Binance Wallet’s SpaceX IPO subscription campaign drew approximately $557 million in committed funds from 27,689 onchain addresses, according to Dune Analytics data published June 12, 2026.
The figures mark a notable test for crypto-based access to one of the most anticipated public offerings in financial history.
The campaign offered eligible users tokenized exposure to SpaceX through SPCXx, a product built on the xStocks framework.
Binance listed 135 USDC as the indicative price per token, excluding fees. The campaign carries a 5% underwriting fee and uses USDC as the supported subscription currency.
Where the Money Came From: Small Wallets, Large Stakes
The subscription data shows a split between broad retail participation and concentrated capital.
Addresses contributing $20,000 or less accounted for 81.48% of all participating wallets.
That group, however, contributed only 18.39% of total funds. Addresses committing between $20,000 and $100,000 represented 16.69% of participants.
At the top end, 114 addresses committed $500,000 or more, representing 10.23% of total funds raised.
The pattern mirrors standard IPO subscription dynamics: many retail applicants, with a smaller number of larger participants driving most of the committed capital.
What SPCXx Offers and What It Does Not
SPCXx is not a direct equity stake. Binance stated that the product does not represent direct ownership of SpaceX shares.
Holders receive no voting rights, dividend rights, or other shareholder rights tied to normal equity ownership.
Tokens under the xStocks framework are issued by Backed Assets (JE) Limited, a Jersey private limited company that became a Payward subsidiary in December 2025.
Each token is backed 1:1 by the underlying share held in third-party regulated custody.
In the European Economic Area, the product operates under MiFID II through a Cyprus Securities and Exchange Commission-authorized entity.
Binance described SPCXx as the first project under its Wallet IPO Campaign. The company said the campaign aims to connect traditional capital markets with onchain financial markets.
Binance also issued a clear caution to applicants. “Submitting a subscription application only represents an expression of subscription interest and does not guarantee that the application will receive an allocation of SPCXx,” Binance said.
How the SpaceX IPO Landscape Shifted for Crypto Users
The Binance campaign did not operate in isolation. Kraken launched SpaceX IPO access through xStocks on June 5, 2026, with the product available to customers in more than 110 countries.
Bybit followed on June 7 under its IPO Express program, using the same xStocks infrastructure.
Across crypto venues, SpaceX perpetual contracts generated more than $385 million in open interest and $2.7 billion in cumulative trading volume, spanning platforms including Hyperliquid, Binance, and OKX.
The broader SpaceX IPO drew enormous institutional interest alongside the crypto activity.
Subscription orders from global institutions and buy-side funds reportedly reached $250 billion, representing oversubscription of 3.5 to 4 times.
SpaceX initially targeted a raise of $75 billion, a figure that would surpass the 2019 Saudi Aramco record of $29.4 billion.
GSR Global Head of Over-the-Counter Trading Spencer Hallarn told Reuters: “Crypto is a funding currency for a lot of this. We’ve got to find $75 billion for this IPO.”
