Formulas do not have a iterator function or even variables, so for an arbitrarily-limited space-delimited list of values, you'd find it difficult to do so with a formula. You can certainly emit multiple HYPERLINK functions in a single formula, but the number of HYPERLINK values must be fixed or it would quickly become unmanageable. Just to support 0-2 parameters would look like:
IF(FIND(Field, " ") > 0,
IF(FIND(Field, " ", 1+FIND(Field, " ")) > 0,
HYPERLINK(LEFT(Field, FIND(Field, " ")), "Value 1") & HYPERLINK(MID(Field, FIND(Field, FIND(Field, " "))), "Value 2"),
HYPERLINK(Field, "Value 1")),
Each additional space would complicate the formula considerably. Given your example, you'd have five nested IF statements with deeply nested FIND statements that would be nearly impossible to maintain. You'd be better of writing Apex Code and writing the results to a Rich Text Field.