Author: Nancy, PANews
As SpaceX's IPO approaches, this space giant is sparking a new frenzy for primary market offerings worldwide.
On one side, traditional brokerages and cryptocurrency trading platforms are witnessing a mad rush for IPO subscription quotas, with demand far exceeding the offering plans; on the other side, platforms like Xianyu are also rising to promote "SpaceX IPO participation" business, offering services such as account opening guidance and subscription tutorials.
Even with SpaceX's valuation surpassing a trillion dollars, the enthusiasm in the market for this landmark IPO remains unstoppable.
Xianyu sells "admission tickets" for SpaceX, buying a chance to participate with as little as a few yuan?
To attract more ordinary investors, SpaceX has significantly increased the allocation ratio for retail investors in this IPO, planning to reserve up to 30% of shares for individual investors. However, although the allocation pool has expanded, it does not mean everyone will get a piece of the pie.
According to relevant rules, investors from mainland China and Hong Kong are not included in the official IPO subscription range, and the official website has set access restrictions for certain regions.
As a result, a gray market around the SpaceX IPO has become highly active.
Searching for "SpaceX IPO" related content on second-hand trading platforms like Xianyu will reveal numerous corresponding products, with prices ranging from a few yuan to hundreds of yuan, some products have been viewed thousands of times. Businesses are using terms like "secure qualification early," "exclusive channels," and "one-on-one guidance" to continuously attract investor inquiries.
However, upon closer examination of these products, the so-called SpaceX IPO qualification resembles more of a guide for opening and subscribing to US and Hong Kong stock accounts. Some merchants claim to offer guidance for account opening with licensed brokerages, providing a complete strategy regarding subscription scale, quota allocation, and winning tips to help users secure their IPO participation in advance. Others sell low-priced memberships for US and Hong Kong stock groups, claiming that internal information and subscription updates will be shared in real time within the group.
In addition to traditional brokerage channels, some sellers are also focusing on options in the cryptocurrency market. They claim that investors do not need to open US stock accounts or overseas bank cards, as they can operate directly through online deposits on cryptocurrency exchanges, making it easy even for inexperienced newcomers to "get on board." Some businesses recommend trading SpaceX pre-market contracts on platforms like Hyperliquid, also selling operational tutorials.
To stimulate user orders, these merchants promote slogans such as "open early, lock in early," "rare opportunity," and "limited quota" to create a market atmosphere where tickets are hard to obtain. From the comment section, many users are inquiring about how to participate, and some have even commented that they have "successfully boarded."
However, these paid services cannot equate to obtaining official allocation qualifications for SpaceX's IPO. The vast majority of what merchants offer is essentially account opening guidance, trading tutorials, and information sharing, which cannot guarantee that investors will genuinely participate in the SpaceX IPO subscription, let alone promise allocation shares.
More importantly, many banks and brokerages in Hong Kong are continuing to tighten account opening policies for mainland investors, with mainstream internet brokerages like Tiger and Futu also raising entry barriers or adjusting related services. In the face of increasingly strict official channels, those gray account opening services that claim to be compliant brokers or internal channels have difficulty ensuring the absence of compliance or capital safety risks.
IPO access not just through brokers, crypto platforms becoming new channels for retail investors
Apart from traditional brokers, cryptocurrency trading platforms are now appearing in the underwriting landscape for SpaceX's IPO, offering a new "boarding" path for retail investors worldwide.
For ordinary investors, participating in IPOs through traditional brokers is not an easy task, often requiring them to meet regional restrictions, asset thresholds, and account qualifications. Particularly, investors from certain countries and regions may not even be able to participate directly in the official subscription. New channels represented by cryptocurrency exchanges are attracting many retail investors who hope to participate in the SpaceX IPO.
Currently, Kraken, Bybit, and Gate have all announced obtaining quotas related to SpaceX's IPO. Among them, Kraken and Bybit are participating via Kraken's stock token issuance platform, xStocks, collectively securing around $400 million in quotas, and investors will ultimately receive a tokenized equity called SPCXX. SPCXX is pegged to SpaceX equity at a 1:1 ratio, mainly providing price exposure but does not carry the voting rights and dividend rights enjoyed by traditional shareholders.
Kraken's subscription quota is approximately $300 million. Users must participate in the subscription through the Kraken App (not Kraken Pro) and complete KYC identity verification, and address information must match the documents. The platform supports payments in USD, USDC, and USDG, with a minimum subscription amount of only $10. Investors can submit pre-purchase applications during the subscription period and lock in funds; applications can be withdrawn but not modified. If allocation is successful, users will receive the corresponding rights at a near $135 IPO issue price, paying a 5% underwriting service fee; if not allocated or only partially allocated, the remaining funds will be returned to the account.
