ProShares Plans 2x SpaceX ETF as SPCX Pre-IPO Market Falls 27%

TLDR

• ProShares plans to launch ProShares Ultra SpaceX under ticker SPCF.
• SPCF targets 2x daily returns of SpaceX shares after the IPO.
• SpaceX is offering shares at a fixed IPO price of $135.
• SpaceX aims to raise $75B at a valuation near $1.75T to $1.8T.
• Hyperliquid’s SPCX contract fell 27% from its mid-May launch price.

ProShares plans to launch a leveraged exchange-traded fund tied to SpaceX on the same day the company is expected to begin public trading, adding another market product to one of the most closely watched IPOs of 2026.

The firm said ProShares Ultra SpaceX, trading under the ticker SPCF, is designed to target two times the daily return of SpaceX shares. The fund is scheduled to launch on June 12, 2026, the same day SpaceX is expected to debut in public markets.

ProShares Chief Executive Officer Michael L. Sapir said SPCF is intended to give investors a way to magnify a bullish view on SpaceX without borrowing on margin. The launch plan comes as SpaceX seeks to raise $75 billion in its initial public offering at a valuation of about $1.75 trillion to $1.8 trillion.

ProShares Targets 2x Daily SpaceX Exposure

The planned SPCF ETF would add SpaceX to ProShares’ lineup of single-stock leveraged funds. The company already offers products targeting two times daily returns for companies including Circle, Coinbase, NVIDIA, Palantir, and Tesla.

ProShares is one of the largest providers of geared ETFs, with more than 115 funds and over $90 billion in assets across equities, fixed income, commodities, currencies, crypto, and volatility.

The proposed SpaceX ETF would not be designed for long-term matching of SpaceX’s total return. Leveraged ETFs generally target daily performance, meaning returns can diverge from two times the stock’s move over longer periods due to compounding and volatility.

The timing has drawn attention because the ETF is planned for the same day SpaceX is expected to begin trading. Market watchers have pointed to the product as an early sign of strong demand for instruments tied to Elon Musk’s space and satellite company.

SpaceX is expected to trade under the ticker SPCX. The company has become a major player in commercial launches, satellite broadband through Starlink, and space infrastructure. Investor interest has also been supported by its links to artificial intelligence, global connectivity, and defense-related markets.

SpaceX IPO Demand Remains Elevated

SpaceX is offering shares at a fixed price of $135. At that price, the company would raise about $75 billion, making the IPO potentially larger than any previous public listing.

The fixed-price structure means investors cannot bid the offering price higher during the bookbuilding process. Instead, investors either accept the $135 offer price or do not participate.

Demand has remained strong. Reports have put investor interest at $150 billion to $250 billion, suggesting the offering may be at least two times oversubscribed and potentially more than three times oversubscribed if higher estimates are confirmed.

Large investors often submit orders for more shares than they expect to receive in high-demand offerings. That can make headline demand larger than final allocations, but the reported figures still point to intense interest from institutions and retail investors.

SpaceX has also allocated as much as 30% of the IPO to retail investors through platforms such as Robinhood and Fidelity. That structure gives individual investors a larger role than in many traditional IPOs, where most shares are typically reserved for institutional buyers.

Hyperliquid SPCX Contract Slides Before Debut

While the official IPO price remains fixed at $135, a SpaceX-linked perpetual contract on Hyperliquid has been trading as a pre-IPO price discovery venue. The 5x-leveraged cash-settled contract also uses the ticker SPCX.

The Hyperliquid SPCX contract traded near $157 on Wednesday, down about 27% from its mid-May launch price near $216. It had briefly reached about $230 before declining over the past three weeks.

Despite the drop, the contract still trades above SpaceX’s $135 offer price. At $157, it implies a first-day premium of roughly 16%. In May, the contract priced SpaceX at about 60% above the IPO price.

The SPCX perpetual does not give holders SpaceX shares, allocation rights, or any claim on the company’s equity. It is a cash-settled derivative that allows traders to speculate on where SpaceX-linked equity value may trade.

The decline in the contract may reflect reduced first-day premium expectations, broader crypto market weakness, or investors raising cash to participate in the heavily subscribed IPO. Bitcoin and other risk assets have remained under pressure in recent sessions, adding to volatility across crypto-linked trading venues.

The post ProShares Plans 2x SpaceX ETF as SPCX Pre-IPO Market Falls 27% appeared first on CoinCentral.