Trader Opens Largest SpaceX Pre-IPO Short on Arkham

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Inside the Largest SpaceX Pre-IPO Short

Arkham labels the wallet 0x79ec…bcad as “wenyu8888888,” a tag it also carries on Polymarket. Its explorer page shows large recent USDC transfers through Binance. It also lists roughly $201,000 in visible spot holdings.

The wallet’s history points to an active, high-volume trader. Large USDC moves ran through Binance in recent days. So the account clearly had the funds to back a multi-million-dollar position. Even so, its real leverage and margin stay private.

The derivative position itself stays hidden without a login. Because of that, the exact collateral and current profit remain unconfirmed. Still, Arkham frames the size as a record for any SpaceX short.

Arkham described the trade in dramatic terms on its X post.

HE JUST ENTERED THE LARGEST SPACEX SHORT EVER. The largest SpaceX shorter “wenyu8888888” just bet his entire account on a $5.7 Million 2x short of SPCX pre-IPO. SpaceX goes live for public trading tomorrow. Will wenyu be right?

How a 2x Pre-IPO Short Works

A pre-IPO contract lets traders bet on a private company’s expected listing price. SpaceX is not public yet, so the SPCX contract tracks its anticipated value. Traders can go long or short before the real shares trade.

With 2x leverage, the trader doubles his exposure to price moves. If SPCX falls, his short gains at twice the speed. If SPCX rises, his losses also double. Because he reportedly bet the whole account, even a modest rally could threaten liquidation.

These contracts usually settle in stablecoins rather than real shares. At listing, the price typically converges toward the public market value. However, Arkham has not published the exact settlement rules for SPCX. So the reference price and funding terms remain unclear.

SpaceX Heads to Nasdaq in Record IPO

SpaceX plans to start public trading on June 12 under the ticker SPCX. The company priced its IPO at $135 per share. That target points to a valuation near $1.77 trillion, the largest ever.

The offering sells about 555.6 million shares and raises roughly $75 billion. SpaceX filed its public S-1 with the SEC on May 20. According to coverage from CNBC and Reuters, Goldman Sachs is leading the deal.

SpaceX also moved fast toward this listing. First, it filed confidentially with the SEC around April. Then it published the public S-1 in May. Finally, it began its roadshow in early June, and pricing followed this week. That pace surprised many market watchers.

Earlier private rounds valued SpaceX near $1.25 trillion in early 2026. So the IPO target marks a sharp jump in just months. That climb explains why some traders expect more upside, not less.

Pre-IPO perps for SpaceX already trade on several venues, including Hyperliquid-linked platforms. One recent stretch saw about $18 million in daily volume, according to platform data. Meanwhile, private market quotes have ranged widely, from roughly $125 to $234 per share.

Arkham is not alone in this market either. Coinbase and Trade.xyz also run pre-IPO perps for hot listings. As a result, traders now get leveraged exposure to private firms well before any real shares trade. Indeed, SpaceX has become the most watched name in the group.

The Community Splits on the Bet

Overall, reactions on X leaned skeptical. Several traders warned that thin pre-IPO markets invite manipulation. One reply called the short “a voluntary donation to offshore market makers.”

Others pointed to the obvious risk of fighting Elon Musk hype. Some predicted a post-listing pop that could wreck the position. Still, a few admired the conviction, calling it a “courageous trade.”

Chinese outlets such as Odaily amplified the trade with the same explorer link. As of now, no major outlet like CoinDesk or Bloomberg has confirmed the position independently. Therefore, the claim rests on Arkham’s own posts.

What Happens Next for the SpaceX Pre-IPO Short

The timing makes this bet especially tense. Because SpaceX debuts in hours, the contract should soon track the live share price. So any opening pop or drop could move the position fast. In short, the next session may decide whether wenyu wins or gets wiped out.

The SpaceX pre-IPO short faces its biggest test at the open on June 12. If shares pop, the trader could face fast liquidation. If they fade, his bet against the hype could pay off.

For now, the position sits open and the outcome stays unknown. OurCryptoTalk will track the wallet as SpaceX begins trading. This article is not financial advice, and leveraged pre-IPO bets carry extreme risk.