Key facts
- Binance's tokenized IPO campaign for SpaceX attracted over $557 million in USDC deposits.
- Nearly 27,689 wallet addresses participated in the campaign.
- SpaceX aims to raise $75 billion at $135 per share for its Nasdaq debut.
- Perpetual futures trading suggests a potential valuation exceeding $2 trillion.
- Several crypto exchanges are offering pre-IPO exposure products for SpaceX.
Binance's tokenized initial public offering (IPO) campaign for SpaceX has attracted over $557 million in USDC deposits from approximately 27,689 wallet addresses, signaling robust demand for pre-IPO exposure through cryptocurrency channels ahead of SpaceX's anticipated Nasdaq debut on Friday.
The campaign saw a significant participation from smaller wallets, with those contributing up to $20,000 accounting for over 81% of addresses but only 18.39% of the total funds. Conversely, 114 addresses contributed over $500,000 each, representing about 10.2% of the total funds, according to data from Dune.
SpaceX is reportedly seeking to raise $75 billion at $135 per share, which would value the company at approximately $1.8 trillion. However, trading in SpaceX perpetual futures on decentralized exchanges like Hyperliquid has ranged between $180 and $200, implying a valuation closer to $2.5 trillion, according to a report by Talos.
Talos also noted that crypto exchanges are increasingly serving as venues for price discovery for pre-IPO stocks, citing Hyperliquid's accurate pricing of Cerebras' recent Nasdaq debut. On the prediction market Polymarket, 56% of participants are betting that SpaceX's IPO will close with a market capitalization between $2 trillion and $2.5 trillion.
In response to the demand, several cryptocurrency exchanges are launching pre-IPO proxy offerings. OKX announced it is preparing to list SpaceX on its X-perps platform, offering European traders futures exposure with up to 10x leverage. Other platforms offering SpaceX-linked products include Bitget, Blockchain.com, Bybit, Kraken, and Coinbase.