Bybit's SpaceX IPO quota is $100 million, and its subscription price and process are essentially the same as Kraken's, also using a reference issue price of $135 and charging a 5% subscription fee. Compared to before, Bybit has eliminated VIP level restrictions, allowing ordinary users to participate after completing identity verification, with a minimum subscription amount of 100 USDC. However, the final allocation by Kraken and Bybit is still determined by the underwriters, which may employ mechanisms such as proportional allocation, random lottery, and tiered allotment, and does not guarantee a successful allocation.
Gate also launched the SpaceX IPO subscription service on June 9, similarly using a reference price of $135 and charging a 5% subscription fee. The platform supports participation with USDT, with a minimum subscription amount of 100 USDT. As of now, the subscription scale on the Gate platform has exceeded $69 million. According to the rules, if the final IPO pricing deviation from the reference price is within 20%, the system will automatically complete the allocation; if the deviation exceeds 20%, a secondary confirmation process will be triggered. The platform will also calculate allocation weights based on users' average locked amount during the subscription period.
Additionally, SpaceX's Pre-IPO products have become a battlefield for capital speculation and arbitrage in the cryptocurrency market. (Related reading: SpaceX IPO eve pricing "battle," Rebase divergence triggers cross-exchange arbitrage wave)
In the past, IPO subscriptions were nearly exclusive to traditional brokerages. Now, as cryptocurrency platforms enter the scene, participation channels are becoming more diverse, also allowing more ordinary investors a chance to engage with super IPOs like SpaceX.
$250 billion frenzy for SpaceX, global capital opens blood-sucking mode
Global funds are flocking in, making SpaceX a sought-after asset in the capital market. Facing an astronomical valuation of nearly $1.8 trillion, this aerospace giant still demonstrates an astonishing ability to gather capital.
According to Reuters citing informed sources, SpaceX has attracted over $250 billion in investor subscription demand, far exceeding the company's planned fundraising of $75 billion, with subscription multiples close to 3.5 to 4 times. Currently, SpaceX is still conducting IPO roadshows, and many large institutional investors have already submitted large purchase orders.
In the face of unprecedented subscription demand, some analysts suggest that SpaceX may balance supply and demand by issuing additional shares or raising the offering price.
The subscription frenzy for SpaceX is also generally viewed by the market as one of the important reasons for the recent pressure on asset prices. To participate in this mega IPO, many institutions need to reposition and raise funds in advance; some assets that have surged in the short term are becoming cashing-out targets.
Andri Fauzan Adziima, head of research at Bitrue Research Institute, refers to this phenomenon as "IPO Tax." He suggests that the current pullback in tech stocks and the crypto market is not random volatility, but rather the record-scale SpaceX IPO is drawing liquidity out of the risk asset market. Given that crypto assets rely more on retail funding and are highly related to the tech growth narrative, the impact is particularly pronounced. However, he believes this is more of a short-term capital rotation, rather than the beginning of a new bear market.
Tom Lee, chairman of BitMine, also pointed out in a recent CNBC interview that the recent market tension largely stems from the capital reallocation before the SpaceX IPO and the digestion of prior gains by investors. Considering the IPO fundraising scale of $75 billion and the expectation of inclusion in the Nasdaq-100 index, many institutional funds must prepare capital for primary market subscriptions while reserving cash to establish sufficiently weighted positions in the secondary market after listing. This means that institutions may choose to reduce their holdings of certain stocks that have recently performed strongly, especially in hot tech sectors like semiconductors, making it understandable why related sectors have been under short-term pressure.
For ordinary investors, the subscription demand far exceeds the offering scale, but the distributable shares are extremely limited, which undoubtedly makes it a capital feast where the wolves are many but the meat is few.
It is worth mentioning that riding on the enthusiastic market sentiment for SpaceX, several ETF issuers have started to seize the market. Institutions including ProShares, GraniteShares, Leverage Shares, REX/T-Rex, Defiance, and Direxion all plan to launch 2x leveraged SpaceX ETF products on the day of SpaceX’s listing. Meanwhile, BlackRock has also launched a space-themed ETF STAR, which features a rapid inclusion mechanism for IPOs, allowing qualifying newly listed companies to be added to the index within ten days of listing, providing investors with a faster allocation channel.
SpaceX has ignited the global capital market, and as AI tech giants like OpenAI and Anthropic follow suit and enter the capital market, the market may be in for a series of "vampire attacks."
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