SpaceX's most active pre-IPO trading market, a leveraged perpetual contract on Hyperliquid, has dropped roughly 27% over three weeks as its launch-day premium fades.
Key Points:
- The SPCX perpetual has fallen about 27% since its mid-May launch, yet it still trades above SpaceX's $135 offer price.
- Its implied first-day premium has narrowed to near 16%, down from about 60% in May.
- SpaceX has drawn more than $250 billion in demand for a $75 billion raise ahead of its Jun. 12 debut.
SpaceX Perpetual Sheds Launch Premium
The contract, listed under the ticker SPCX, traded near $157 on Wednesday, market data showed. That marks a drop of about 27% from a mid-May launch near $216, after a brief spike to $230. The slide does not mean traders are wagering against the company.
SPCX still sits well above the fixed $135 offer price, though the implied first-day premium has shrunk from about 60% in May to near 16%. The 5x-leveraged product on Hyperliquid has become the main venue where a SpaceX-linked price moves before the stock opens, with cumulative volume topping $2 billion across exchanges.
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SpaceX Demand Tops $250B
SpaceX drew more than $250 billion in investor interest for a $75 billion raise, running three and a half to four times oversubscribed in what could be the largest IPO ever. Trading is set to begin Friday, Jun. 12, on the Nasdaq at $135 a share. Demand has leaned on the firm's Starlink network, its dominant rocket business, and its push into space-based AI compute.
Bankers normally run a bookbuild, collecting orders and nudging the price to match demand.
SpaceX took a different path, fixing the offer at $135 with no range, even with Goldman Sachs leading the book. It also set aside up to 30% of its shares for retail buyers through brokerages such as Robinhood and Fidelity, a sharp break from the usual playbook.
Why Onchain Price Discovery Matters
The perpetual is one of the few markets pricing SpaceX in real time, and its holders carry real exposure. They get no shares, no voting rights, and no claim on equity, only a cash-settled bet that can lose money before the first share trades. Analysts tie the recent softness to broader strain, with Bitcoin (BTC) well below its January high and some traders selling crypto to fund SpaceX allocations.
The SPCX market went live in mid-May through Trade.xyz, the same builder behind a comparable contract for chipmaker Cerebras, which the perp tracked within about 8% of its open. It opened near $150 before traders pushed it past $200, implying a valuation above $2 trillion, well beyond the roughly $1.75 trillion the company now targets for its debut.
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