The market for SpaceX's pre-IPO shares on the Hyperliquid exchange has lost 27% of its value over the past three weeks. The SPCX perpetual contract, a futures product that tracks the private company's expected stock price, now trades at a level that still exceeds SpaceX's $135 offering price. The steep decline from May's highs comes as traders reassess the premium they are willing to pay ahead of a potential public listing.
A 27% Drop in Three Weeks
The SPCX perpetual has fallen sharply since mid-May, shedding more than a quarter of its value in a concentrated selloff. The contract had surged after its launch, riding a wave of enthusiasm for SpaceX's anticipated IPO. But that momentum has reversed. In the past 21 days, the price has steadily eroded, pulling back from the elevated levels hit just weeks ago.
Still Above the Offer Price
Despite the slide, the perpetual remains above the $135 per share price SpaceX charged in its most recent private fundraising round. That gap suggests investors still expect a premium once the company lists publicly. The offer price serves as a baseline for private-market valuations, and the SPCX contract trading above it indicates lingering optimism — but not as much as before.
What's Behind the Slide
The decline reflects traders marking down the so-called first-day premium. That's the extra amount they're willing to pay for exposure to SpaceX before it goes public, betting the stock will jump on its debut. As the IPO timeframe remains unclear and broader market sentiment shifts, that premium has contracted. The 27% drop shows the market repricing the risk of waiting.
Perpetual futures like SPCX allow investors to take leveraged positions on an asset's price without an expiration date. They're popular in the crypto derivatives world, and Hyperliquid has carved out a niche offering pre-IPO exposure for high-profile private companies. The SpaceX contract is one of the more actively traded on the platform.
Traders are watching to see if the perpetual can hold above the $135 mark. If it breaks below, it would signal that even the private fundraising price no longer looks like a floor. For now, the market is waiting for concrete news on when — or if — SpaceX will file for a public offering.
