A widely tracked 5x leverage perpetual on Hyperliquid tied to SpaceX’s impending IPO, expected to be the largest in history, has fallen for three consecutive weeks.
The product, tickered as SPCX, was trading near $157 on Wednesday, down about 27% from its launch price in mid-May of around $216, after briefly touching $230.
That doesn’t mean traders are betting against SpaceX, as SPCX is still trading above the $135 IPO price. But the implied first-day premium has been severely cut. In May, the contract priced SpaceX approximately 60% above the offer, and it was closer to 16% as of Wednesday.
The company set the offering 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 they don’t.
That leaves the SPCX perp as one of the few places where a SpaceX-linked rate actually moves before the stock opens.
The contract does not give owners shares, award rights or claims on SpaceX. It is a cash-settled derivative that lets traders bet on where the company’s equity value will trade. Unlike an IPO indication of interest, traders in 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 shares than they expect to receive, especially in hot deals.
SPCX’s prices suggest traders still expect a premium to the $135 bid.
This may partly reflect broader market pressure. Crypto has weakened heading into the IPO, and bitcoin remains well below its January high. Some investors may also raise money to fund SpaceX allocations, adding pressure to the same risk market in which SPCX trades.
