🥛 SpaceX = tradable onchain! 🛰️

GM. This is Milk Road, the crypto newsletter that's the Robin to your portfolio's Batman.

Here’s what we’ve got for you today:

✍️ The ‘VPN moment’ for private stock.
🎙️ The Milk Road Show: The Next Crypto Winners May NOT Be Layer 1s w/ Joshua Frank.
🍪 Every massive wealth boom in history flows upstream into art.

Nexo is back in the U.S. - and new clients get 30 days of Wealth Club Premier perks! Higher yields, lower borrowing rates, and crypto cashback - start here.

Prices as of 2:00 p.m. ET. Powered by Coingecko.

THE VPN MOMENT FOR PRIVATE STOCK 🛜

Back in 2013, I was living in Australia.

Season 4 of Arrested Development had just dropped on Netflix, and I really wanted to watch it.

One problem: Netflix wasn't even available down there yet.

The closest legal option was a cable package that ran about $100/month and didn't carry the show anyway.

So I did what every millennial with a thirst for content did at the time - I paid $2/month for a VPN, pointed it at the U.S., and got the entire American Netflix library.

Moral of the story: the internet allowed me to route around the gatekeeping.

Source: Giphy

I feel like we’re watching the same thing happen right now in finance.

The gatekeeper this time around: the accredited investor rule.

SpaceX is reportedly targeting a June 12 Nasdaq listing at a $1.75T valuation.

Wall Street is still waiting on the prospectus - but over on Hyperliquid, the SpaceX perp ticker SPCX is already live and trading around $201/share.

(Btw: a "perp" is basically a bet on the price of something with no expiry date and no need to own the underlying asset.)

Source: Hyperliquid

The reported IPO price target is ~$150 - which means the onchain market is pricing in a ~35% premium before any retail broker even has a ‘buy’ button for SpaceX stock on their site.

And the same pattern is playing out across other private giants…

CRYPTO SHOULD WORK HARDER FOR YOU

Most people hold crypto and hope.

The smart money? They're earning interest on it, borrowing against it without selling, and trading it.

Where can you do the same all in one place? Nexo.

And right now, new U.S. clients get 30 days of Wealth Club Premier (benefits normally reserved for loyalty program members):

Enhanced interest rates on your digital assets
Lower borrowing costs against your crypto
Up to 0.5% cashback on trades

No need to sell to access liquidity. No juggling 5 different platforms.

👉 Get started here

*Disclaimer: Geographic restrictions and terms apply.

THE VPN MOMENT FOR PRIVATE STOCK (P2) 🛜

Not sure how to price SpaceX?

How about Anthropic?

It’s trading on Hyperliquid at $1,245 - up from ~$500 in February.

(That's a ~2.5x move in three months.)

Source: Hyperliquid

More of a ‘Codex is king’ kinda person?

Check out the OpenAI perp market - it’s currently sitting at $1,182, up from ~$700 in early February:

Source: Hyperliquid

… is that VPN analogy starting to click?

Two of the most valuable private AI labs on earth (neither one publicly listed) both have live price discovery markets anyone with a crypto wallet can access in about 90 seconds.

And the proliferation of this kind of thing will be massive!

Because getting exposure to private companies in the U.S. has historically required being an "accredited investor" (net worth above $1M, or income above $200K).

That gate locked out roughly 90% of American households (and forget about anyone trying to get exposure from outside the U.S.).

Hyperliquid doesn't ask. You bring a wallet, you get a price.

That said - it’s not without a catch…

You're not buying actual shares of SpaceX. You're trading a derivative that tracks a reported valuation, and the price can drift from any "true" private market value.

Liquidity is also thinner than it looks. Open interest on SPCX is around $33M, which is real money but not ‘Apple-stock’ kinda money.

If SpaceX prints at $150 on June 12, every long sitting at $200 on Hyperliquid takes a haircut.

(The market can be early and wrong at the same time.)

The access is what I keep coming back to though.

For the first time ever, a 22-year-old in Manila can get a shot at SpaceX, OpenAI, or Anthropic - similar to how a Sand Hill Road partner might.

The barrier dropped from "be rich and connected" to "have an internet connection."

The date to watch: June 12.

If SpaceX prices anywhere near Hyperliquid's $200 target, the onchain market gets to claim it called the valuation months before traditional finance ever had the chance.

If it prints closer to the reported ~$150 offering, the onchain longs take a haircut and traditional underwriters get to keep their bragging rights.