Bybit has introduced tokenized IPO access, allowing eligible investors to subscribe to shares of initial public offerings at their official offering price. The platform’s debut listing features SpaceX, marking a significant entry into the tokenized equity market through the xStocks framework.
The xStocks platform, operated by Payward Services—parent company of Kraken—coordinates investor demand across multiple partner exchanges and collaborates with underwriting syndicates to secure IPO allocations. These allocated shares are then tokenized and made available for trading. On the listing date, Bybit will tokenize SpaceX shares on its spot market, with allocations distributed proportionally among subscribers. Investors receive refunds for any unsubscribed funds if demand surpasses the available shares.
SpaceX is the inaugural company offering tokenized shares on Bybit, with trading set to begin on June 12. According to the platform, each tokenized share is backed one-to-one by underlying equity held in custody by a regulated broker-dealer, ensuring asset security and compliance. This initiative extends access to users in over 110 markets, excluding the United States, Canada, Australia, and the United Kingdom due to regulatory constraints.
The tokenized equity market through xStocks holds a substantial footprint, ranking as the second-largest by value worldwide. Data from RWA.xyz indicates that xStocks controls roughly 28% of this market, with tokenized equities valued close to $415 million. This service unlocks new avenues for investors to engage directly with IPOs without traditional brokerage requirements.
SpaceX, founded in 2002 by Elon Musk, is known for its Falcon rockets, Dragon spacecraft, and Starlink satellite internet. The company recently filed confidential documents with the US Securities and Exchange Commission for its own IPO, aiming for a June public debut. Reports suggest SpaceX targets a valuation exceeding $1.8 trillion and plans to raise approximately $75 billion, which would set records for the largest IPO in history.
Notably, SpaceX disclosed ownership of over 18,700 Bitcoin holdings in its IPO filing, placing it among the top corporate Bitcoin holders globally—surpassing other major crypto-friendly companies. This detail highlights how the company’s asset portfolio incorporates digital currencies alongside its aerospace ventures.
This tokenized IPO access by Bybit arrives amid growing interest in crypto exchanges expanding traditional market offerings. Parallel platforms like Coinbase recently launched SpaceX pre-IPO exposure using perpetual futures contracts. Together, these developments showcase increased convergence between traditional equity markets and crypto-driven investment vehicles.