Seizing the $2 trillion valuation dividend! Binance launches SpaceX "Pre-IPO perpetual contract"

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In the past, getting a head start on a century-defining IPO was almost exclusively the domain of Wall Street institutions and venture capital funds. Today, that high wall has finally been broken. Binance, the world's largest cryptocurrency exchange, has announced the official launch of "Pre-IPO Perpetual Contracts," with the first heavyweight target being SpaceX, the aerospace company led by Elon Musk, which the market expects to reach a valuation of over $2 trillion upon listing. This new product, dubbed "Pre-IPO Perpetual Contracts," is designed to allow retail investors to bet on the expected valuations of high-profile companies ahead of time. The first contract listed, with the ticker "SPCXUSDT," will use the USD-pegged stablecoin USDT as margin and settlement unit, directly tracking the market's expected valuation of SpaceX. Shunyet Jan, Head of Spot and Derivatives at Binance, stated: "Pre-IPO Perpetual Contracts are another innovation by Binance in combining crypto-native infrastructure with major global financial events. As public interest in the listings of iconic companies continues to rise, we are providing users with a more flexible channel to participate in the market volatility expected ahead of an IPO." The birth of this product is a step-by-step realization of Binance's long-term vision to transform into a "Financial Super App." These Pre-IPO contracts adopt the same perpetual contract structure used in cryptocurrency trading. Before a company officially rings the bell to go public, the contract price will primarily reflect publicly available market information, such as private funding rounds and officially announced IPO pricing ranges; once the stock officially lists and begins trading, the contract will shift to track the real-time market performance of the stock. 70% of traders are bullish on SpaceX's valuation exceeding $2 trillion. SpaceX officially filed its S-1 prospectus with the SEC on Wednesday. In addition to revealing for the first time that it holds 18,712 BTC on its balance sheet (with an average cost of approximately $35,000), it also disclosed first-quarter revenue of $4.69 billion and a net loss of $428 million, while strongly hinting that SpaceX could debut on the Nasdaq as early as next month. According to a Reuters report, SpaceX's initial target valuation for listing is set at around $1.75 trillion; on the decentralized prediction market platform Polymarket, as many as 70% of traders are betting that SpaceX's final IPO valuation will surpass the $2 trillion mark. Binance is not the only platform to launch SpaceX Pre-IPO contracts. OKX, Crypto.com, and Trade.xyz by Hyperliquid have also launched similar products. After Trade.xyz's SpaceX perpetual contract went live on May 18, with a reference price of $150 per share (implying a $1.78 trillion valuation), the first-day trading volume reached $33 million. Is capital flowing from the crypto space to SpaceX? However, as the frenzy in the SpaceX pre-IPO market heats up, a concern has quietly emerged: is this craze draining capital and attention from the cryptocurrency market? Over the past week, Bitcoin suddenly ran out of momentum just before hitting the $80,000 mark, subsequently pulling back to below $78,000, a timing that coincides intriguingly with the SpaceX hype. This effect has not only shaken the crypto world but has also put pressure on traditional Wall Street. Analysts worry that this IPO, which has the potential to rewrite global historical records, could drain liquidity from markets in the U.S. and even Europe on a massive scale. Gene Munster, Managing Partner at Deepwater Asset Management, pointed out that the bombshell of SpaceX filing its prospectus "overshadowed Nvidia's brilliant earnings report this quarter," even though the AI chip giant delivered profit figures that stunned the market, its stock price still closed flat at $220.60 that day. He said: "Yes, Nvidia's earnings numbers were indeed overwhelming, but as a 'sovereign-level AI company,' SpaceX's long-term (10-year) growth prospects are even more attractive." He further predicted that the combined market capitalization of the two giants, Nvidia and SpaceX, would reach a staggering $7 trillion in the future.

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