Binance's SpaceX Tokenized IPO Pulls $557M — Retail Crashes the Pre-Launch Party

Binance Wallet's tokenized SpaceX IPO subscription campaign raised $557 million in USDC from 27,689 wallet addresses, according to Dune Analytics data, ahead of the aerospace company's planned Nasdaq listing on Friday, June 12. The offering, branded SPCXx and issued by xStocks, is designed to track the performance of SpaceX shares post-listing and marks the first product in Binance Wallet's new IPO program, which the exchange says is intended to link traditional equity markets with blockchain-based investment infrastructure.

Subscription data shows retail dominated participation while larger wallets dominated capital. Addresses contributing $20,000 or less represented more than 81% of participants but accounted for 18.39% of the total funds. Wallets contributing between $20,000 and $100,000 made up nearly 17% of subscribers and supplied about 58% of the proceeds. A total of 114 addresses contributed more than $500,000 each, representing approximately 10.2% of the funds raised.

SpaceX is seeking to raise $75 billion at a share price of $135, an implied valuation near $1.8 trillion, according to filings reported across financial outlets. On decentralized exchange Hyperliquid, SpaceX perpetual futures launched on May 18 and traded between $180 and $200, implying a valuation closer to $2.5 trillion, Talos said in a Tuesday report. The implied share price moved closer to the IPO level by Monday but has since rebounded to about $179 across Hyperliquid, Binance and other crypto venues. Talos noted that crypto exchanges are emerging as price-discovery venues for pre-IPO stocks, citing Hyperliquid's pre-IPO perps pricing Cerebras' (CBRS) recent Nasdaq debut within 1.3% of its $350 opening price.

On prediction market Polymarket, 56% of participants are betting that SpaceX will close its first trading day with a $2 trillion to $2.5 trillion market capitalization, while 25% are predicting a close between $1.5 trillion and $2 trillion. Several other crypto platforms are lining up SpaceX-linked products, with OKX confirming to Cointelegraph that it will list SpaceX on its X-perps on Friday for Europe-based traders with up to 10x leverage, joining Bitget, Blockchain.com, Bybit, Kraken and Coinbase in offering exposure to the listing.