Traders have reduced SpaceX’s implied first-day IPO premium to 16% from 60% amid broader crypto market pressure.
A 5x-leveraged perpetual contract tracking SpaceX’s pre-IPO valuation, trading as SPCX on Hyperliquid, has dropped 27% from its mid-May high of $216 to around $157. The decline reflects a sharp reduction in the expected first-day premium, now at 16% above the $135 offer price, down from 60% in May.
The contract, a cash-settled derivative with no direct claim on SpaceX shares, launched in mid-May and briefly traded near $230. Despite the pullback, SPCX remains above the fixed $135 IPO price, signaling continued investor interest ahead of the anticipated largest-ever public offering.
Analysts suggest the weakness may stem from broader crypto market volatility and investors raising cash to participate in the heavily oversubscribed IPO.