SpaceX Tokenized IPO Draws $557M on Binance Ahead of Nasdaq Debut
Crypto markets are serving as a new venue for pre-IPO price discovery as SpaceX makes its highly anticipated stock market debut on Friday, June 12. Binance's tokenized IPO campaign for the Elon Musk-led aerospace company attracted over $557 million in USDC deposits from approximately 27,689 wallet addresses ahead of the listing.
Binance Campaign Sees Strong Retail and Whale Participation
According to Dune Analytics data, wallets contributing up to $20,000 accounted for more than 81% of participating addresses but only 18.39% of total funds. Meanwhile, 114 whale addresses contributed over $500,000 each, representing roughly 10.2% of the total deposits. The strong participation signals widespread demand for crypto-based exposure to one of the most anticipated IPOs in history.
SpaceX Prices IPO at $135 Per Share
SpaceX is seeking to raise $75 billion at $135 per share, pegging the company's valuation at approximately $1.8 trillion. The stock is expected to trade under the ticker SPCX on the Nasdaq exchange. On decentralized exchange Hyperliquid, SpaceX perpetual futures have traded in the $180 to $200 range since the pre-IPO market went live on May 18, implying a valuation closer to $2.5 trillion, according to a report from institutional trading platform Talos.
"Crypto exchanges are becoming a new price discovery venue for pre-IPO stocks, as Hyperliquid's pre-IPO perps priced Cerebras' recent Nasdaq debut within 1.3% of its $350 opening price." — Talos
Crypto Platforms Race to Offer SpaceX Exposure
OKX told Cointelegraph that it is preparing to list SpaceX on its X-perps product on Friday, offering Europe-based traders futures exposure with up to 10x leverage. The launch adds to a growing roster of crypto platforms offering SpaceX-linked products, including Bitget, Blockchain.com, Bybit, Kraken, and Coinbase. On the prediction market Polymarket, 56% of participants are betting that the SpaceX IPO will close with a $2 trillion to $2.5 trillion market capitalization on its first day.
Whale Opens $22.3M Leveraged Position
In a related development, a crypto whale opened a $22.3 million 2x leveraged long position on SPCX synthetic perpetual contracts on Hyperliquid. The whale entered near $168 per token, and with SPCX trading around $175, the position is already showing over $1.15 million in unrealized profit. The synthetic SPCX market is trading roughly 30% above SpaceX's $135 IPO price, indicating that crypto traders are pricing in a strong first-day rally before regular equity markets fully absorb the listing.
SpaceX's tokenized IPO campaign represents a significant milestone in the convergence of traditional finance and crypto markets, demonstrating that blockchain-based platforms can serve as meaningful price discovery venues for major public offerings.
Source: Cointelegraph