Bybit follows Kraken in offering tokenized SpaceX IPO access via xStocks
Published: June 7, 2026, 10:05 AM EDT
- Bybit launched tokenized SpaceX IPO access on Sunday for VIP and Pro users, with funds locked in USDC at an indicative price of $135 plus a 5% “underwriting fee.”
- The product is built on the xStocks framework, originally developed by Backed Finance before its acquisition by Kraken parent Payward, and used by Kraken to launch its own version of the offering two days earlier.
Crypto exchange Bybit launched a tokenized SpaceX IPO access product on Sunday, opening a four-day window for eligible users to commit USDC ahead of the rocket, satellite broadband, social media and AI company’s expected Nasdaq debut on June 12. The IPO will follow SpaceX’s merger with Elon Musk’s xAI, which itself had acquired the social media platform X last year.
The product, called IPO Express, uses an indicative price of 135 USDC plus a 5% “underwriting fee,” with a 100 USDC minimum and a cap of 50 subscription orders per user. Subscription opened at 8:00 UTC Sunday for Bybit’s VIP and Pro users, allocation is set for 8:00 UTC on June 11, and token distribution is scheduled for 12:30 UTC on June 12.
Bybit is the second crypto exchange this week to launch tokenized SpaceX IPO access through the xStocks Alliance, the multi-exchange network operated by Payward Services, the B2B infrastructure arm of Kraken’s parent company. Kraken launched its own version on June 5 under the ticker SPCXx, available to verified users in more than 110 regions.
IPO xStocks are tokenized equities providing price exposure only — not direct ownership. Allocation is not guaranteed. The product is not available to US persons, UK, CA, or AU residents. Geographic restrictions apply.
SpaceX is reportedly targeting a 1.8 trillion, which could make it the largest IPO on record. Bloomberg reported that investor demand has already surpassed the number of shares available.