SpaceX's pre-IPO market on Hyperliquid has fallen 27% in three weeks

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email SpaceX's pre-IPO market on Hyperliquid has fallen 27% in three weeks The SPCX perpetual still trades above SpaceX’s $135 offer price, but it has fallen sharply from its May highs as traders mark down the first-day premium. By Shaurya Malwa | Edited by Omkar Godbole Jun 10, 2026, 7:18 a.m. 2 min read Make preferred on What to know : A 5x-leveraged perpetual contract on Hyperliquid, trading under the ticker SPCX, has become the main venue for price discovery ahead of the SpaceX IPO and has fallen about 27% from its mid-May launch. Despite the slide, SPCX still trades above SpaceX’s fixed $135 IPO price, implying an expected first-day premium of roughly 16%, down from about 60 percent in May. The SPCX contract is a cash-settled derivative with no claim on SpaceX shares, and its recent weakness may reflect broader crypto market pressure and investors raising cash to participate in the heavily oversubscribed offering. A widely-tracked 5x-leverage perpetual on Hyperliquid tied to SpaceX’s impending IPO, expected to be the largest in history, has declined for three consecutive weeks. The product, tickered as SPCX, traded near $157 on Wednesday, down about 27% from its mid-May launch price of around $216, after briefly touching $230. That does not mean traders are betting against SpaceX, as SPCX still trades above the $135 IPO price. But the implied first-day premium has been cut hard. In May, the contract priced SpaceX roughly 60% above the offer, and it stood closer to 16% as of Wednesday. The company set the offer price at $135 per share, with no price range for investors to push it higher or lower during the bookbuild. In most IPOs, bankers collect orders and move the price based on demand. But SpaceX has taken a fixed-price route where investors either take the price or do not. That leaves the SPCX perp as one of the few places where a SpaceX-linked price is actually moving before the stock opens. The contract does not give holders shares, allocation rights or any claim on SpaceX. It is a cash-settled derivative that lets traders bet on where the company’s equity value should trade. Unlike an IPO indication of interest, traders in the perp have money at risk and can lose it before the first share changes hands. The official book still looks huge. Reuters reported that SpaceX has drawn more than $250 billion in investor interest for a $75 billion raise, making the deal several times oversubscribed. Large investors often ask for more stock than they expect to receive, especially in hot deals. SPCX's prices suggest traders still expect a premium to the $135 offer. That may partly reflect broader market pressure. Crypto has weakened into the IPO, and bitcoin remains well below its January high. Some investors may also be raising cash to fund SpaceX allocations, adding pressure to the same risk market where SPCX trades. SpaceX Hyperliquid More For You Live updates: What next for bitcoin as it faces headwinds from Fed rates to Claude's Mythos By Shaurya Malwa , Omkar Godbole 1 hour ago Anthropic's IPO pipeline, not its new model, is what crypto traders should track. Read full story Latest Crypto News Live updates: What next for bitcoin as it faces headwinds from Fed rates to Claude's Mythos 1 hour ago XRP drops 4.5% as heavy selling breaks another support level 1 hour ago Bitcoin and gold fall together as a rate-hike bet hits every hedge 1 hour ago Bitcoin ETFs are no bigger today than when Trump won the election 2 hours ago Crypto tax bills a work-in-progress as U.S. House lawmakers pose concerns 10 hours ago Securitize CEO says tokenized stocks could unlock a $5 trillion crypto market 11 hours ago Top Stories Come back after the summer, says one analyst on crypto markets 16 hours ago Bitcoin inflows slow sharply in 2026 as investors chase AI, Bernstein says 18 hours ago A16z, Paradigm lead $175 million bet to move global credit markets onchain 17 hours ago Humanity's $36 million exploit tied to compromised laptop hosting a 'multisig' wallet 19 hours ago Ethena lands Janus Henderson backing as asset manager invests in ENA, eyes USDe distribution 16 hours ago Bitcoin's bounce isn't a bullish revival, with anything from $68,000 to $80,000 seen as a marker 20 hours ago