SpaceX stock price: Elon Musk company's pre-IPO market has fallen 27% in three weeks
Hyperliquid’s 5x-leverage SpaceX-linked perpetual, SPCX, has fallen for three straight weeks. It traded near $157 on Wednesday, down about 27% from its mid-May launch price near $216, after briefly reaching $230. The move does not signal a bet against SpaceX outright: SPCX still sits above the $135 IPO price, though the implied first-day premium has narrowed sharply from about 60% in May to roughly 16%. SpaceX is using a fixed-price IPO at $135 per share, so SPCX is one of the few live venues where a SpaceX-linked price is moving before trading begins. The contract is cash-settled and gives no shares or allocation rights. Despite the pullback, the IPO remains heavily oversubscribed, with reported demand above $250 billion for a $75 billion raise. Broader crypto weakness may be weighing on the perp.
