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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.
Jun 10, 2026, 7:18 a.m. 2 min read
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.
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.
