SpaceX Perps Price In 20% IPO Pop, Down From May Highs
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- SpaceX perpetual futures on Hyperliquid trade around $162, roughly 20% above the fixed $135 IPO price but down from peaks above $220 hit shortly after the contract's May launch; Binance's SpaceX perp is at a similar level.
- SpaceX is reportedly running four times oversubscribed ahead of its Friday Nasdaq debut at a $1.77 trillion valuation.
- At that valuation, SpaceX would rank as the seventh-largest US public company, surpassing Tesla's roughly $1.6 trillion market cap.
- Injective Labs CEO Eric Chen told the outlet the perps "suggest there's interest in the SpaceX IPO, but it's far from euphoric," and warned that even the most optimistic perp traders "still aren't extremely bullish" — raising the question of how durable demand will be once real liquidity and price discovery kick in.
- Perpetual futures account for more than 70% of all volume on centralized global crypto exchanges, per CoinGecko data cited in the piece.
- The SpaceX perp's slide tracks a broader crypto selloff: Bitcoin and ether are down 20% and 23%, respectively, since the perp contract launched on May 18.
Why it matters: With the perp premium at roughly 20% — and down from peaks above $220 to $162 — even the 'most optimistic' perp traders aren't extremely bullish, per the quoted expert; if that signal holds, Friday's debut could see a solid but unspectacular pop, and any further crypto weakness could drag the listing's first-day momentum with it.
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