- Binance‘s SpaceX tokenized pre-IPO offering attracted over $557 million in USDC from nearly 27,700 wallet addresses, signaling massive crypto-native demand.
- Crypto exchange futures markets, like those on Hyperliquid, are acting as new price discovery venues for pre-IPO stocks, with SpaceX futures implying a valuation above $2 trillion.
- A majority of traders on prediction market Polymarket are betting SpaceX’s first-day closing market cap will land between $2 trillion and $2.5 trillion.
- Major crypto exchanges including OKX, Bitget, and Kraken are launching SpaceX-linked products ahead of the company’s Nasdaq debut on Friday.
Ahead of its historic Nasdaq debut this Friday, SpaceX‘s tokenized pre-IPO campaign on Binance has drawn over $557 million in deposits, demonstrating powerful crypto market demand for exposure to the blockbuster listing. According to Dune data, nearly 27,700 wallet addresses participated, with 114 large wallets contributing over $500,000 each.
The company is seeking to raise $75 billion at $135 per share, aiming for an approximate $1.8 trillion valuation. However, crypto futures markets have priced the stock significantly higher, suggesting investors expect a loftier valuation.
On decentralized exchange Hyperliquid, SpaceX perpetual futures initially traded between $180 and $200, implying a valuation closer to $2.5 trillion. Talos noted in a Tuesday report that these markets are becoming a new price discovery venue for pre-IPO stocks.
Consequently, the price later moved closer to the IPO level before rebounding to $179. Crypto exchanges are thus providing an alternative, forward-looking gauge of investor sentiment ahead of traditional public listings.
Meanwhile, on prediction market Polymarket, 56% of participants are betting the IPO will close with a $2 trillion to $2.5 trillion market cap after its first trading day. An additional 25% predict a closing valuation between $1.5 trillion and $2 trillion.
This speculative activity coincides with a surge in exchange offerings tied to the SpaceX IPO. OKX confirmed it will list SpaceX on its X-perps platform Friday, offering European traders futures exposure with up to 10x leverage. The launch adds to similar products from Bitget, Blockchain.com, Bybit, Kraken, and Coinbase.
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