Bybit Launches Tokenized SpaceX IPO Access Through xStocks Network

Bybit has introduced a tokenized SpaceX IPO product, allowing eligible users to gain exposure to the highly anticipated public offering before trading begins. The offering, called IPO Express, opened on June 7 and gives VIP and Pro users a four-day window to subscribe using USDC ahead of SpaceX’s expected Nasdaq debut on June 12.

The product uses an indicative share price of 135 USDC and includes a 5% underwriting fee. Users can participate with a minimum investment of 100 USDC, while each account is limited to 50 subscription orders. Funds remain locked until allocation results are announced on June 11, with token distribution scheduled for June 12.

xStocks Framework Powers New Tokenized Offering

Bybit’s launch comes just days after Kraken introduced a similar product through the xStocks Alliance. The infrastructure was originally developed by Backed Finance before being acquired by Payward Services, a subsidiary of Kraken’s parent company.

The tokenized assets are issued by Backed Assets (JE) Limited and are structured as tracker certificates. This means investors receive economic exposure to SpaceX shares without directly owning equity, voting rights, or dividend rights. The tokens are designed to operate across multiple blockchains, including Ethereum, Solana and TON.

Demand Builds Ahead of Historic IPO

Bybit CEO Ben Zhou described the product as stock-backed, compliant and secure. However, company disclosures note that collateral may include cash or other eligible assets rather than shares alone. Bybit also stated it does not independently verify the composition of collateral or continuous 1:1 backing.

The offering arrives as SpaceX prepares for what could become the largest IPO in history. The company is targeting a valuation of approximately $1.75 trillion and aims to raise around $75 billion through shares priced at $135. The IPO is being led by a 23-bank syndicate, including Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase. As of Sunday morning, more than 550 users had pre-registered for Bybit’s IPO Express product, representing roughly $9.1 million in subscription interest.