While SpaceX’s record-breaking IPO generated strong returns for its IPO investors last month, Binance explained how people made money across different asset classes on its platform.
After raising $75 billion in the biggest-ever IPO in history, SpaceX began trading at $150 per share in June, marking an 11% premium to its IPO price of $135. In its latest blog post, Binance said that the most exciting companies and financial opportunities have historically been difficult to reach for many users around the world.
The crypto exchange said it is working to close this gap, building products to help users invest in the company at different stages of the market journey. Its users invested in SpaceX using various asset classes - pre-IPO perps, direct stocks and bStocks.
The pre-IPO perps began trading on Binance 22 days before the IPO in May. “Before the IPO day, SpaceX Pre-IPO Perps generated nearly 2 billion in trading volume on Binance, equivalent to an average daily volume of $89 million. More than 11 million trades were executed before the listing,” it said.
The pre-IPO perpetual contracts track a company’s expected valuations. Unlike traditional pre-IPO shares, these contracts do not represent ownership in the company. Instead, they are derivative products that reflect publicly available pricing signals, such as announced IPO price ranges and final offering prices.
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The crypto exchange further said that volume peaked on the IPO day, when $5.85 billion was traded on Binance, adding that it accounted for nearly 69% of the trading volume market share among major exchanges offering similar perpetual contracts.
SpaceX share trading on Binance
After listing, SpaceX moved from a pre-listing derivatives product into direct stock trading, giving eligible users another way to access the asset after the public debut. Binance said SpaceX quickly became the highest-volume equity on its platform. “The asset generated more than $280 million in equity trading volume, with an average of $26 million in volume per trading day. It also brought more than $70 million in fund flow to the asset on Binance,” the crypto exchange said.
With the listing of SpaceX shares, trading volume and liquidity in the futures market saw a dramatic surge. “SpaceX perps volume increased 18x after transitioning from pre-IPO to listed stock perps, reaching an average of $1.6B daily. This demonstrates that what accumulates during the pre-IPO phase may not be merely pre-listing speculative interest, but transferable, sustainable liquidity. In the SpaceX case, the point was that a major public-market event could be followed through a familiar Binance experience, with stablecoin settlement, direct equity access, and the same broader ecosystem that users already know,” Binance said.
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The third and final stage for SpaceX included the bStock version of the asset, codenamed SPCXB. These are tokenized securities designed to give eligible users tokenized economic exposure to US stocks. They do not represent direct ownership of the underlying shares, but they can bring stock-linked exposure onto crypto rails and into supported on-chain environments.
“Among the $70 million in related assets under management on Binance, more than 93%, or $65 million, was minted as SPCXB. More than 90% of the minted SPCXB token supply was allocated on Binance. “SPCXB also showed strong trading activity, recording an average weekday trading volume of more than $36 million, which exceeds the trading volume of the direct equity. It also generated more than $36 million in weekend and holiday trading volume, at times when legacy exchanges were closed,” it added.
The crypto exchange explained that this shows the practical tokenisation. While traditional equities can only be traded during market hours and are subject to traditional settlement infrastructure, tokenised securities can introduce 24/7 transferability, the ability to withdraw to self-custody wallets where supported, and potential use across eligible on-chain applications.
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Binance called SpaceX a case study in how the market demand can move across its product layers. Before the SpaceX IPO, eligible users used pre-IPO perps to trade expectations around a private company’s valuation. Once the stock listed, users moved into direct equity exposure. Then, through SPCXB, many users brought that exposure into a tokenized format.
“The overarching utility here is about giving users more choice at each stage of an asset’s lifecycle. The same asset can serve different user needs as it moves from private to public markets, and then into the tokenized space,” the crypto exchange said, adding that it is building a new way for users to experience global finance, one than can connect crypto rails, stablecoins, public equities, tokenized securities, and on-chain utility in a single ecosystem.
“SpaceX is an early example of how this might work: a globally watched asset producing a major public-market and cultural event, embarking on a full product journey from pre-IPO exposure to direct stock access to tokenized securities. As more assets move across the boundaries between private markets, public markets, and on-chain markets, we are building the infrastructure to help eligible users follow that journey from start to finish,” the crypto exchange said.
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