BlockBeats News, June 10th, TradeXYZ responded to the pricing mechanism of the SpaceX Pre-IPO contract SPCX (IPOP), stating that the product is a price-based perpetual contract, tracking the market's expectation of the price per share of SpaceX Class A common stock, rather than the company's overall valuation. The total share capital and market value of the company are not part of the contract rules, oracle method, or future conversion mechanism.

Previously, some educational examples in the documentation had shown users how to derive the theoretical stock price based on their personal judgment of the company's market capitalization and total share capital. However, these examples were only for illustration purposes and were not involved in actual pricing. As some users mistakenly believed that the platform used market cap or share capital data as the pricing basis, the relevant examples have now been removed from the documentation.

TradeXYZ emphasized that whether it is SPCX or any other XYZ market, the platform will not use, publish, or rely on total share capital or market value as pricing parameters. Once SpaceX completes its IPO and there is sufficient public trading data in the market, SPCX is expected to transition to a standard external oracle pricing mechanism and gradually converge towards the actual public market price of SpaceX.

BlockBeats Note: The latest S-1A amended prospectus filed by SpaceX disclosed the updated total share capital—13.08 billion shares (about 1.2 billion shares more than the previous market estimate, mainly from recent issuance/option exercises, etc.). With a 10% increase in share capital, this means that under the same company valuation, the theoretical price per share needs to be adjusted downwards by about 10%. If not adjusted, the contract price would deviate from the true fundamentals, leading to arbitrage opportunities or unfairness. Several CEX platforms chose to temporarily delist the SPCX Pre-IPO contract after this event, and after repricing based on the new 13.08 billion shares, they relisted the contract.