SpaceX tokenized IPO campaign draws $557M on Binance ahead of debut

Crypto markets are becoming a new venue for pre-IPO price discovery ahead of SpaceX’s highly anticipated debut on June 12.

Binance’s SpaceX tokenized IPO campaign attracted over $557 million in USDC deposits from about 27,689 wallet addresses ahead of the company’s highly anticipated public listing.

Wallets contributing up to $20,000 accounted for more than 81% of participating addresses but only 18.39% of total funds, while 114 addresses contributed over $500,000 each, representing about 10.2% of the funds, according to Dune data.

The deposits point to strong demand for crypto-based pre-IPO exposure ahead of SpaceX’s Nasdaq debut on Friday, with the company seeking to raise $75 billion at $135 a share and an around $1.8 trillion valuation.