SpaceX SPCX: What Happened on Day One and the Morning After

SpaceX closed its first day of trading on 12 June 2026 at $160.95, up 19% from its $135 IPO price. Trading under the ticker SPCX on Nasdaq, the stock opened at $150 at 11:46 a.m. ET, reached an intraday high of $172.65, and settled into the $160 range for the close.

SpaceX ended the session with a market capitalisation above $2 trillion, placing it sixth among the largest publicly listed companies in the United States. Post-market trading added another 3.5%, pushing the stock to $166.76 by 6:30 p.m. ET, with roughly 16 million additional shares changing hands on top of the 500-plus million that had traded during the session.

The offering sold 555.6 million shares, raising $75 billion, the largest amount ever raised in a single public listing. Goldman Sachs and Morgan Stanley, as lead underwriters, earned a combined $500 million in commissions.

What happened with the tokenized pre-IPO products

TBM had covered the tokenized pre-IPO access offered by Bybit and Kraken in the days before the listing. On the morning of 12 June, four platforms — Bybit, Binance Wallet, Bitget, and MEXC — issued cancellations and full refunds to subscribers after xStocks, Kraken's tokenized equities infrastructure, was unable to deliver the underlying share allocations. Bybit confirmed it had received no SpaceX shares at all.

Binance Wallet had collected approximately $557 million in USDC subscriptions for its campaign. Across all distribution partners, xStocks had gathered over $1 billion in customer orders. When underwriters finalised allocations, none reached Bybit, Binance Wallet, Bitget, or MEXC.

Kraken itself, which operates xStocks directly, received only a fraction of what its subscribers had requested, with individual allocations of around 4.3 shares per subscriber reported. Retail demand for the IPO had reached approximately $150 billion before pricing, nearly double what SpaceX sought to raise, and the retail tranche had been cut from an initial 30% to the low-20% range before the book closed.

Binance distributed $1 million in SpaceX bStock tokens equally among affected campaign participants as compensation, with credits due by 18 June. Bybit added a 10% reward on funds that had been locked during the subscription window.

Where Binance stood the morning after

The cancellation of the pre-IPO campaign did not define where Binance finished 24 hours later. By 13 June, the exchange had captured over 60% of SpaceX derivatives trading volume across centralised and decentralised exchanges, according to Binance's own announcement citing Coinglass and CoinMarketCap data. SpaceX perpetual futures, trading under the ticker SPCXUSDT, recorded over $5.6 billion in volume in the 24 hours to 9:00 a.m. UTC on 13 June, making them Binance's second-most traded product on the platform, behind Bitcoin perpetuals only.

Binance also now offers SpaceX through bStocks, its tokenized securities product that launched on 12 June with SpaceX listed as a planned addition pending its Nasdaq debut. That debut happened on the same day.

What comes next in the IPO wave

SpaceX is the first in an expected sequence of major AI-infrastructure listings. OpenAI filed its S-1 confidentially earlier this year and Anthropic began its own IPO process shortly after, with analysts pointing to the SpaceX debut as an early read on investor appetite for what follows.

The infrastructure that stays

The blockchain and tokenized equity layer that formed around SPCX — across xStocks, bStocks, Ondo Finance, and Dinari — is now live and will be in place for whatever listing comes next. The fintech infrastructure built up around the world's largest IPO is not going away.

Editor's note

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