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Binance begins trading Wall Street’s biggest-ever IPO before it goes public
May 21, 2026
< 1 min read
by Noor Bazmi
for CryptoPolitan
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AI Overview
Binance launched the SPCXUSDT Pre-IPO perpetual futures hours after SpaceX announced a Nasdaq listing, offering USDT-margined synthetic contracts with up to 5x leverage and market-implied debut valuations of $1.75–$2 trillion. As a synthetic CEX derivative that conveys no real equity, the product expands crypto derivatives adoption and speculative liquidity but elevates risks of price distortion, counterparty exposure and potential regulatory scrutiny.
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Binance has launched what it calls the SPCXUSDT Pre-IPO perpetual futures contract hours after SpaceX announced listing on Nasdaq. Currently, expectations of its debut lie between $1.75 to $2 trillion. Binance contracts are using USDT margin and allowing leverage up to 5x. As the product is synthetic, which means no real ownership, traders are only...
