SpaceX IPO Token Demand Hits $557M In Binance Wallet Campaign

Binance Wallet drew $557 million into a tokenized SpaceX IPO subscription as investors sought exposure to the aerospace company’s planned Jun. 12 listing.

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Binance SpaceX

Binance Wallet’s first tokenized IPO campaign brought in $557 million in subscriptions as SpaceX prepared to go public on Jun. 12.

The campaign centered on SPCXx, a tokenized product from xStocks that is designed to mirror SpaceX’s performance if the company completes its public listing.

Binance said the campaign was part of its new IPO program, which aims to connect traditional equity offerings with blockchain-based investment infrastructure. Participation was broad, but the funding was uneven across investor sizes. More than 81% of wallets committed $20,000 or less, though those accounts provided less than one-fifth of the total capital.

Wallets subscribing between $20,000 and $100,000 accounted for nearly 17% of participants and almost 58% of committed funds. Another 114 addresses each pledged at least $500,000, together representing more than 10% of subscribed capital.

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SPCXx Allocation

The subscription opened on Jun. 11 and closed on Jun. 12, after which allocation calculations began. Applicants had to lock USD Coin (USDC) until final distribution results were completed.

Binance said not every applicant would receive SPCXx tokens. Final allocations will be determined by the issuer and underwriter, based on demand and issuance arrangements.

Applicants may receive a full allocation, a partial allocation or no tokens.

Binance said unsuccessful users would be notified and refunded in full after allocations are completed.

The minimum subscription was 100 USDC, while the reference token price was 135 USDC before fees. Successful allocations carry a 5% underwriting charge, and the offering used an implied SpaceX valuation of $1.75 trillion.

SPCXx holders receive exposure to price movements linked to the SpaceX IPO, but they do not own SpaceX equity, voting rights, dividends or other shareholder rights.

The campaign followed Binance’s launch of pre-IPO perpetual futures tied to SpaceX before the listing connected to Elon Musk’s company.

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