The SpaceX IPO has drawn approximately $150 billion in investor demand for its $75 billion offering, nearly double what the company is seeking to raise. According to CNBC TV18, this oversubscription means traditional retail investors submitting orders through brokerages like Robinhood, Fidelity, or Charles Schwab will likely receive a fraction of what they request, if anything at all. However, crypto users on Bybit and Kraken may actually have an easier path to getting in than traditional investors, as both platforms have opened tokenized share access through the xStocks framework. The subscription window runs from June 7 to June 11, with tokenized shares expected to begin trading on Bybit's spot market from June 12, the same day SpaceX debuts on Nasdaq. As per Financial Post, Canadian Imperial Bank of Commerce is set to offer domestic investors access to SpaceX through a Canadian depositary receipt on the TMX, with trading expected to begin on Friday following the IPO pricing on Thursday.
Crypto exchange Bybit, the world's second-largest cryptocurrency exchange by trading volume, 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 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. As per PR Newswire, this marks Bybit's first time cryptocurrency exchange users can purchase shares at IPO pricing outside of the competitive secondary market, eliminating traditional geographic limitations and brokerage account requirements. The Dubai-based exchange is the second crypto exchange after Kraken to offer tokenized IPOs, with Payward announcing plans to allow its Kraken customers and xStocks alliance members to participate in U.S.-listed IPOs through tokenized shares.
The product is built on the xStocks framework, originally developed by Backed Finance before its acquisition by Kraken parent Payward in late 2025. According to Bybit's press release, the SpaceX tokens are 'backed 1:1 by real equity held in regulated broker-dealer custody', with co-founder and CEO Ben Zhou describing the offering as '1=1 stock backed, compliant and secure'. However, the product terms disclose that 'the collateral may not always consist of the underlying shares' and that 'other eligible assets (including cash collateral) may be used as substitute collateral', with Bybit not independently verifying the collateral composition or continued 1:1 backing. The xStocks IPO framework maintains institutional-grade compliance standards with no shareholder voting rights or dividend rights, and on the public listing day, allocations are finalized and IPO shares are tokenized with no shareholder voting rights or dividend rights. Unlike earlier pre-IPO derivatives from exchanges like Binance, Bitget and Gate, Bybit's offering lets eligible retail investors subscribe to tokenized representations of actual publicly traded equities at IPO pricing, rather than betting on prediction markets or trading IOUs based on company valuations.
According to the latest reports from CNBC TV18, users can register interest and submit subscription requests for the SpaceX-linked tokenized offering between June 7 and June 11, with allocations scheduled for June 11-12 and trading expected to begin on Bybit's spot platform on June 12. As of Sunday morning Eastern Time, about 550 users had pre-registered for Bybit's product with total subscription amounts of roughly ₹78.5 crore in USDC, according to the IPO Express page. Bybit is the second crypto exchange this week to launch tokenized SpaceX IPO access through the xStocks Alliance, following Kraken's launch on June 5 under the ticker SPCXx, which is available to verified users in more than 110 regions. The offering requires Level 1 individual or business identity verification and is restricted to main accounts, with the European Economic Area excluded from participation. Bybit aims to democratize access to millions of users who can participate in IPOs that were previously only available to institutional investors, private banking clients, and select brokerage networks.
According to Emily Bao, Head of Spot at Bybit, the launch represents a 'milestone that defines our next chapter' as one of the first two centralised exchanges to bring compliant tokenized SpaceX IPO access at the offering price. As Bao explained, this enables 'Bybit customers around the world to now invest directly in US-listed IPOs alongside their crypto assets, on equal footing with institutional investors'. The product launch reflects the growing competition amongst exchanges to expand beyond digital asset trading into broader financial services, particularly tokenized real-world assets. Bao emphasized that this marks 'the first time cryptocurrency exchange users can purchase shares at IPO pricing outside of the competitive secondary market', eliminating traditional geographic limitations and brokerage account requirements. Bybit noted that through the xStocks regulated blockchain, holders of tokenized listed stocks can access extended trading hours, Decentralized Finance (DeFi) composability and flexibility and crypto-native settlement. The launch comes amid growing interest in tokenized real-world assets (RWAs), a segment that seeks to represent traditional financial assets such as equities, bonds and real estate on blockchain networks.
SpaceX's IPO is being led by a 23-bank syndicate, with Goldman Sachs holding the lead-left position followed by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase as the other lead bookrunners. The company is targeting a $1.75 trillion valuation, with shares priced at $135 for a roughly $75 billion raise, which would be the largest public offering in history. The xStocks tokens are issued by Backed Assets (JE) Limited, a Jersey-based entity, and structured as tracker certificates that provide economic exposure to the underlying reference asset rather than direct equity ownership, with no shareholder voting rights or dividend rights. As per Financial Post, Canadian Imperial Bank of Commerce is set to offer Canadian investors access to SpaceX through a Canadian depositary receipt on the TMX, with trading expected to begin on Friday following the IPO pricing on Thursday. CIBC introduced CDRs in 2021 and now has 132 representing stocks from six countries, including for Alphabet Inc., Blackstone Inc., and Novo Nordisk A/S, with products trading in Canadian dollars and hedged to shield investors from foreign exchange volatility.
