SpaceX IPO Oversubscribed, but Crypto Perp Shows Caution
Elon Musk's SpaceX IPO is priced at $135 per share, valuing the company at about $1.8 trillion, and is reported to be four times oversubscribed with over $250 billion in investor interest for a $75 billion raise. However, a synthetic perpetual contract (SPCX) on the Hyperliquid crypto platform, which tracks SpaceX's stock price, paints a more cautious picture. The 5x-leverage SPCX perpetual fell to around $157, down 27% from its mid-May launch price of $216, indicating the implied first-day premium has shrunk from 60% to about 16%. The contract does not give holders any claim on SpaceX but allows traders to bet on the stock's performance. The decline may reflect broader market pressure, as crypto markets have weakened, with bitcoin below its January high. Some investors might be selling crypto to raise cash for SpaceX allocations, further pressuring SPCX. Despite the cautious signal from the perp, the official IPO demand remains strong.
Key facts
- SpaceX IPO priced at $135 per share, valuing company at ~$1.8 trillion.
- SPCX perpetual on Hyperliquid fell 27% from launch price to ~$157.
- Implied first-day premium dropped from 60% in May to 16%.
- Contract is cash-settled, no ownership of SpaceX shares.
- Crypto market weakness may be affecting SPCX price.