CoinDesk
The SPCX perpetual contract on Hyperliquid, a 5x-leveraged cash-settled derivative used as the main venue for SpaceX price discovery ahead of the company's record IPO, traded near $157 on Wednesday — down about 27% from its mid-May launch price of around $216, after briefly touching $230. The contract still prices above SpaceX's fixed $135 offer price, but the implied first-day premium has been cut hard: from roughly 60% in May to about 16% as of Wednesday.
Why it matters
SpaceX has taken the unusual route of a fixed-price IPO at $135 per share, with no bookbuild range investors can push higher or lower. That makes SPCX one of the few places where a SpaceX-linked price is actually moving before the stock opens, and the contract has now declined for three consecutive weeks. It is a cash-settled derivative — no shares, no allocation rights, no claim on SpaceX — so traders in the perp have real money at risk and can lose it before the first share changes hands.
Market impact
Reuters reported the deal has drawn more than $250 billion in investor interest for a $75 billion raise, several times oversubscribed, suggesting institutional demand has not cracked even as the perp's premium compresses. Two forces are likely weighing on SPCX: broader crypto weakness, with bitcoin still well below its January high, and investors raising cash to fund SpaceX allocations, both of which add selling pressure to the same risk-on market where the contract trades. The $250B-of-interest print keeps the bid for SpaceX itself intact — but the first-day pop is now being priced roughly a third of where it was a month ago.
Frequently asked questions
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What is the SPCX perpetual on Hyperliquid?
SPCX is a 5x-leverage, cash-settled perpetual contract on Hyperliquid that tracks SpaceX's implied pre-IPO valuation. It does not give holders shares, allocation rights, or any claim on SpaceX — it is purely a derivative for betting on where the equity should trade before the stock lists.
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How much has the SPCX contract fallen, and from what level?
SPCX traded near $157 on Wednesday, down about 27% from its mid-May launch near $216 and off the roughly $230 high it briefly touched. Despite the slide, the contract still prices above SpaceX's fixed $135 IPO offer price.
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What is SpaceX's IPO offer price, and why is the first-day premium shrinking?
SpaceX set a fixed $135 per-share offer price with no bookbuild range investors can push higher or lower. The implied first-day premium has been cut from roughly 60% in May to about 16% as of Wednesday, reflecting broader crypto weakness and investors raising cash to fund allocations rather than a crack in demand for…
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How much demand has the SpaceX IPO drawn?
Reuters reported SpaceX has drawn more than $250 billion in investor interest against a target raise of $75 billion, making the deal several times oversubscribed. Large investors routinely ask for more stock than they expect to receive, especially in heavily demanded offerings.
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Does holding SPCX give investors SpaceX shares or IPO allocation?
No. SPCX is a cash-settled derivative with no link to SpaceX equity, no allocation rights, and no claim on shares. Traders in the perp have money at risk and can lose it before the first SpaceX share changes hands.
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