A note on the SPCX pre-IPO (IPOP) contract:
TradeXYZ IPOP contracts are price-based perpetual contracts that track the market-implied expected price of one share of Class A or common stock. Neither share count nor market cap are an input to the market specification, oracle methodology, or conversion treatment.
Our documentation had previously featured educational examples showing how a user might derive their own fair price in a scenario where they started with a view on both market cap and share count. Although these examples were included for context, we received feedback that they caused confusion, so we have removed them from the documentation.
TradeXYZ does not use, publish, or rely on a share-count or market-cap denominator for SPCX or any other XYZ market. When SpaceX completes their IPO and sufficient external market data becomes available, SPCX is expected to transition to standard external oracle pricing, and the contract is expected to converge toward the public trading price.