---
title: "SpaceX pre-IPO perpetual on Hyperliquid drops 27% in three weeks"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/289288006.md"
description: "A 5x-leveraged SpaceX-linked perpetual contract on Hyperliquid, tickered SPCX, has fallen about 27% over the past three weeks from its mid-May launch, trading near $157 after briefly touching $230. Despite the slide, SPCX still trades above SpaceX’s fixed $135 IPO offer price, implying an expected first-day premium of roughly 16%, down from about 60% in May, according to CoinDesk. The cash-settled derivative gives no claim on SpaceX shares and may be weakening amid broader crypto market pressure and investors raising cash for the oversubscribed offering."
datetime: "2026-06-10T07:19:41.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/289288006.md)
  - [en](https://longbridge.com/en/news/289288006.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/289288006.md)
---

# SpaceX pre-IPO perpetual on Hyperliquid drops 27% in three weeks

A 5x-leveraged SpaceX-linked perpetual contract on Hyperliquid, tickered SPCX, has fallen about 27% over the past three weeks from its mid-May launch, trading near $157 after briefly touching $230. Despite the slide, SPCX still trades above SpaceX’s fixed $135 IPO offer price, implying an expected first-day premium of roughly 16%, down from about 60% in May, according to CoinDesk. The cash-settled derivative gives no claim on SpaceX shares and may be weakening amid broader crypto market pressure and investors raising cash for the oversubscribed offering.

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