[Digital Today reporter Jinju Hong (홍진주)] Binance has launched a pre-IPO futures product, SPCXUSDT, reflecting SpaceX’s valuation before listing. The move allows a crypto exchange to trade expectations for an IPO of an unlisted company in derivatives form, drawing assessments that the boundary between traditional stock market events and the digital asset market is becoming more blurred.

CoinPost, a blockchain media outlet, reported on Thursday that Binance said it had begun pre-IPO futures trading that reflects SpaceX’s pre-listing share-price moves. It is Binance’s first pre-IPO-based futures product.

The key is that it lets market participants trade SpaceX’s expected value from the pre-listing stage. After SpaceX conducts an IPO and a third-party data provider can calculate a stable price index, the product is designed to automatically convert into a standard perpetual futures product.

Binance also warned of investment risks. The company said, "Price volatility could be very large immediately after the IPO, and it is also possible that the actual stock price may not reach the IPO price level."

The launch comes right after SpaceX submitted an IPO registration statement to the U.S. Securities and Exchange Commission (SEC). With the filing formalising listing preparations, demand in the derivatives market to price in pre-listing expectations is also seen as having formed quickly.

Because pre-IPO futures are structured to trade the expected valuation of a company that has not yet listed, there is a high chance of a gap from the stock price formed after an actual listing. The market is also focusing on the possibility that short-term speculative demand could expand, given that early IPO volatility is very large.

Market attention has also turned to SpaceX’s bitcoin holdings. In the filing, SpaceX first officially disclosed that as of March 31, 2026 it held 18,712 BTC. Total acquisition cost was about $661 million. The average acquisition price per bitcoin was presented at about $35,300.

That is larger than the 11,509 BTC held by Tesla led by Elon Musk. Converted on the basis of listed companies, it would rank around seventh in the world and would also exceed the holdings of Coinbase, the largest U.S. crypto exchange. SpaceX is still unlisted, but the disclosure officially confirms it as one of the major corporate bitcoin holders.

SpaceX’s listing schedule is also taking shape. The company is aiming to start an investor roadshow in early June and list on Nasdaq in mid-June. The planned ticker is "SPCX". This increases the likelihood that Binance’s pre-IPO futures will quickly move into an actual listing phase.

The industry assesses the case as showing a trend of crypto exchanges going beyond simple virtual-asset trading to absorb traditional financial-market events in derivatives form. Still, with a high chance of a gap between the actual IPO price and the expected price formed in the pre-IPO futures market, observers also point to the need for investor caution.