Binance has launched what it calls the SPCXUSDT Pre-IPO perpetual futures contract hours after SpaceX announced listing on Nasdaq.
Currently, expectations of its debut lie between $1.75 to $2 trillion. Binance contracts are using USDT margin and allowing leverage up to 5x.
As the product is synthetic, which means no real ownership, traders are only getting exposure to price swings.
While markets await the IPO, the prices of the contract are based on investor sentiment derived from private investment rounds, trades among existing shareholders, and the information in SpaceX’s S-1 regulatory filing.
After the IPO happens, Binance SPCXUSDT begins tracking the public share price directly.
Day one trading got wild
Trading opened at $206 and climbed to $224. It settled down around $208 at the time of writing. That’s a 13.8% swing from the $197 bottom to the $224 top. The 24-hour trading volume has crossed $50 million.
Elon Musk’s space venture has recently made its public offering intentions clear through updated SEC documents, as reported by Cryptopolitan.
The company will be listed on Nasdaq with the ticker SPCX. Musk already has one company on the exchange, Tesla (NASDAQ: TSLA), which means he’ll be running two publicly traded operations, each approaching trillion-dollar territory, after the SpaceX IPO scheduled for June 8.
The public filing also shows Musk’s voting control reaches 85% through a combination of 849.5 million Class A shares and 5.57 billion Class B shares. No one else, person or organization, besides Musk owns more than 5%.
The barrier for regular investors to get exposure to an IPO like SpaceX has fallen. Usually, they would need accredited investor credentials or ties to venture capital circles.
Binance is not the first one to give that opportunity. Hyperliquid, OKX, and Bitget are also offering their own SpaceX pre-IPO offerings.
What Binance brings is scale. As the biggest crypto exchange globally, it offers liquidity and retail access that smaller platforms can’t duplicate.
Anyone with a Binance account can now take a position well ahead of when IPO shares become available.
Investors eyeing SpaceX’s eventual stock market debut may want to look at the numbers first, as early betting on the shares comes with serious pitfalls.
Trading in pre-IPO contracts carries dangers that regular investments don’t. Prices can swing far from what shares actually sell for when the company finally lists. Borrowed money makes losses hurt more. These contracts don’t come with shareholder perks like dividends or voting power.
The track record for big public debuts isn’t encouraging
Jay Ritter, who runs the IPO program at the University of Florida, tracked roughly 9,300 companies that went public on major U.S. exchanges from 1980 through 2025. First-day trading typically pushed prices up 19% on average.
But the honeymoon doesn’t last. Looking at the ten biggest American IPOs, which include Alibaba, Meta, Uber, and Rivian, the pattern is clear. Three months after going public, these stocks had dropped by a median of 10%. After a full year, the median loss hit 31%.
The bigger the launch, the harder the fall once the buzz dies down.
Even the most recent hot IPO can be taken as such an example. Cerebras Systems dropped 4.0% during afternoon trading, hitting $291.51 after reaching a high of $338. The AI chipmaker’s slide comes just days after its stock market launch, as early buyers cash out their profits.
The company sold shares at $185 each before jumping 68% on opening day. Last year brought strong results, with sales climbing 76% to $510 million and profits reaching $88 million after previous losses. But the pullback shows a familiar pattern for newly public companies.
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Source: https://www.cryptopolitan.com/binance-trading-wall-street-biggest-ipo/
