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According to the announcement from Binance, Binance Wallet will soon launch the SPCXx IPO Campaign, allowing eligible users to submit non-guaranteed subscription applications for SpaceX’s tokenized securities via xStocks. The campaign is positioned as a way to connect traditional capital markets with on-chain financial markets by enabling users to apply for an allocation of SPCXx tokens tied to SpaceX’s potential IPO. Binance said SPCXx will be the first project offered under the Binance Wallet IPO Campaign. Users who receive an allocation will get SPCXx tokens after issuance is completed, providing price exposure related to the SpaceX IPO; however, Binance emphasized that submitting an application does not guarantee allocation. If a subscription is unsuccessful, pledged funds will be refunded in full.

Subscription Timeline: The subscription application period is scheduled for 2026-06-11 08:30 (UTC) to 2026-06-12 04:00 (UTC), during which committed USDC will be locked until final token distribution or refunded if not allocated. The calculation period begins 2026-06-12 04:00 (UTC) onwards after subscriptions close. Final token distribution timing is listed as TBC; if successful, the final allocation will be calculated, the corresponding USDC deducted from locked funds, and SPCXx and remaining USDC transferred to the user’s Binance Wallet.

Subscription Details and Quotas: Binance listed the token received as xStocks’ SpaceX Token (SPCXx), with a minimum subscription amount of 100 USDC and an indicative price per token of 135 USDC (excluding fees). Underwriting fees are stated as 5%, with an implied valuation of $1.75 Trillion, and USDC is the supported subscription token. The campaign uses a Binance Wallet Alpha Points tiered quota system: Alpha Points > 0 allows a 20,000 USDC quota; > 40 allows 100,000 USDC; > 100 allows 200,000 USDC; and > 200 allows 500,000 USDC.

Token Structure and Allocation: Binance said SPCXx is issued by Backed (via xStocks) and is designed to provide exposure to price performance related to the SpaceX IPO, while not representing direct ownership of SpaceX shares. Binance added that holders do not receive shareholder voting rights, dividend rights, or other shareholder rights. Allocation outcomes may be full, partial, or none, and the final offering price will be determined after the subscription period ends by the issuer and underwriters based on market demand, valuation levels, and issuance arrangements.