The SPCX contract on Hyperliquid, a 5x leveraged perpetual contract tracking SpaceX's pre-IPO, has declined by 27% over the past three weeks, now trading at approximately $157. Despite this drop from its mid-May launch price of around $216, SPCX remains above its initial public offering (IPO) price of $135. The implied first-day premium has narrowed significantly from about 60% to 16%. SpaceX's fixed pricing strategy for the IPO meant investors had to accept the set price or opt out. The SPCX contract, a cash-settled derivative, does not provide holders with shares or subscription rights. SpaceX raised $75 billion, with investor demand surpassing $250 billion, leading to significant oversubscription. The decline in SPCX may be attributed to broader market pressures and investors liquidating positions to participate in the oversubscribed offering.