Binance's SpaceX Tokenized IPO Campaign Attracts Over $557 Million in USDC Deposits
Quick Look
- Binance's tokenized IPO campaign for SpaceX garnered over $557 million in USDC deposits from nearly 27,689 wallets.
- This indicates strong demand for crypto-based pre-IPO exposure ahead of SpaceX's Nasdaq debut, with futures trading suggesting a valuation potentially exceeding $2 trillion.
AI-generated summary
Why It Matters
Binance's tokenized IPO campaign for SpaceX attracted significant USDC deposits, reflecting strong demand for crypto-based pre-IPO exposure. SpaceX is preparing for its Nasdaq debut with a high valuation target.
Binance's SpaceX tokenized IPO campaign attracted over $557 million in USDC deposits from about 27,689 wallet addresses ahead of the company's highly anticipated public listing.
Wallets contributing up to $20,000 accounted for more than 81% of participating addresses but only 18.39% of total funds, while 114 addresses contributed over $500,000 each, representing about 10.2% of the funds, according to Dune data.
The deposits point to strong demand for crypto-based pre-IPO exposure ahead of SpaceX's Nasdaq debut on Friday, with the company seeking to raise $75 billion at $135 a share and an around $1.8 trillion valuation.
On decentralized exchange Hyperliquid, SpaceX perpetual futures traded in the $180-$200 range after the pre-IPO market went live on May 18, 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 $179.
SpaceX perpetual futures traded at around $179 across Hyperliquid, Binance and other crypto platforms. Source: Talos
Talos added that crypto exchanges are becoming a new price discovery venue for pre-IPO stocks, as Hyperliquid's pre-IPO perps priced Cerebras' (CBRS) recent Nasdaq debut within 1.3% of its $350 opening price.
Related: Crypto exchanges chase TradFi commodities market as pricing gaps persist
Crypto rails point to over $2 trillion SpaceX IPO valuation
On prediction market Polymarket, 56% of participants are betting that the SpaceX IPO will close with a $2 trillion to $2.5 trillion market capitalization after its first day of trading, while 25% are predicting a close between $1.5 trillion and $2 trillion.
SpaceX IPO closing market capitalization bets on Polymarket. Source: Polymarket.com
Meanwhile, more cryptocurrency exchanges are launching pre-IPO proxy offerings tied to Elon Musk’s rocket and satellite company.
OKX told Cointelegraph that it is preparing to list SpaceX on its X-perps on Friday, offering Europe-based traders futures exposure to the highly anticipated debut, 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.
What to Watch
AI outlook — possibilities, not facts
SpaceX IPO will close with a $2 trillion to $2.5 trillion market capitalization after its first day of trading.
Possible · Within days
SpaceX IPO will close between $1.5 trillion and $2 trillion.
Possible · Within days
Open Questions
- Will the actual IPO valuation match crypto market predictions?
- What is the long-term impact on traditional IPO markets?
