Tokenized SpaceX Stock to Debut on Solana the Day Shares Go Public

SpaceX’s June 2026 IPO turned the company into a major test case for blockchain-based capital markets. Solana and Hyperliquid are among the busiest venues for tokenized SpaceX shares and perpetual futures, contracts that do not expire and can trade around the clock. The contest matters because such products could draw traditional-finance traders onchain, concentrating liquidity and price discovery on the networks offering the most usable and trusted markets.

On July 29, Jito Foundation President Brian Smith argued that Solana must convert its speed, capacity and low fees into a competitive derivatives product. SpaceX perpetuals implied a price of $171 before the listing, matching the stock’s $171 launch price, while 24-hour spot volume in tokenized stocks on Solana exceeded $100 million for the first time after the IPO. Hyperliquid nevertheless retains an early lead in perpetuals, where liquidity and trader familiarity reinforce each other.

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.

SPCX is a synthetic token linked to SpaceX’s market capitalization, not shares in the company itself. After SpaceX listed on Nasdaq, related trading quickly expanded to Hyperliquid, onchain decentralized exchanges and Binance. The potential impact of large leveraged positions on prices and liquidation risk has become a key focus for the market.

Arkham initially revealed that address 0x9cc had opened an SPCX long position worth about $18.5 million on Hyperliquid, setting a platform record for such a position. As of July 19, 2026, the position had increased to $22.3 million, while SPCX’s synthetic price was trading at a premium of about 30% to its reference price.

SpaceX has yet to go public, making it difficult for conventional investors to participate directly in gains in its equity value. Bitget Wallet and xStocks have launched SPCXx, a tokenized stock issued by xStocks that it says is backed 1:1 by underlying shares. The product gives users economic exposure tied to a future SpaceX IPO through stablecoins, but it is not equivalent to directly owning U.S.-listed shares.

Bitget Wallet opened SPCXx subscriptions on June 9, with the latest round’s final subscription window starting at 16:00 that day. Users can participate with stablecoins across several major blockchains, avoiding the need for a conventional U.S. brokerage account and cross-border funding. Available information does not disclose the minimum subscription amount, total funds raised or the date of SpaceX’s formal IPO.