SpaceX's pre-IPO market on Hyperliquid has fallen 27% in three weeks

The SPCX perpetual still trades above SpaceX’s $135 offer price, but it has fallen sharply from its May highs as traders mark down the first-day premium. What to know : A 5x-leveraged perpetual contract on Hyperliquid, trading under the ticker SPCX, has become the main venue for price discovery ahead of the SpaceX IPO and has fallen about 27% from its mid-May launch. Despite the slide, SPCX still trades above SpaceX’s fixed $135 IPO price, implying an expected first-day premium of roughly 16%, down from about 60 percent in May. The SPCX contract is a cash-settled derivative with no claim on SpaceX shares, and its recent weakness may reflect broader crypto market pressure and investors raising cash to participate in the heavily oversubscribed offering.