SpaceX SPCX pre-IPO perpetual futures surpassed $500M in 24-hour volume on Hyperliquid as traders bet on a 27-35% first-day pop ahead of the June 12 Nasdaq

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.