Before SpaceX started trading on the stock market, most regular investors couldn’t buy shares directly. Instead, according to Binance, they traded over $9 billion worth of financial products linked to SpaceX on their platform as a way to gain exposure to the company.
Binance reported that its futures contract for SpaceX (SPCXUSDT) quickly became one of its most popular products after launch, second only to Bitcoin. While these numbers come directly from Binance, they show a strong demand for this new type of trading option, which wasn’t available on the platform until May 21st.
Binance’s SpaceX Numbers
As of June 13th, Binance saw over $5.6 billion worth of SPCXUSDT traded in a single day, according to data from Coinglass and CoinMarketCap. Total trading volume for the contract, including before and after its initial listing, has surpassed $9 billion.
The company reports it controls over 60% of the market for this product, both in traditional and more open trading environments. They estimate this themselves. As of June 15th, they also have the highest amount of open interest – around $190 million – compared to all other platforms. According to Shunye Jan, Binance’s head of spot and derivatives, these figures prove that traders are attracted to their strong liquidity and well-designed products.
The surprising fact is that SpaceX briefly became the second most-traded asset on the world’s biggest cryptocurrency exchange, according to the exchange itself. But the real story is understanding *how* that happened.
What the Demand Reveals: An Access Barrier
It’s usually very difficult for everyday investors to invest in successful, late-stage private companies. Shares before a company goes public (pre-IPO) are generally only available to wealthy, accredited investors. And even when a company *does* go public, regular traders often have limited or no access to initial shares, depending on their brokerage and location. SpaceX, a historically valuable private company, is a prime example – most individual investors could only observe its growth without being able to invest.
Once trading opened for perpetual futures contracts linked to SpaceX, there was a surge in demand. This was part of a larger trend in the crypto world of creating ways to invest in SpaceX, with at least eight platforms offering tokenized IPOs, perpetual futures, or stock tokens. Binance’s campaign to allow subscriptions to SpaceX drew $557 million from almost 27,700 people, and they reported that over 80% of the demand for these direct-stock products came from users in developing countries who have limited or no ability to invest in traditional U.S. stocks.
Binance believes limited access was the main problem, and these results show what happens when that barrier is removed. This idea is part of a larger discussion; for example, Coinbase CEO Brian Armstrong argues current regulations prevent average investors from benefiting from significant market opportunities.
How a Pre-IPO Perp Works
It’s helpful to understand how the pricing worked, as it directly influenced the product’s value. Before SpaceX offered shares to the public, its pre-IPO contracts were priced based solely on demand from buyers on Binance. The size of each contract was determined by how many shares SpaceX was expected to have at that time.
Once the contract began trading on the Nasdaq, it became a typical perpetual contract, using real-time price data from financial data providers. The transition wasn’t smooth; when SpaceX revealed it had more shares than initially reported, it reduced the value of contracts held before the public offering. Binance claims it was the only exchange able to adjust its contracts to account for this change, which suggests these types of products are surprisingly complex to manage.
What Traders Are Actually Buying
It’s important to understand what SPCXUSDT *doesn’t* offer. It lets you gain from price changes in SpaceX with leverage, but it doesn’t give you any actual ownership of the company – meaning no shares, no dividend payments, and no rights related to company decisions. This is different from Binance’s bStocks, which do represent real ownership of the asset.
Using borrowed funds, or ‘leverage,’ can be risky, and these new financial tools share dangers seen during previous investment bubbles. For example, a technical issue with a SpaceX prediction market in May led to $1.5 million in losses. Experts at DWF Labs also caution that the price of these tokens, which represent shares in companies before they go public, can differ from the actual market price and make it harder to buy or sell them. Furthermore, the market share figures come from Binance itself, and independent data isn’t publicly available.
This episode demonstrates just how much demand exists when it becomes easier to access something, even if that access isn’t full ownership but rather a borrowed or simulated version. The big question raised by Binance’s performance is whether this initial interest will translate into actual investment – perhaps through things like tokenized stocks, relaxed rules for private investing, or reforms similar to those Armstrong advocates – or if it will remain focused on speculative trading.
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2026-06-16 15:17