SpaceX's Pre-IPO Market on Hyperliquid Sees 27% Decline in Three Weeks

MarketsShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailSpaceX's pre-IPO market on Hyperliquid has fallen 27% in three weeks

The SPCX perpetual contract, while still above SpaceX’s $135 offer price, has seen a significant drop from its May highs as traders adjust the first-day premium.

By Shaurya Malwa|Edited by Omkar Godbole Jun 10, 2026, 7:18 a.m. 2 min readMake preferred on

Key Details:

• The 5x-leveraged perpetual contract on Hyperliquid, known as SPCX, has emerged as a key platform for price discovery leading up to SpaceX's IPO and has decreased approximately 27% since its launch in mid-May.
• Despite the downturn, SPCX remains priced above SpaceX’s set $135 IPO price, indicating an anticipated first-day premium of about 16%, down from roughly 60% in May.
• This SPCX contract is a cash-settled derivative with no entitlement to SpaceX shares, and its recent decline may be a reflection of broader pressure in the cryptocurrency market and investors liquidating assets to participate in the highly sought-after offering.

The 5x-leverage perpetual contract on Hyperliquid, associated with SpaceX's upcoming IPO—which is projected to be the largest ever—has experienced a consistent decline over the past three weeks.

On Wednesday, the SPCX product was valued at around $157, marking a 27% drop from its mid-May launch price of approximately $216, after it had briefly peaked at $230.

This decline does not imply that traders are pessimistic about SpaceX; SPCX is still priced above the $135 IPO offer. However, the expected first-day premium has diminished significantly, with the contract previously pricing SpaceX about 60% higher than the offer, now reduced to around 16% as of Wednesday.

SpaceX has established a fixed offer price of $135 per share, without providing a price range for investors to adjust during the bookbuilding process. Typically, in IPOs, bankers gather orders and adjust the price based on demand. Conversely, SpaceX has opted for a fixed-price model where investors must accept the price as is or forgo the opportunity.

This situation positions the SPCX perpetual contract as one of the few mechanisms through which a market price for SpaceX can be observed prior to the stock being available for trading.

It is important to note that this contract does not grant holders any shares, rights to allocation, or claims on SpaceX; it is a cash-settled derivative enabling traders to speculate on the company’s equity value. Unlike an indication of interest in an IPO, traders in the perpetual contract risk their capital and can incur losses before any shares are exchanged.

The demand for the official offering appears robust. Reuters reported that SpaceX has attracted over $250 billion in investor interest for a $75 billion capital raise, indicating that the offering is several times oversubscribed. Large investors typically request more shares than they anticipate receiving, particularly in competitive deals.

Current prices for SPCX suggest that traders still expect a premium over the $135 offer price.

This sentiment may be influenced by wider market pressures. The cryptocurrency market has seen a downturn leading up to the IPO, and Bitcoin remains significantly below its January peak. Additionally, some investors may be liquidating assets to secure funding for SpaceX allocations, exerting further pressure on the risk market where SPCX operates.

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