The market was built using Hyperliquid’s HIP-3 architecture by a venue called Ventuals, which allows independent builders to construct pre-markets for private equities using the exchange’s core matching engine. In fact, following the incident, the firm pledged to compensate users within 48 hours.
Before Thursday’s collapse, speculative trading had pushed SpaceX’s implied valuation to above $2.5 trillion, significantly higher than the reported $1.75 trillion to $2 trillion valuation range the company is targeting for its U.S. equity market debut.
This is because these assets are not anchored to any transparent spot market, resulting in traders being forced to rely on fragmented private secondary market data to determine the contract’s fair value.
