Elon Musk's SpaceX (Nasdaq: SPCX) has been sparking a lot of buzz on Wall Street since its Nasdaq debut on June 12. At first, the space technology and artificial intelligence company's disclo
Elon Musk's SpaceX (Nasdaq: SPCX) has been sparking a lot of buzz on Wall Street since its Nasdaq debut on June 12.
At first, the space technology and artificial intelligence company's disclosure of holding 18,712 Bitcoin (BTC) on its balance sheet surprised a lot of investors.
As the stock rocked the Nasdaq exchange, crypto traders also surprised the market with frenzied buying and selling of SpaceX-linked contracts on Hyperliquid.
Related: American veterans to receive $10,000 in XRP from Ripple
A decentralized exchange built primarily to trade high-leverage perpetual futures, Hyperliquid lets traders speculate on commodities, equities, and private-company valuations through blockchain-based markets.
The SpaceX contract on Hyperliquid tracks the value of 1 share of common stock in SpaceX. So far, the contract's performance has closely followed the price action of the Nasdaq-listed stock.
Elon Musk, founder and CEO of SpaceX, speaks via video before the ringing of opening bell at the Nasdaq Marketsite at the launch of the company's initial public offering (IPO) on June 12, 2026 in New York City. Getty Images
It hasn't been even a month since SpaceX made its Nasdaq debut, and the stock joined the Nasdaq 100 index on July 7.
The Nasdaq-100 is a stock market index tracking the 100 largest non-financial companies listed on the Nasdaq exchange.
Funds that track the tech-focused index have to buy SpaceX in order to continue mirroring its performance. It means investors who hold Nasdaq 100-related funds will automatically gain exposure to SpaceX.
Ahead of SpaceX's inclusion in the Nasdaq 100, leading banks and financial research firms launched the stock's coverage with a bullish outlook.
Morgan Stanley set a $300 price target for the SpaceX stock with an "overweight" rating. With the same rating, Bernstein set a $239 target.
UBS granted the stock a buy rating with a target of $210.
Goldman Sachs initiated coverage of the stock with a buy rating and $205 price target.
However, Wall Street's bullish ratings failed to lift the SpaceX contract on Hyperliquid.
Trending on TheStreet RoundtableThe SPCX-USDC pair was trading at $151.51 at the time of writing, down more than 6% in the last 24 hours.
SPCX-USDC, Source: HyperliquidThe SpaceX contract has seen trading worth more than $298.8 million and an open market worth more than $147.9 million within the last 24 hours.
As the contract on Hyperliquid mirrors the stock, the SpaceX stock on Nasdaq was also trading more than 5% lower at $151.86.
Related: Jim Cramer has blunt response to SpaceX stock surge
