Author: Nancy, PANews

With SpaceX's IPO approaching, the space giant is sparking a global frenzy for its new stock offering.

On one hand, the IPO subscription quotas of traditional securities firms and crypto trading platforms are being fiercely contested by funds, with subscriptions far exceeding the issuance plans; on the other hand, platforms such as Xianyu have also started to offer "SpaceX IPO subscription" services, including account opening guidance and subscription tutorials.

Even with SpaceX's valuation reaching a trillion dollars, this landmark IPO has failed to dampen market enthusiasm.

Is someone selling SpaceX IPO tickets on Xianyu (a second-hand marketplace), with the minimum purchase amount being just a few yuan?

To attract more retail investors, SpaceX significantly increased the allocation to retail investors in this IPO, planning to reserve up to 30% of the shares for individual investors. However, while the allocation pool has increased, it doesn't mean everyone can get a share.

According to relevant rules, investors from mainland China and Hong Kong are not eligible for the official IPO subscription, and the relevant pages on the official website also have access restrictions for some regions.

This has led to a booming gray market for subscribing to SpaceX IPOs.

Searching for "SpaceX IPO" on secondhand trading platforms like Xianyu yields numerous related listings, priced from a few yuan to hundreds of yuan, with some items having been viewed thousands of times. Sellers use slogans like "secure your spot early," "exclusive channels," and "one-on-one guidance" to attract investor inquiries.

However, a closer look at these products reveals that the so-called SpaceX IPO subscription qualification is more like a guide to opening and subscribing to US and Hong Kong stock accounts. Some vendors claim to offer US and Hong Kong stock account opening guidance services, connecting with licensed brokers, and providing a complete guide to subscription size, quota allocation, and winning strategies to help users secure their IPO subscription qualification in advance. Others sell US and Hong Kong stock exchange groups at low prices, claiming that the groups will share insider information and subscription updates in real time.

Besides traditional brokerage channels, some sellers are also targeting the cryptocurrency market. They claim that investors don't need to open a US stock account or an overseas bank card; they can simply deposit funds directly online through cryptocurrency exchanges, making it easy even for complete beginners. Some sellers even recommend trading SpaceX pre-market contracts on platforms like Hyperliquid, and offer accompanying tutorials.

To incentivize users to place orders, these merchants are using marketing slogans such as "Open an account early, lock in your funds early," "A rare opportunity," and "Limited quotas," attempting to create a market atmosphere where tickets are hard to come by. Judging from the comments section, many users are already inquiring about how to participate, and some have even commented that they have "successfully secured their funds."

However, these paid services are not equivalent to obtaining official SpaceX IPO allocation rights. Most of these services essentially only offer account opening guidance, trading tutorials, and information sharing; they do not guarantee that investors will actually participate in the SpaceX IPO subscription, let alone promise an allocation share.

More importantly, many banks and securities firms in Hong Kong are continuously tightening their account opening policies for mainland investors, and mainstream online brokerages such as Tiger Brokers and Futu have also raised their entry thresholds or adjusted their related services. With official channels becoming increasingly stringent, it is difficult to guarantee that gray-area account opening services claiming to be compliant brokerages or using internal channels are free from compliance or fund security risks.

IPO subscriptions are no longer limited to brokerage firms; crypto platforms are becoming a new channel for retail investors.

In addition to traditional brokerage firms, cryptocurrency trading platforms have also begun to appear in the underwriting portfolio of SpaceX's IPO, providing a new "get on board" path for retail investors worldwide.

For ordinary investors, participating in IPOs through traditional brokerages is not easy, often requiring compliance with regional restrictions, asset thresholds, and account qualifications. In particular, investors in some countries and regions are even ineligible to directly participate in official subscriptions. New channels, such as cryptocurrency exchanges, are attracting many retail investors hoping to participate in the SpaceX IPO.

Currently, Kraken, Bybit, and Gate have all announced that they have secured subscription quotas related to the SpaceX IPO. Kraken and Bybit both participated through Kraken's stock token issuance platform xStocks, securing a total of approximately $400 million in quotas. Investors ultimately receive tokenized equity called SPCXx. SPCXx is pegged 1:1 to SpaceX equity, primarily providing price exposure, but does not include the voting rights and dividend rights enjoyed by traditional shareholders.

Kraken's subscription quota is approximately $300 million. Users must participate through the Kraken App (not Kraken Pro), complete KYC identity verification, and ensure their address information matches their identification documents. The platform supports payments in USD, USDC, and USDG, with a minimum subscription amount of only $10. Investors can submit pre-purchase applications and lock funds during the subscription period; applications can be withdrawn but not modified. If ultimately allocated shares, users will receive corresponding rights at an IPO price close to $135, plus a 5% underwriting service fee; if unsuccessful or only partially allocated, the remaining funds will be refunded to their account.

