$75B of primary issuance with 555.6M Class A shares floating turns SPCX into a giant low-float FDV trade, and Hyperliquid perps already have it marked roughly 30% over the $135 print. If Nasdaq validates that crypto-led basis, HYPE/Trade.xyz/RWA-perp venues get a stronger case as pre-open price discovery for gated IPO demand; if it mean-reverts, synthetic liquidity just learned how hard allocation mechanics still bite.

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