SPCX Perp Bounces to $162 as SpaceX IPO Lands $10B Institutional Orders

The Demand Thesis Reasserts

SPCX rose 5.34% over the past 24 hours to $162, clawing back from roughly $154. The trigger is confirmation on June 9 that SpaceX's IPO is well oversubscribed, with multiple institutional investors placing orders of $10 billion or more. That builds on earlier reporting that the book was running about two times oversubscribed at roughly $150 billion of demand against a $75 billion deal. The perp had faded from $168 last week on profit-taking; this leg up is the demand side reasserting as the order book firms into pricing, not a fresh headline.

What $162 Is Really Pricing

The deal price is fixed. SpaceX is selling 555.6 million shares at $135 each, raising about $75 billion at a roughly $1.77 trillion valuation — the largest IPO ever attempted, eclipsing Saudi Aramco's $29.4 billion and valuing SpaceX above Tesla. Because the offer is locked, the perp isn't tracking the deal price; it's tracking the implied first-day print on Nasdaq. At $162 the perp marks about a 20% premium to the $135 offer, down from the ~24% it carried at $168 last week. SpaceX has earmarked up to 30% of the deal for retail, well above the typical 5–10%, which is part of why the implied first-day pop has held a double-digit premium.

Into the Book Close

The order book closes Wednesday after the New York close, with pricing set for June 11 and the Nasdaq debut June 12. Two flows sit underneath the trade: mechanical buying once SPCX qualifies for Nasdaq-100 inclusion, and the argument that a deal this size forces roughly $50 billion of selling elsewhere as passive and retail money rotates in to make room. The perp's premium is the cleanest read on whether the book stays hot into Thursday's print — once real shares trade Friday, this pre-IPO market converges to whatever the opening tape says.