A whale opened a $22.3M leveraged long on synthetic SPCX as SpaceX IPO hype drives a 30% premium, but history warns of post-debut losses.

SpaceX’s IPO attracted $250 billion in demand, nearly four times oversubscribed, with crypto exchanges offering pre-IPO futures as spot markets sold off.

The SPCX perpetual still trades above SpaceX’s $135 offer price, but it has fallen sharply from its May highs as traders mark down the first-day premium.