SpaceX IPO tests crypto price discovery and tokenized access

SpaceX's June 12 debut raised $75 billion at $135 per share, valuing the company over $2 trillion. Crypto traders holding pre-IPO tokens on Binance, Bybit, and Bitget received no allocation. SPCX perpetuals traded at a VWAP of $159.89, 6.6% above the opening print, proving price discovery worked but tokenized access failed.