PANews reported on June 10th that, according to CoinDesk, the 5x leveraged perpetual contract SPCX tracking SpaceX's pre-IPO on Hyperliquid has fallen for three consecutive weeks, trading at around $157 on Wednesday, down about 27% from around $216 when it launched in mid-May. Despite the decline, SPCX remains above SpaceX's IPO price of $135, with the implied first-day premium narrowing from about 60% in May to about 16%.

SpaceX adopted a fixed pricing strategy, meaning investors either accepted the price or forfeited. SPCX is a cash-settled derivative that does not grant holders shares or any subscription rights. Subscription data shows that SpaceX raised $75 billion, while investor demand exceeded $250 billion, resulting in an oversubscription of several times. The weakening of SPCX may reflect overall pressure in the crypto market, as well as some investors raising cash to participate in the oversubscribed offering.