Bybit Launches Tokenized SpaceX IPO Product for USDC Preorders

SpaceX had long been one of the most sought-after assets in private markets. Through its SPCXx token, xStocks connected with Binance Wallet, Bybit and Bitget Wallet in an effort to give retail investors economic exposure to the shares. The IPO therefore became a critical test of whether tokenization could turn on-chain demand into ownership of actual equity, and whether perpetual contracts could price the offering in advance.

SpaceX began trading on June 12, 2026, at $135 a share, raising $75 billion at a valuation exceeding $2 trillion. Subscriptions through xStocks topped $1 billion, including more than $500 million via Binance Wallet, but the money was refunded after intermediaries failed to obtain the shares. Talos Research data from June 15 showed that the SPCX perpetual contract had a volume-weighted average price of $159.89 during the first 30 minutes before the market opened, 6.6% above the opening price.

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 listed on Nasdaq on June 12, 2026, amid strong retail demand for IPO allocations. Binance Wallet responded by offering subscriptions through the tokenized SPCXx product, attracting about $557 million in USDC from nearly 27,700 on-chain addresses. At the heart of the episode is whether such products can secure and deliver actual shares, determining whether investors receive equity or merely price exposure.

Binance said on June 12, 2026, that it had canceled the SPCXx subscription because external factors, including xStocks' failure to deliver enough actual SpaceX shares, prevented the offering from proceeding. All locked USDC was to be returned automatically and in full through the original payment route, with completion expected the same day. Binance also said it would airdrop $1 million worth of SPCXB to participants' spot accounts by June 18 and that each token was backed 1:1 by SpaceX shares.

Pre-IPO access to SpaceX had previously been dominated by institutional investors. On June 5, 2026, Kraken made it the first offering under xStocks' “IPO Access,” allowing eligible customers in more than 110 regions to subscribe. Investors receiving allocations obtained SPCXx tokens issued by Backed Assets and backed 1:1 by actual shares. The tokens provided price exposure but no voting rights, underscoring how crypto infrastructure is moving into traditional capital markets.

SpaceX listed on Nasdaq at $135 a share on June 12, 2026. Kraken had disclosed about $400 million in available capacity through its channel, with subscription costs also including a 5% spread. Overall IPO orders, however, reached $250 billion, leaving the offering about four times oversubscribed. A Kraken employee named Nata said that day that SPCXx allocations had been sharply reduced and advised users to cancel their hedges. Some received only about four shares, and Kraken had not formally responded by the time of reporting.

Ourbit has launched “Super IPO,” a project-based digital-asset subscription service designed to use on-chain infrastructure to lower the capital and eligibility barriers associated with traditional IPOs and investments in private companies. Its first offering, ticker SPAX, is linked to the market performance of space company SpaceX and allows cryptocurrency users to participate with USDT. The rights attached to the product remain subject to the platform’s terms.

According to the latest related reports, the first offering in Ourbit’s Super IPO section is now open for subscriptions to SpaceX-linked SPAX at 589 USDT per unit. It is marketed as a way for users to gain early exposure to a closely watched potential trillion-dollar IPO. Neither report provided an exact launch date, subscription deadline or details of any arrangement for converting SPAX into actual SpaceX equity.

Cryptocurrency exchange Bitget has launched IPO Prime, a platform that tokenizes economic exposure to global unicorns before they go public. Its first offering, preSPAX, is issued by Republic and deployed on Solana. The token is designed to track SpaceX’s post-IPO share performance on a 1:1 basis, but it does not represent equity in SpaceX and is not endorsed by the company. Investors remain exposed to issuer, liquidity and private-company risks.

Bitget announced the inaugural offering on April 10, 2026, with subscriptions open from April 18 to 21. The offering comprises 94,000 preSPAX tokens priced at $650 each, for a total value of $61.1 million and an implied SpaceX valuation of $1.5 trillion. The minimum individual investment is $100, while the subscription pool is capped at $1 billion. OTC trading opens on the evening of April 21, and VIP airdrops are being distributed in batches starting April 13.

SpaceX, founded by Elon Musk in 2002, has expanded the space market through reusable rockets and Starlink. Bitget’s IPO Prime brings exposure to private investments onchain, lowering the barrier for retail investors. However, preSPAX is not SpaceX stock. It is a tokenized debt instrument issued by Republic and linked to SpaceX’s post-listing returns, with no involvement from SpaceX in the issuance.

Bitget launched IPO Prime on April 14, 2026. Subscriptions for preSPAX run from April 18 to 21 UTC, with trading beginning on April 21. The initial offering comprises 94,000 tokens priced at $650 each, for a total value of $61.1 million, based on a $1.5 trillion valuation for SpaceX. The minimum individual investment is $100, while the platform’s commitment is capped at $1 billion.