SpaceX-Linked Perpetual Slides 27% Ahead of IPO
A Hyperliquid perpetual contract tied to SpaceX’s expected public-market value has dropped about 27% from its mid-May launch level. The move suggests traders still expect a premium to the $135 offer price, but a much smaller one than they priced in weeks earlier.
What happened?
A Hyperliquid perpetual contract tied to SpaceX’s expected public-market value has dropped about 27% from its mid-May launch level. The move suggests traders still expect a premium to the $135 offer price, but a much smaller one than they priced in weeks earlier.
Why it matters
A SpaceX-linked perpetual futures contract on Hyperliquid has fallen about 27% in three weeks, even as the company’s IPO reportedly remains heavily oversubscribed. The 5x-leveraged contract, trading under the ticker SPCX, was near $157 on Wednesday after launching around $216 in mid-May and briefly reaching $230, according to CoinDesk.
A SpaceX-linked perpetual futures contract on Hyperliquid has fallen about 27% in three weeks, even as the company’s IPO reportedly remains heavily oversubscribed. The 5x-leveraged contract, trading under the ticker SPCX, was near $157 on Wednesday after launching around $216 in mid-May and briefly reaching $230, according to CoinDesk.
The decline matters because SPCX is one of the few actively traded venues offering a market-based signal on SpaceX before its shares begin trading in traditional markets. SpaceX’s offer price has been set at $135 per share, and the Hyperliquid contract still trades above that level, implying traders continue to expect a first-day premium.
That premium, however, has narrowed sharply. CoinDesk reported that SPCX previously valued SpaceX at roughly 60% above the offer price in May, while the gap was closer to 16% as of Wednesday. The move points to a cooler view from derivatives traders, even though demand in the official IPO book appears strong.
The contract is not the same as owning or being allocated SpaceX shares. It is a cash-settled derivative that gives traders exposure to where they think the company’s equity may trade, without granting share ownership, allocation rights or any claim on SpaceX.
CoinDesk noted that broader crypto-market weakness may be weighing on the product, while some investors could also be raising cash to participate in the SpaceX offering. Reuters reported that SpaceX drew more than $250 billion in investor interest for a $75 billion raise, making the deal several times oversubscribed.