Vida’s Leveraged Short on SpaceX Perpetual Contract Sparks Market Debate
Formula News founder Vida publicly took a leveraged short position in the SPCX SpaceX perpetual futures contract, turning the private company’s valuation into a target for crypto-market speculation ahead of its listing. SpaceX is reportedly valued at $1.8 trillion, and conflicting views about its growth potential and whether it is overpriced have intensified the battle between bullish and bearish traders.
The latest trading data showed Vida opening a leveraged SPCX short position on a cryptocurrency exchange. The trade drew community attention to the risk that high funding rates could erode the position and that a sharp price increase could trigger a short squeeze. SpaceX is expected to formally list on June 12, putting pre-listing price volatility, its $1.8 trillion valuation and bearish positions in the market spotlight.
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The history behind this eventSpaceX Pre-IPO Market on Hyperliquid Falls 27% in Three Weeks
SpaceX is not yet publicly listed, but Hyperliquid's SPCX pre-IPO perpetual contract allows investors to speculate in advance on its IPO valuation and first-day performance. The contract does not represent actual ownership of SpaceX shares. Its price primarily reflects market expectations, making its volatility an important gauge of IPO enthusiasm and risk appetite.
SPCX has fallen about 27% over the past three weeks, signaling a marked decline in expectations for SpaceX's post-listing premium. Based on a SpaceX offering price of $135 a share, SPCX's implied first-day IPO premium has dropped from about 60% in May to roughly 16%, though its current trading price remains above the offering price.
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