The SPCX perpetual on Hyperliquid has rebounded from weekly lows, with Bloomberg indicating that other shadow markets suggest a first-day increase of over 35%.
By Shaurya MalwaUpdated Jun 12, 2026, 6:36 a.m. Published Jun 12, 2026, 6:13 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- A perpetual contract associated with SpaceX on the Hyperliquid exchange, known as SPCX, increased to between $176 and $183 on Friday after dropping to approximately $153 earlier in the week.
- At around $183, SPCX now indicates a premium of about 36% over SpaceX's $135 IPO price, rising from about 16% on Wednesday but still below the nearly 60% premium seen in May.
- Other shadow markets, such as IG International derivatives and Polymarket, are also indicating strong demand, with valuations more than 35% above the IPO price and suggesting a first-day closing above $2 trillion.
The SPCX perpetual contract on the Hyperliquid exchange has shown a significant recovery as it nears the expected Friday debut after three weeks of declines in the implied first-day premium for Elon Musk's aerospace company.
The contract fluctuated between $176 and $183 on Friday morning, recovering from a low of approximately $153 earlier this week and surpassing the roughly $157 level noted when CoinDesk reported Wednesday that traders were downgrading their expectations for the IPO surge.
Open interest was approximately $216 million, with 24-hour trading volume exceeding $150 million on Hyperliquid. Open interest refers to the total dollar value of open contracts.
SPCX does not provide holders with shares of SpaceX, allocation rights, or any claim on the company, as it is a cash-settled derivative. However, given that SpaceX's IPO was set at a fixed price of $135 per share, it stands out as one of the few active markets reflecting trader expectations on the stock's opening price.
Blockchain-based prediction markets have increasingly become a popular choice for investors looking to speculate on the SpaceX IPO, serving as a decentralized alternative to conventional pre-IPO markets. Unlike private equity options that require accreditation and substantial investment minimums, these on-chain markets are available to retail investors with minimal capital, enabling continuous price discovery regarding IPO probabilities.
When the SPCX was trading around $157 on Wednesday, it implied a mere 16% premium over the $135 IPO price, down from the approximately 60% premium when it briefly reached around $216 in May. With the price now at $183, the implied premium has risen to about 36%.
Other shadow markets are reflecting similar trends. According to Bloomberg, IG International derivatives suggest a SpaceX valuation of roughly $2.4 trillion, which is more than 35% higher than the $1.77 trillion valuation established by the IPO price.
Additionally, Polymarket traders are assigning a 70% probability to SpaceX closing its first trading day above $2 trillion.
This recovery follows a period of caution in the pre-IPO SPCX, which had fallen around 30% over the last few weeks. This indicated that while traders anticipated SpaceX would trade above the offering price, they did not expect the explosive premium suggested by the initial bookbuild. The recent rebound indicates that this discount is narrowing.
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RWA Tokenization Hits $28.9B Record as Stablecoin Market Cap Extends Gains to $320B
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Tokenized assets hit a record $28.9B in May; their tenth consecutive monthly all-time high. The stablecoin market cap also extended its run to $320B.
By CoinDesk ResearchJun 9, 2026Tokenized assets hit a record $28.9B in May; their tenth consecutive monthly all-time high. The stablecoin market cap also extended its run to $320B.
Why it matters:
Tokenized assets hit a record $28.9B in May; their tenth consecutive monthly all-time high. The stablecoin market cap also extended its run to $320B.
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