The SPCX contract on Hyperliquid has fallen 27% in three weeks, but remains above its $135 IPO price.

CoinFeed 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, a drop of about 27% from its launch price of around $216 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-price strategy, meaning investors either accept the price or pass. SPCX is a cash-settled derivative and does not grant holders shares or any subscription rights. Subscription data shows that SpaceX raised $75 billion, with investor demand exceeding $250 billion, representing an oversubscription of several times.