SpaceX's pre-IPO market on Hyperliquid has fallen 27% in three weeks
The price of SPCX, a derivative contract on Hyperliquid representing pre-IPO interest in SpaceX, has dropped 27% since mid-May. While the contract still trades above the fixed $135 IPO price, the decline reflects a cooling of investor sentiment regarding the expected first-day premium.
Why it matters
As one of the few ways to speculate on the SpaceX IPO, the performance of this derivative serves as a proxy for retail investor demand for the upcoming space industry offering.
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 article provides a technical market analysis of a financial product without editorializing.
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