Kraken Offers Tokenized SpaceX IPO Access Through xStocks
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.
All Coverage
3 original reportsThe Backstory
The history behind this eventKraken Parent Payward to Offer Tokenized IPO Access via xStocks
Payward, the parent company of crypto exchange Kraken, recently launched the xStocks tokenized-equity framework to lower barriers in traditional finance and allow retail investors to subscribe for U.S. IPO shares through tokens backed 1:1. The move deepens the integration of blockchain technology with conventional securities markets, opening an IPO market once limited to institutional investors to participants in more than 110 countries worldwide.
In its latest expansion, xStocks offered access to SpaceX's IPO in early June 2026. Payward then opened pre-IPO subscriptions for Italian technology company Bending Spoons on June 26, before the company listed on Nasdaq in early July. Payward had previously partnered with Nasdaq in March to develop a securities transformation gateway aimed at accelerating tokenization.
Bybit Launches Tokenized SpaceX IPO Product for USDC Preorders
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.
Bitget Launches SpaceX-Linked Pre-IPO Tokenized Product preSPAX
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.
Subscribe to Mark Radar Weekly
Every Friday, the week's strongest signals in your inbox. Unsubscribe anytime.
If you search news on Google, you can set Mark Radar as a preferred source—our coverage will show up more often in your results. Set as preferred source on Google →