Crypto exchanges Bybit and Kraken are offering select users tokenized exposure to SpaceX’s upcoming initial public offering (IPO), allowing eligible crypto traders to subscribe at the primary offering price of $135.
SpaceX IPO Opens Tokenized Access via Bybit, Kraken
8 June 2026 - 09:38 CEST
Announced on 7 Jun, Bybit’s IPO Express product follows a similar offering from Kraken days earlier. Both platforms are providing access through tokenized products via xStocks, the tokenized-equity platform operated by Payward Services, a B2B arm of Kraken’s parent company.
Subscribe at primary price
Bybit is offering the product to verified VIP and Pro tier users, with a minimum subscription of $100 USDC. The subscription window runs until 11 Jun, with tokenized shares scheduled to begin trading on Bybit’s spot market on 12 Jun – the day after the expected IPO pricing.
SpaceX is seeking to raise around $75bn at a $1.75tn valuation, which would make it the largest IPO in history. Elon Musk will retain control through a dual-class share structure, giving him 85.1% of voting power.
Not actual shares
The products are structured as tracker certificates issued by Jersey-based Backed Assets (JE) Limited, a regulated issuer of tokenized equities and ETFs. These tokens provide economic exposure to the SpaceX share price but do not confer voting rights or dividend entitlements. In other words, users are not buying actual SpaceX stock – they are buying a derivative instrument designed to track its performance.
Pre-IPO speculation already active
Even before the IPO, synthetic exposure to SpaceX is already trading on the decentralized perpetual exchange Hyperliquid under the ticker SPCX. This contract is a leveraged futures product based purely on market sentiment and speculation, not on any official SpaceX shares.
It has shown significant volatility, as could be expected from a token with no underlying asset as yet. At 07:10UTC, it was changing hands for around $167.59, 27% off the $230-high it reached on 18 May, the day after it was introduced, but about 19% higher than the primary offering price.
Significant risks
Investors face multiple layers of risk. The tokenized products depend on the issuer (Backed Assets) and the exchange’s ability to accurately track SpaceX’s performance once it lists. Liquidity for the tokenized version is expected to be significantly lower than for the underlying stock. Regulatory uncertainty around tokenized equity products also remains high in many jurisdictions.
SpaceX reported 2025 revenue of $18.7bn versus a $2.6bn operating loss, driven by heavy spending on Starship rocket development and AI infrastructure.
Emily Bao, Bybit’s head of spot, said the move made Bybit "one of the first two centralized exchanges" to offer tokenized SpaceX IPO access. "For decades, the most exciting moments in capital markets were reserved for institutions and well-connected investors," she said.
