SpaceX hasn’t rung the bell yet, but the crypto market has already kicked off a Pre-IPO pricing war. After SpaceX updated its S-1A, the actual equity was higher than earlier estimates. Binance, OKX, and Trade.xyz have differing approaches to handling Rebase: some are about to adjust, some have already completed adjustments, and some are letting the market decide the pricing. Same asset, different rules—this has directly created an arbitrage window of up to about 10% across platforms.