Hyperliquid Strategies CEO on why he thinks banks are undervaluing SpaceX's IPO

Summary

David Schamis, CEO of Hyperliquid Strategies, discusses how SpaceX's perpetual futures on Hyperliquid are trading higher than the expected IPO price, suggesting banks may be underpricing the IPO. He argues that pre-IPO perpetual futures can be accurate price predictors, citing the Cerberus IPO example. He also comments on the CFTC's approval of Bitcoin perpetual futures and the regulatory lag relative to technology.

• SpaceX is trading pre-IPO on Hyperliquid at around $190 per share vs $135 expected IPO price.
• David Schamis believes banks tend to underprice IPOs, and perpetual futures provide a more accurate market signal.
• He cites the Cerberus IPO where Hyperliquid pre-IPO price accurately predicted post-IPO trading.
• Hyperliquid perpetual futures are not available in the United States.
• CFTC recently approved a Bitcoin perpetual futures contract for cash.
• Schamis thinks technology has outpaced regulations in the crypto derivatives space.
• Hyperliquid was founded in 2023 with only 12 employees but has created innovative trading products.