Leverage is capped at around 3x, and open interest is limited by Ventuals and HyperLiquid.
- Oracle, liquidity, and liquidation risks are higher than in major crypto markets like BTC and ETH.
One of the biggest risks, as mentioned above, is that SPACEX-USDH is not a purchase of SpaceX stock or equity — it is simply a trade on the estimated company valuation.
Additionally, since SpaceX is a private company, no public market price forms daily as it would for Nasdaq-listed stocks. This means SPACEX-USDH prices can change sharply with gaps due to VC valuations, OTC trades, internal valuation models, new funding rounds, or related news announcements — which can lead to forced liquidation. The traded price may also move differently from the company’s “true fair value.”
Oracle risks also exist, such as oracle delays, incorrect data feeds, or manipulation attempts.
Ventuals sets an open interest cap per market. On HyperLiquid, SPACEX-USDH is limited to a maximum of 3x leverage and 5 million units of OI. SPACEX-USDH has lower liquidity than markets like BTC and ETH, which can result in sharper price swings, slippage losses, and a higher risk of liquidation.
Various other risks may also exist, and investors should approach with caution based on their own research. For a detailed look at how past liquidation events played out on HyperLiquid, see our detailed HyperLiquid liquidation risk analysis (ETH and JELLY whale event).
⚠️ Disclaimer: This article is for informational purposes only and is not investment advice. It may contain inaccuracies, and readers bear full responsibility for verification and any investment decisions.
FAQ: SpaceX Pre-IPO Futures on HyperLiquid
Is SPACEX-USDH the same as buying real SpaceX stock?
No. SPACEX-USDH is a perpetual futures market based on SpaceX’s estimated valuation, divided into valuation units by Ventuals. It does not give you any equity ownership, shareholder rights, or dividends. You are simply trading on whether SpaceX’s valuation goes up or down.
Can I trade SPACEX-USDH on HyperLiquid without KYC?
HyperLiquid is a crypto-native perpetual futures DEX that generally supports trading with a connected wallet rather than traditional KYC verification. However, your actual access may depend on your jurisdiction and local regulations. Users in restricted jurisdictions (including the US, Russia, Iran, and others listed in HyperLiquid’s Terms of Use) should not use the platform.
What are the leverage and open interest limits for SPACEX-USDH?
Ventuals and HyperLiquid currently cap SPACEX-USDH at approximately 3x maximum leverage and a fixed open interest limit of 5 million units. These conservative limits are designed to manage risk in this relatively thin and experimental pre-IPO market.
How is the SpaceX valuation price determined on HyperLiquid?
Prices are influenced by oracle feeds, private funding round data, OTC transaction prices, and internal valuation models. Because SpaceX is not publicly traded, there is no continuous market price — which can lead to sharp price gaps and moves that don’t align with broader market trends.
Closing Thoughts: Is SpaceX Pre-IPO Futures Trading Right for You?
HyperLiquid is growing at a remarkable pace with its bold tagline “The Blockchain to House All Finance,” expanding its reach into traditional financial markets. With its most recent HIP4 announcement steadily extending into prediction markets, if you’re curious about what HyperLiquid has to offer, the fastest way to find out may be to try the service for yourself.
*You can learn more about how to use HyperLiquid, how to deposit, and how to buy HYPE in the article below.
*Additional information on HyperLiquid’s risks can be found at the link below.
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