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Binance Launches SpaceX Pre-IPO Products
Binance is launching a new category of products — pre-IPO contracts. The first contract will be linked to SpaceX, the company expected to debut with a valuation of $2 trillion or more.
Binance Expands Retail Access to IPO Markets
The “Pre-IPO Perpetual Contracts” are designed to give retail traders early exposure to high-profile initial public offerings (IPOs), a market segment historically reserved for institutional investors and venture capital firms.
The first listing, SPCXUSDT, will be margined and settled in the stablecoin Tether and will be based on the anticipated market valuation of SpaceX, the aerospace company founded by Elon Musk.
The move marks an expansion of Binance’s derivatives product suite into traditional finance territory.
“Pre-IPO perpetual futures are another example of how Binance is democratising access to market opportunities by combining crypto infrastructure with major financial events. As interest in public listings continues to grow, we are giving users a more flexible way to participate early in anticipated IPOs,” said Shunyet Jan, Head of Spot and Derivatives Business at Binance, in a press release.
“This launch reflects our vision of Binance as a financial super app that provides access to an expanding range of financial opportunities that have traditionally been more difficult to access,” Jan added.
How the Pre-IPO Contracts Will Work
These pre-IPO contracts are built on the same perpetual futures infrastructure already used for cryptocurrency trading.
Before the company’s public debut, the contract price will reflect publicly available signals such as private funding rounds and announced IPO pricing ranges.
Once the shares begin trading on secondary markets, the contract will transition to reflect real-time stock price performance.
SpaceX Reveals Bitcoin Holdings in SEC Filing
On Wednesday, SpaceX filed an S-1 registration statement with the U.S. Securities and Exchange Commission, revealing holdings of 18,712 Bitcoin valued at approximately $35,000 per coin.
The filing also reported first-quarter revenue of $4.69 billion and a net loss of $4.28 billion. In addition, a potential debut on the NASDAQ is expected as early as next month.
Polymarket Sees More Than 70% Odds of a $2 Trillion Valuation
Traders on the decentralised prediction platform Polymarket estimate the probability that SpaceX’s IPO will exceed a $2 trillion valuation at more than 70%.
Meanwhile, Reuters reported that the company plans to price the upcoming listing at around $1.75 trillion.
Competition Among Crypto Platforms Intensifies
Binance’s new pre-IPO SpaceX futures follow similar offerings from OKX, Crypto.com, and Trade.xyz from Hyperliquid.
Trade.xyz’s SpaceX perpetual futures launched on 18 May at a base price of $150 per share, implying a valuation of $1.78 trillion, and generated an impressive $33 million in trading volume on the first day alone.
SpaceX IPO Could Draw Capital Away from Crypto Markets
The growing number of pre-IPO markets tied to SpaceX may divert capital and, more importantly, investor attention away from major cryptocurrencies.
Traditional market analysts are concerned that the upcoming SpaceX IPO, which is expected to become the largest stock market debut in history, could pull significant capital away from other segments of the US market, including European IPOs.
Gene Munster of Deepwater Asset Management captured the mood in a post on X, noting that SpaceX’s high-profile IPO filing on Wednesday “sucked the air out of NVDA’s quarter”, despite NVIDIA delivering exceptionally strong quarterly earnings.
NVIDIA shares still closed the day at $220.60.
“Yes, NVDA beat earnings expectations,” said Gene Munster. “But positioning SpaceX as an independent artificial intelligence company offers a more compelling long-term (10-year) growth story. Together, Nvidia and SpaceX could reach a combined market capitalisation of $7 trillion.”
See also: "Coinbase Adds Two Altcoins to Its Listing Roadmap: Here Are the Tokens"
