SpaceX Trading Debut Stress-Tests Crypto’s Tokenized-Share Pipeline

Tokenized securities map ownership rights in traditional assets such as stocks onto a blockchain for trading and are a key application of real-world asset tokenization. Market anticipation surrounding a SpaceX IPO prompted investors to seek early exposure through tokenized equities, underscoring how major listing events can quickly amplify demand in on-chain markets.

In June, enthusiasm over a SpaceX IPO drove tokenized securities trading volume to a record $3.86 billion, up 145% from the previous month. Over the same period, the total stablecoin market capitalization fell to $312 billion, marking its largest monthly decline since the collapse of TerraUSD and signaling a shift in capital toward specific RWA themes.

SpaceX is planning to raise $75 billion in what would be the largest IPO on record, targeting a valuation of $1.8 trillion. Backpack Securities will tokenize its shares as SPCX, using Solana to connect traditional brokerage accounts with blockchain markets and allow investors to move assets between the two systems.

SPCX is scheduled to begin trading on Solana the same day SpaceX lists on Nasdaq, though the exact listing date has not been announced. Reports say Solana already accounts for about 98% of on-chain trading in SpaceX. The simultaneous launch would make it the primary trading network and test a model for moving publicly listed shares across markets.

SpaceX was originally centered on rocket launches and its Starlink satellite network, but added its AI ambitions to its growth narrative after going public. Its market capitalization quickly surpassed $2.5 trillion, compared with bitcoin’s overall market value of about $1.3 trillion, reflecting competition between technology stocks and crypto assets for risk-seeking capital.

According to the latest reports as of July 20, 2026, a sharp rise in SpaceX shares lifted its market capitalization to $2.6 trillion, about $100 billion above the $2.5 trillion milestone and nearly twice bitcoin’s total market value. Analysts said the rally was driven by enthusiasm over the company’s AI business and was crowding out incremental capital that might otherwise flow into the cryptocurrency market.

SpaceX built its lofty valuation through rocket launches, the Starlink satellite network and US aerospace contracts, and holds about $1.3 billion in bitcoin. Its Nasdaq listing gives investors their first opportunity to invest directly in Elon Musk’s space business. The scale of the offering could also reshape capital allocation across technology stocks and the space industry.

SpaceX began trading under the ticker SPCX on July 12 at a valuation of about $1.77 trillion, setting a global IPO record. Its average premarket price was about $174, and the shares surged 20% on their first day, briefly pushing its market capitalization above $2 trillion. Investors are now watching for the launch of options trading, potential fast-track admission to the Nasdaq-100, the company’s first earnings report and the expiration of its lock-up period.

Elon Musk's SpaceX is built around rocket launches and the Starlink satellite network. If it goes public, investors would gain indirect exposure to Bitcoin price swings alongside the risks of its aerospace operations and capital spending, putting the company's crypto holdings at the center of questions over valuation and financial transparency.

SpaceX originally planned to file confidentially as early as March 2026 and list in June. The latest reports say the IPO is priced at $135 a share and aims to raise $75 billion, with demand nearing four times the offering at $250 billion. The company holds 8,285 Bitcoin, whose market value has fallen to about $545 million as the cryptocurrency's price declined.

SpaceX has yet to go public, and access to its private shares has historically been largely limited to institutions and high-net-worth investors. Bybit partnered with xStocks to launch IPO Express, with SpaceX as its first offering. Issued by Backed Assets and purportedly backed 1:1 by physical shares, the tokenized certificates were designed to let retail investors preorder them using USDC.

Bybit had planned to open subscriptions for the SpaceX offering on June 11, allowing investors to subscribe with USDC. The offering ultimately failed because xStocks did not deliver the relevant tokens. Bybit said it would refund subscription funds in full and provide compensation at a 10% annual percentage rate (APR), highlighting settlement risks and the risk that suppliers may fail to perform in tokenized IPO offerings.