Where SpaceX is trading on crypto exchanges
The IPO-week spike has cooled, and SpaceX still clears about $2.5 billion a day in perpetuals. Where the volume sits, what broke at the IPO, and what each ticker actually delivers.
The IPO-week spike has cooled, and SpaceX still clears about $2.5 billion a day in perpetuals. Where the volume sits, what broke at the IPO, and what each ticker actually delivers.
SpaceX traded about $2.6 billion across crypto exchanges on July 1, three weeks after its IPO. Perpetual contracts, which carry price exposure and no shares, took 98% of that. The rest trades as stock tokens from five issuers and as real shares sold through the exchanges' own brokerage services.
SpaceX is the most-traded stock token and the most-traded equity perpetual on the exchanges we track. Three weeks ago the company was still private. Its IPO became a live stress test for every crypto exchange offering stock exposure: the promises that broke were refunded in stablecoins, and the demand they were built on kept trading.
Binance alone cleared about $1.5 billion of SpaceX perps on July 1 and holds $202.8M of the open interest. Hyperliquid holds another $83.2M; the two venues together carry 64% of it.
Stock tokens carry SpaceX onto crypto order books as on-chain assets, with claims
that range from a real share in custody to a tracker certificate. Of the $43.5M in
tokenized SpaceX that changed hands on July 1, bStocks' SPCXB on Binance took
about 85%. It was not always the biggest: xStocks carried the token tape through
the first four days after listing, and bStocks has carried it since June 16. We
covered the bStocks line's 20-day run in
Binance's bStocks cleared $108 million in a day.
Real shares round it out. Binance, Gate, Kraken, and Backpack each sell the Nasdaq-listed share through a licensed broker, and the record-breaking IPO fueled interest in these recently launched stock products.
One company keeps appearing behind the exchanges' stock services and the token
issuers alike: Alpaca, a US broker. Alpaca built its business
selling brokerage infrastructure through APIs,
so fintech and crypto apps embed its trading and custody rails instead of becoming
brokers themselves. Its broker-dealer arm, Alpaca Securities, is a FINRA and SIPC
member. Alpaca holds the shares behind Binance's and Gate's stock services, and it
holds the shares that back Dinari's SPCXD token.
The first SpaceX products launched with no price to track. The trade.xyz frontend
on Hyperliquid listed xyz:SPCX on
May 18 at a $150 reference price.
SPCXUSDT, Binance's first pre-IPO
perpetual,
followed on May 21.
With no public quote in existence, each venue marked its contract from its own
trades or from the last disclosed private valuation.
The money arrived before the stock did. Reuters, citing Talos data, put pre-IPO SpaceX perp volume at about $3.2 billion across eight exchanges between May 17 and roughly June 10, with Binance clearing about $2.1 billion of it. Implied valuations climbed to about $2.5 trillion against what became a $135 IPO price.
The IPO itself was enormous. SpaceX
priced on June 11 at $135.00 per Class A share
and opened on Nasdaq the next day under SPCX. The offering
closed on June 15 with the full overallotment exercised:
638,888,888 shares for roughly $86 billion in gross proceeds.
On June 12, the crypto side of the market shipped almost everything at once:
SPCXON that morning.SPCXX on Bybit and SPCXx on Kraken.SPCXB bStock.The demand followed the products. Binance reported about $5.7 billion of
SPCXUSDT volume that day, its second-largest product after Bitcoin. The stock
closed July 1 at $157.54, 17% above the IPO price.
Products that promised shares had to find shares. Binance
cancelled its Wallet pre-IPO SpaceX campaign
over a share shortage, refunded about $557M in USDC across roughly 27,700
addresses, and added a $1M SPCXB airdrop. The shortage started upstream: Backed,
the issuer behind xStocks, could not source the share quantity that several
exchanges' pre-IPO campaigns depended on, and campaigns at Bybit, Kraken, and
Gate were unwound, refunded at some and filled only partially at others. Ondo's
SPCXON delivered on schedule, shipping the morning of the IPO with its Final
Terms on file. The live tokens shipped and kept trading; the products that broke
were the pre-IPO campaigns built on top of them.
The refunds did not end the trade. The perp tape peaked at $9.1 billion on June 16 and cooled to about a quarter of that, and what remains is still the biggest stock name on crypto rails: SpaceX perps cleared about $2.4 billion on June 30 and $2.5 billion on July 1, more than twice any other equity perp we track.
SpaceX trades under 18 listings on the exchanges we track. What you own differs in each.
SPCX through licensed brokers.SPCXD holds a real share at Alpaca; bStocks'
SPCXB is a beneficial-interest certificate under an
ADGM prospectus.SPCXON makes you a secured creditor of an SPV;
xStocks' SPCXx/SPCXX is a Jersey-SPV tracker
certificate; Reality's rSPCX is issued against hedged
liquidity.$SPCX trades on Solana DEXs; we
measure it through its on-chain supply.SPCXUSDT and the other
perpetuals settle in cash: price exposure, with no claim on the company.Get Real Stocks exists for exactly this. We track the issuers and the exchanges, and we read the prospectuses, so you can see what you actually own behind a tokenized equity before you trade. The live SPCX page carries every listing, with volume, open interest, and the claim behind each ticker: SPCX on Get Real Stocks.