SpaceX IPO Crypto Buzz
Binance Wallet's SpaceX IPO Subscription Attracts $557M Amid Whale Activity and Pre-IPO Trading
Anonymous
Key Points
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Neptune CEO Cale Moodie described SpaceX as “lay[ing] the foundation for entirely new industries,” saying the company has “over two decades” building “world-class launch infrastructure,” “unparalleled engineering capabilities,” and a “transformative global satellite network” that should become increasingly strategic as AI, data, and connectivity demands accelerate.
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SpaceX’s IPO, according to derivatives/market coverage, is structured to raise about $75 billion by selling ~555.6 million shares, implying a valuation around $1.77 trillion; other market estimates cited in coverage place valuation around $2.4 trillion, and Polymarket assigns a 56% probability SpaceX will close its first day with a market cap between $2 trillion and $2.5 trillion.
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Binance Wallet’s reported subscription breakdown shows heavy capital skew by ticket size: addresses investing $20,000 or less were 81.48% of participants but only 18.39% of the $557 million raised, while $20,000–$100,000 contributors were 16.69% of participants but 57.67% of funds; 114 addresses investing $500,000+ represented 10.23% of the total.
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The Hypurrscan-tracked whale leveraged trade details include an entry around $168 and a current synthetic SPCX price near $175 (~30% above the stated IPO price of $135); the position is reported as a 2x isolated long worth about $22.29 million and already generating over $1.15 million in unrealized profits.
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OnchainLens monitoring identified a second whale by address (0x9cc) that increased its SPCX long “by 2 times,” holding 100,580 SPCX worth about $17.33 million and reporting an unrealized gain of roughly $676,000.
SpaceX made history on June 12, 2026, opening at $150 per share on the Nasdaq — an 11% jump from its $135 IPO price — and briefly climbing as high as $165, according to Benzinga. The debut values the company at roughly $1.96 trillion, instantly making CEO Elon Musk the world's first trillionaire, ADN reported.
The $75 billion raise — selling 555.6 million shares — is the largest IPO in history, more than tripling Saudi Aramco's previous record of $29.4 billion. It capped a frenzy of pre-IPO crypto activity, with Binance Wallet's subscription window pulling in $557 million from nearly 28,000 wallet addresses in just 28 hours.
SpaceX's Nasdaq Debut Breaks Every IPO Record
SpaceX priced its IPO at $135 per share on June 11, then opened the next morning at $150 and rose as high as $168.75 through the session, Head Topics reported. Gwynne Shotwell, SpaceX's president, rang the Nasdaq opening bell. "Today, we make history again," she said. "We have a history of making history."
The company's February 2026 acquisition of Elon Musk's AI startup xAI — in an all-stock deal worth $1.25 trillion — added a powerful "AI premium" to SpaceX's core Starlink and launch revenues. Musk told crowds at SpaceX's Texas headquarters: "It is certainly hard to believe that a little company that started in a warehouse in El Segundo is now going public with the largest IPO ever." Proceeds are earmarked for Starship development and orbital data centers designed to run AI models from space.
Binance Wallet's $557M Subscription Was Dominated by Whales
Before SpaceX touched the Nasdaq, crypto platform Binance Wallet ran a 28-hour subscription campaign letting users pledge USDC for tokenized SpaceX exposure. It drew 27,689 wallet addresses and $557 million in pledges, according to Dune Analytics data cited by FourWeekMBA. But the money was heavily skewed toward big players.
Addresses investing $20,000 or less made up 81.48% of participants — but supplied only 18.39% of the capital. Mid-tier investors ($20,000–$100,000) were 16.69% of wallets yet contributed 57.67% of funds. Just 114 addresses investing $500,000 or more accounted for 10.23% of the total $557 million raised. Most retail participants received only partial fills, while platforms like Bybit reportedly received zero shares from underwriters.
Crypto Whales Bet Big on Synthetic SpaceX Contracts
Even before the IPO priced, a whale tracked by Hypurrscan opened a 2x leveraged long position in SPCX — a synthetic pre-IPO contract tied to SpaceX shares — worth about $22.29 million, entering near $168 per token. With SPCX trading around $175 at the time, roughly 30% above the $135 IPO price, the position had already generated over $1.15 million in unrealized gains.
A second whale, identified by on-chain monitor OnchainLens at address 0x9cc, doubled its position to 100,580 SPCX tokens — worth about $17.33 million — and sat on roughly $676,000 in unrealized profit. Synthetic SPCX contracts peaked at $184 in the "dark market," implying a valuation of $2.4 trillion. Polymarket gave a 56% chance SpaceX would close its first day with a market cap between $2 trillion and $2.5 trillion.
Analysts Warn the Valuation Is Built on Hype
Not everyone is cheering. Morningstar analyst Nicholas Owens pegged SpaceX's fair value at just $780 billion — about $63 per share — calling the current price a "hype premium." NYU professor Aswath Damodaran described even the $135 offer price as "rich," placing fair value closer to $1.25 trillion. At $150-plus, he argued, investors are paying a steep premium for future promises.
Critics argue the February xAI merger was financial engineering: merging a cash-burning AI startup with a steady aerospace business just months before listing, purely to capture the AI hype cycle. GSR's Spencer Hallarn noted a separate side effect — the $75 billion capital raise "sucked liquidity" out of crypto markets, helping push Bitcoin down to $61,000. Neptune Digital Assets CEO Cale Moodie took the bullish view, saying SpaceX is "lay[ing] the foundation for entirely new industries" with a "transformative global satellite network" that will only grow more valuable as AI and data demands accelerate. Neptune expects to hold about 163,000 SpaceX shares after converting its xAI investment.
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