SpaceX news: The closest thing to how SpaceX might trade is on a crypto exchange and it's down 27%

SpaceX news: The closest thing to how SpaceX might trade is on a crypto exchange and it's down 27%

Markets

Elon Musk's SpaceX IPO is four times oversubscribed. A crypto bet tells a more cautious story

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.

By

Shaurya Malwa

|

Edited by

Omkar Godbole

Updated

Jun 10, 2026, 9:30 a.m.

Published

Jun 10, 2026, 7:18 a.m.

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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% in May.

The SPCX contract is a cash-settled derivative with no claim to SpaceX shares, and its recent weakness may reflect broader crypto-market pressure and investors raising cash to participate in the heavily oversubscribed offering.

Elon Musk's SpaceX IPO, which values the company at around $1.8 trillion, is priced at $135 per share, and investors won't know how it will trade until the shares go live on the traditional market.

However, on the crypto platform Hyperliquid, the "synthetic" shares of SpaceX are already trading and might be the closest thing to an indication of how the shares might trade when they go live this week.

And the synthetic pre-IPO product has already lost its premium, despite the report that the largest-ever IPO was four times oversubscribed.

A widely-tracked 5x-leverage "perpetual" futures contract on Hyperliquid has declined for three consecutive weeks. The product, tickered SPCX, traded near $157 on Wednesday, down about 27% from its mid-May launch price of around $216, after briefly trading as high as $230.

That does not mean traders are betting against SpaceX, as SPCX still trades above the $135 IPO price. But the implied first-day premium has been cut hard. In May, the contract priced SpaceX roughly 60% above the offer, and it stood closer to 16% as of Wednesday.

The company set the offer price at $135 per share, with no price range for investors to push it higher or lower during the bookbuild. In most IPOs, bankers collect orders and move the price based on demand. But SpaceX has taken a fixed-price route where investors either take the price or do not.

That leaves the SPCX perp as one of the few places where a SpaceX-linked price is actually moving before the stock opens.

The contract does not give holders shares, allocation rights or any claim on SpaceX. It is a cash-settled derivative that allows traders to bet on where the company’s equity will trade. Unlike an IPO indication of interest, traders in the perp have money at risk and can lose it before the first share changes hands.

The official book still looks huge.

Reuters reported

that SpaceX has drawn more than $250 billion in investor interest for a $75 billion raise, making the deal several times oversubscribed. Large investors often ask for more stock than they expect to receive, especially in hot deals.

SPCX's prices suggest traders still expect a premium to the $135 offer.

That may partly reflect broader market pressure. Crypto has weakened into the IPO, and bitcoin remains well below its January high. Some investors may also be raising cash to fund SpaceX allocations, adding pressure to the same risk market where SPCX trades.

SpaceX

Hyperliquid

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Latest Research

CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High

CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

By

CoinDesk Research

Jun 15, 2026

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

Why it matters

:

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

View Full Report

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