thoughts on convergence trade for SpaceX IPO?

Investor summaryNeutral

Author explores a convergence trade for SpaceX IPO by buying shares at $135 and shorting the secondary market at $160 to capture the spread.

Bull points

Potential to capture a guaranteed $25 price difference per share through a convergence trade.

Bear points

Risk of the secondary market price rising further before the IPO, causing losses on the short leg.
Execution and liquidity risks in accessing the specific pre-IPO shares at the exact $135 price point.

Post body

I have access to 50 shares at $135 price point for IPO. Current Hyperliquid price \~$160. I'm thinking short hyperliquid for 50 shares to capture the $25 price difference for 50 shares. Thoughts, am I missing anything here? Seems like guaranteed money so I'm probably missing something.

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