SpaceX's pre-IPO market on Hyperliquid has fallen 27% in three weeks

SpaceX's pre-IPO market on Hyperliquid saw a 27% decline in value over the past three weeks, as of June 10, 2024. The SPCX perpetual contract, which allows traders to speculate on the future valuation of SpaceX before its initial public offering, is currently trading above the company's last offer price of $135 per share. However, this represents a significant drop from its peak values observed in May, indicating a reassessment of the immediate post-IPO premium by market participants. The decline suggests that the initial enthusiasm surrounding a potential SpaceX IPO has cooled, leading traders to adjust their expectations for the first-day trading surge. This market activity on Hyperliquid provides an early indicator of investor sentiment towards SpaceX's future public market performance, independent of traditional financial markets.