Traders on Hyperliquid have steadily reduced the expected first-day premium on SpaceX shares, sending the SPCX perpetual contract down 27% over three weeks. Despite the decline, the token still trades above SpaceX's official $135 offer price, suggesting markets retain some optimism about the listing. The drop reflects a broader reassessment of how much upside investors can realistically expect when SpaceX eventually goes public. Hyperliquid's pre-IPO perpetual markets allow crypto traders to take leveraged positions on private companies before they list on traditional exchanges, effectively pricing in IPO expectations in real time. The SPCX contract had surged in May alongside renewed IPO speculation, but that enthusiasm has since cooled as traders recalibrate their premium assumptions.
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