Key facts
- The SPCX perpetual contract on Hyperliquid has fallen 27% in three weeks.
- SPCX traded near $157 on Wednesday, down from a mid-May launch price of approximately $216.
- The implied first-day premium has decreased from about 60% in May to around 16% as of Wednesday.
- SpaceX set its IPO price at $135 per share with a fixed-price method.
- The SPCX contract is a cash-settled derivative, not conferring stock or allocation rights.
The pre-IPO market for SpaceX's stock on the Hyperliquid platform has seen a significant decline, with the SPCX perpetual contract falling 27% over the past three weeks. While the contract, which is a cash-settled derivative and does not grant holders any rights to SpaceX shares, is still trading above the company's $135 offer price, its value has dropped considerably from its May highs.
Traders have been marking down the expected first-day premium. In mid-May, the SPCX contract was valued at approximately $216, implying a premium of about 60% over the IPO price. By Wednesday, the contract was trading near $157, reducing the implied premium to around 16%. This suggests a recalibration of market expectations regarding the immediate post-IPO valuation.
SpaceX has adopted a fixed-price method for its offering, setting the price at $135 per share without a price range, which limits traditional order-driven price discovery. The SPCX perpetual on Hyperliquid offers one of the few avenues for price movement related to SpaceX before its shares officially begin trading. Despite the recent drop in the SPCX price, the overall interest in SpaceX's capital raise remains substantial, with Reuters reporting over $250 billion in investor interest for a $75 billion increase.