BingX Launches Onchain Trading for Pre-IPO SpaceX Assets, Expands RWA Push

SpaceX, the privately held aerospace company founded by Elon Musk, is the subject of market bets that its valuation could reach $1.75 trillion–$2 trillion ahead of a Nasdaq IPO. Binance has packaged those expectations into a derivative that allows retail traders to take long or short positions, though the contract does not confer equity ownership. The product brings private-market price discovery into crypto trading and could also divert funds from Bitcoin.

Binance Futures listed the USDT-margined and settled SPCXUSDT Pre-IPO perpetual contract on May 21, 2026. It references publicly available valuation data before the listing and will track the share price afterward. By June 12, a separate SPCXx subscription campaign launched through Binance Wallet had attracted commitments of about $557 million from 27,689 addresses. The indicative price was 135 USDC per token, but submitting an application did not guarantee an allocation.

SpaceX, founded by Elon Musk in 2002, has expanded the space market through reusable rockets and Starlink. Bitget’s IPO Prime brings exposure to private investments onchain, lowering the barrier for retail investors. However, preSPAX is not SpaceX stock. It is a tokenized debt instrument issued by Republic and linked to SpaceX’s post-listing returns, with no involvement from SpaceX in the issuance.

Bitget launched IPO Prime on April 14, 2026. Subscriptions for preSPAX run from April 18 to 21 UTC, with trading beginning on April 21. The initial offering comprises 94,000 tokens priced at $650 each, for a total value of $61.1 million, based on a $1.5 trillion valuation for SpaceX. The minimum individual investment is $100, while the platform’s commitment is capped at $1 billion.