Binance has launched a new futures contract product that allows investors to take positions ahead of SpaceX’s anticipated public offering. Listed under the name SPCXUSDT, the “Pre-IPO Perpetual Contract” is USDT-margined and offers leverage of up to 5x.
The product is part of Binance’s attempt to bring the infrastructure of crypto derivatives into traditional financial markets. It does not provide actual ownership in the company; trading is based entirely on price movements. In the pre-IPO period, the contract price is based on publicly available data such as private investment rounds and transactions by existing shareholders. Once SpaceX goes public, SPCXUSDT will begin tracking the actual share price directly.
SpaceX Trading Begins on Binance
The first day of trading was highly active. The contract opened at $206, climbed to $224, and was trading around $208 at the time of writing. With a daily low of $197 and a peak of $224, intraday volatility reached 13.8%. The 24-hour trading volume also exceeded $50 million.
SpaceX has filed its S-1 registration statement with the SEC. The documents revealed that the company holds 18,712 BTC acquired at an average cost of around $35,000. First-quarter revenue was reported at $4.69 billion, while net loss stood at $4.28 billion. The company is expected to begin trading on Nasdaq under the SPCX ticker in June 2025. Elon Musk’s voting power stands at around 85% through Class A and Class B shares; no other individual or institution holds a stake above 5%.
On decentralized prediction platform Polymarket, users are pricing the probability of the IPO closing above a $2 trillion valuation at more than 70%. Reuters, meanwhile, reported that SpaceX’s target valuation is around $1.75 trillion.
Binance is not alone in this field. Hyperliquid’s Trade.xyz platform launched SpaceX futures contracts on May 18 at $150, corresponding to a valuation of roughly $1.78 trillion. The product generated $33 million in volume on its first day. OKX and Bitget also offer similar products. What sets Binance apart is scale: the liquidity and retail access provided by the world’s largest crypto exchange are not capacities that smaller platforms can easily match.
Pre-IPO futures contracts allow individual investors to gain early exposure to an IPO market that has traditionally been dominated by institutional investors and venture capital circles. However, these products come with their own risks. Contract prices can diverge significantly from the actual share price. Leverage can amplify losses. They also do not provide dividends or voting rights.
Historical data shows that major IPOs do not always perform as well as commonly assumed. Jay Ritter of the University of Florida examined around 9,300 companies that listed on major U.S. exchanges between 1980 and 2025. The average first-day gain was 19%. But that momentum often fails to hold. Looking at the 10 largest U.S. IPOs, including Alibaba, Meta, Uber and Rivian, the median decline reached 10% after three months and 31% after one year. The latest example points to the same pattern: AI chipmaker Cerebras Systems surged 68% on its opening day to $185, but by the end of the first week, the stock had fallen to $291.
The SpaceX expectation is also affecting crypto markets. Bitcoin came under pressure around the $80,000 level about three weeks ago and has since slipped below $78,000. Gene Munster of Deepwater Asset Management said SpaceX’s S-1 filing pushed Nvidia’s strong quarterly results out of the spotlight; Nvidia closed that day unchanged at $220.60.