Bybit's SpaceX IPO allocation is $100 million. Its subscription price and process are largely the same as Kraken's, using a reference offering price of $135 and charging a 5% subscription fee. Compared to before, Bybit has removed VIP level restrictions; ordinary users can participate after completing identity verification, with a minimum subscription amount of 100 USDC. However, the final allocation for both Kraken and Bybit is still determined by the underwriters and may employ mechanisms such as proportional allocation, random lottery, or tiered allocation; success is not guaranteed.

Gate.com also launched its SpaceX IPO subscription service on June 9th, using $135 as a reference price and charging a 5% subscription fee. The platform supports USDT participation, with a minimum subscription amount of 100 USDT. As of now, the subscription amount on the Gate.com platform has exceeded $69 million. According to the rules, if the final IPO price deviates from the reference price by less than 20%, the system will automatically complete the allocation; if the deviation exceeds 20%, a secondary confirmation process will be initiated. The platform will also calculate the allocation weight based on the average locked-up amount of users during the subscription period.

In addition, SpaceX's pre-IPO products have become a battleground for capital speculation and arbitrage in the crypto market. (Related reading: Pricing "fights" on the eve of SpaceX's IPO, Rebase disagreements trigger cross-exchange arbitrage wave )

In the past, IPO subscriptions were almost exclusively the domain of traditional securities firms. Now, with the entry of crypto platforms, participation channels are becoming more diversified, giving more ordinary investors the opportunity to access mega-IPOs like SpaceX.

A $250 billion frenzy to acquire SpaceX: Global capital enters a vampire mode.

Global capital is pouring in, and SpaceX is becoming a hot asset in the capital markets. Despite a valuation approaching $1.8 trillion, the aerospace giant continues to demonstrate its astonishing ability to attract investment.

According to Reuters, citing sources familiar with the matter, SpaceX has attracted over $250 billion in investor demand, far exceeding the company's planned $75 billion fundraising target, representing an oversubscription rate of 3.5 to 4 times. SpaceX is currently still conducting its IPO roadshow, and many large institutional investors have already submitted substantial subscription orders.

Faced with unprecedented demand, some analysts suggest that SpaceX may balance supply and demand by issuing additional shares or raising the offering price.

The subscription frenzy surrounding SpaceX is widely seen as a significant reason for the recent pressure on some asset prices. To participate in this mega-IPO, many institutions needed to reallocate their positions and raise funds in advance, leading to the sale of assets that had experienced substantial short-term gains.

Andri Fauzan Adziima, research director at Bitrue Research Institute, calls this phenomenon the "IPO Tax." He states that the current pullback in tech stocks and the crypto market is not random volatility, but rather a result of the record-breaking SpaceX IPO draining liquidity from risky asset markets. Crypto assets are particularly affected because they rely more heavily on retail investor funds and are highly correlated with the tech growth narrative. However, he believes this is more of a short-term money rotation than the start of a new bear market.

In a recent interview with CNBC, BitMine Chairman Tom Lee pointed out that the recent market tension largely stems from the reallocation of funds ahead of SpaceX's IPO and investors' digestion of previous gains. Given the IPO's massive $75 billion fundraising target and its expected inclusion in the Nasdaq 100 index, many institutional funds not only need to prepare funds for primary market subscriptions but also reserve cash to build sufficient weighted positions in the secondary market after listing. This means that institutions may choose to reduce their holdings in some recently strong-performing stocks, especially in popular technology sectors like semiconductors, making the short-term pressure on these sectors understandable.

For ordinary investors, the demand for subscriptions far exceeds the issuance size, while the number of shares available for allocation is extremely limited. This will undoubtedly be a capital feast where there are too many wolves and not enough meat.

It's worth noting that, riding the wave of market enthusiasm surrounding SpaceX, several ETF issuers have already begun vying for a piece of the action. Institutions including ProShares, GraniteShares, Leverage Shares, REX/T-Rex, Defiance, and Direxion all plan to launch 2x leveraged SpaceX ETFs on SpaceX's first day of trading. Meanwhile, BlackRock has also launched its space-themed ETF, STAR, which includes a fast-track IPO inclusion mechanism, allowing eligible newly listed companies to be included in the index within as little as 10 days of listing, providing investors with a faster allocation channel.

SpaceX has already ignited the global capital market. With AI technology giants such as OpenAI and Anthropic successively entering the capital market, the market may be facing a series of "vampire attacks".