Image Credit: Binance
Key Takeaways
- Binance listed SPCXUSDT perpetual futures tracking SpaceX’s expected valuation, with contracts set to transition to live share prices once the stock begins trading publicly.
- SpaceX filed its S-1 with the SEC on Wednesday, disclosing 18,712 BTC, $4.69 billion in first-quarter revenue, and a possible Nasdaq debut as early as next month.
- Binance is a late mover, with OKX, Crypto.com, and Trade.xyz having already listed SpaceX pre-IPO futures, the latter generating $33 million in volume on its first day.
Binance has launched perpetual futures contracts tied to the anticipated valuation of SpaceX, becoming the latest crypto exchange to offer retail traders exposure to the private rocket maker ahead of its expected Nasdaq debut. The contract, listed as SPCXUSDT and margined in the dollar-pegged stablecoin tether, is based on SpaceX’s expected market valuation. Reuters has reported that SpaceX is targeting a valuation of around $1.75 trillion for its planned listing.
Binance’s Pre-IPO Perpetual Contracts Will Track Private Valuations Before Transitioning to Live Share Prices
Binance’s “Pre-IPO Perpetual Contracts” are built on the same perpetual futures infrastructure used for crypto trading. Before a company’s public debut, the contract price will reflect publicly available signals such as private funding rounds and announced IPO price ranges.
Once the stock begins trading on a secondary exchange, the contract will transition to reflect the shares’ live market performance. Shunyet Jan, head of spot and derivatives business at Binance, said in a press release:
“The product is another example of how Binance is democratizing access to market opportunities by combining crypto-native infrastructure with major financial events.”
Jan added that the launch “reflects our vision for Binance as a financial super app, one that offers access to an expanding range of financial opportunities that have traditionally been more difficult to reach.”
SpaceX Filed Its S-1 With the SEC on Wednesday, Disclosing 18,712 BTC and $4.69 Billion in First-Quarter Revenue
SpaceX filed its S-1 registration statement with the Securities and Exchange Commission on Wednesday, disclosing holdings of 18,712 BTC at a cost basis of roughly $35,000 per bitcoin. The filing also revealed $4.69 billion in first-quarter revenue and a $4.28 billion net loss, and suggested a possible Nasdaq debut as early as next month. The IPO is expected by traditional market analysts to be the largest stock debut in history.
Deepwater Asset Management’s Gene Munster said on X that SpaceX’s filing on Wednesday “sucked the air out of the NVDA quarter,” even as Nvidia delivered what he described as blowout quarterly earnings. Nvidia shares ended the day flat at $220.60, suggesting the SpaceX filing overshadowed what would otherwise have been a market-moving earnings report. Munster said:
“Yes, NVDA crushed earnings, but SpaceX’s positioning as a sovereign AI company offers a more compelling long-term (10-year) growth story. Nvidia and SpaceX together could reach a combined market capitalization of $7 trillion.”
OKX, Crypto.com, and Hyperliquid’s Trade.xyz Had Already Listed SpaceX Pre-IPO Futures Before Binance
Binance’s listing follows comparable offerings from OKX, Crypto.com, and Hyperliquid’s Trade.xyz. Trade.xyz launched its SpaceX perpetual futures on May 18 with a reference price of $150 per share, implying a $1.78 trillion valuation, and generated $33 million in trading volume on the first day. Bitcoin’s price rally stalled at around $80,000 a week ago, according to CoinMarketCap, and prices have since pulled back to under $78,000.
