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SpaceX's pre-IPO market on Hyperliquid has fallen 27% in three weeks
Key takeaways
- The product, tickered as SPCX, traded near $157 on Wednesday, down about 27% from its mid-May launch price of around $216, after briefly touching $230.
- That does not mean traders are betting against SpaceX, as SPCX still trades above the $135 IPO price.
- The company set the offer price at $135 per share, with no price range for investors to push it higher or lower during the bookbuild.
The product, tickered as SPCX, traded near $157 on Wednesday, down about 27% from its mid-May launch price of around $216, after briefly touching $230.
That does not mean traders are betting against SpaceX, as SPCX still trades above the $135 IPO price. But the implied first-day premium has been cut hard. In May, the contract priced SpaceX roughly 60% above the offer, and it stood closer to 16% as of Wednesday.
The company set the offer price at $135 per share, with no price range for investors to push it higher or lower during the bookbuild. In most IPOs, bankers collect orders and move the price based on demand. But SpaceX has taken a fixed-price route where investors either take the price or do not.
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