Somewhere between a thought experiment and a margin call, SpaceX has a price. On Hyperliquid, a decentralized derivatives venue, a synthetic contract called SPCX-USD recently changed hands around $203. Plug that price into the company’s share count and the implied valuation lands at roughly $2.4 trillion. At that level, a SpaceX initial public offering would ... SpaceX Is Quietly Trading at a Price That Would Make It 23x Bigger Than Facebook’s IPO