SpaceX-linked perpetual contract on Hyperliquid falls 27% in three weeks
A 5x-leveraged perpetual contract tied to SpaceX's planned IPO has declined from roughly $216 in mid-May to near $157. The contract still prices the shares above the $135 offer price, implying a first-day premium of about 16%.
CoinDeskA 5x-leveraged perpetual contract on Hyperliquid, trading under the ticker SPCX, has fallen about 27% over three weeks. The contract traded near $157 on Wednesday after reaching approximately $216 at its mid-May launch and briefly touching $230. The SPCX contract remains above SpaceX's fixed $135 IPO price.
That level implies traders expect a first-day premium of roughly 16%, down from about 60% in May.
Contract details The SPCX perpetual is a cash-settled derivative with no claim on actual SpaceX shares or allocation rights. It serves as one of the few venues where a SpaceX-linked price can move before the shares begin trading. SpaceX set the offer price at $135 per share without a traditional price range.
The fixed-price approach means investors must accept the stated price or decline to participate.
Market context Reuters reported that investor interest for the planned $75 billion raise has exceeded $250 billion. The offering is described as several times oversubscribed. Crypto market weakness and bitcoin trading below its January high have coincided with the SPCX decline.
Some investors may also be raising cash to fund SpaceX share allocations, adding selling pressure in the same market where the contract trades.
