Bybit launched a tokenized SpaceX IPO access product on Sunday, giving VIP and Pro users a four-day window to commit USDC before the company's expected Nasdaq debut on June 12. The product, called IPO Express, allows crypto users to gain exposure to what could be the largest public offering in history without leaving crypto rails. The launch is part of a wider push by crypto exchanges to offer market access around high-demand private companies before or at the point of public listing, with SpaceX drawing particular attention due to its targeted $1.75 trillion valuation and roughly $75 billion raise.
Bybit Sets 135 USDC Indicative Price With 5% Underwriting Fee
IPO Express uses an indicative price of 135 USDC plus a 5% underwriting fee. The minimum subscription is 100 USDC, and users are capped at 50 subscription orders. Subscriptions opened at 8:00 UTC on Sunday, allocation is scheduled for 8:00 UTC on June 11, and token distribution is set for 12:30 UTC on June 12.
Subscribed funds are frozen while Bybit determines allocation. Final allocations may be partial or zero depending on demand. If the final IPO price is within 20% of the indicative price, Bybit will automatically subscribe users at the final price. If the final price is more than 20% above the indicative level, users must reconfirm during a set window under the product terms.
Bybit said about 550 users had pre-registered for the product by Sunday morning Eastern Time, with total subscription amounts of roughly $9.1 million in USDC shown on the IPO Express page.
SpaceX Targets $1.75 Trillion Valuation in Planned Nasdaq Debut
SpaceX is expected to pursue what could be the largest public offering in history, with a targeted $1.75 trillion valuation, a $135 share price, and a roughly $75 billion raise. The planned IPO follows SpaceX's merger with Elon Musk's xAI, which had acquired the social media platform X last year. The combined business profile spans rockets, satellite broadband, social media, and artificial intelligence.
Bybit is the second crypto exchange in the same week to launch tokenized SpaceX IPO access through the xStocks Alliance, a multi-exchange network operated by Payward Services, the B2B infrastructure arm of Kraken parent Payward. Kraken launched its own version on June 5 under the ticker SPCXx for verified users in more than 110 regions.
xStocks Tokens Provide Economic Exposure Without Shareholder Rights
The product uses the xStocks framework, originally developed by Backed Finance before its acquisition by Payward. xStocks tokens are issued by Backed Assets (JE) Limited, a Jersey-based entity, and structured as tracker certificates. They provide economic exposure to a reference asset rather than direct equity ownership.
xStocks tokens do not carry shareholder voting rights or dividend rights. They are designed to track the economic value of the underlying reference asset, not to make token holders registered shareholders.
Bybit's press release described the SpaceX tokens as backed 1:1 by real equity held in regulated broker-dealer custody. Co-founder and CEO Ben Zhou described the offering as "1=1 stock backed, compliant and secure" on X.
The product terms add more nuance. They disclose that collateral "may not always consist of the underlying shares" and that "other eligible assets (including cash collateral) may be used as substitute collateral." Bybit also said it does not independently verify the collateral composition or the continued 1:1 backing.
Tokenized Shares Differ From Pre-IPO Perpetual Futures Products
Bybit's tokenized-share route differs from the synthetic perpetual futures products launched by several crypto exchanges in recent weeks. Coinbase, Binance, OKX, Bitget, Crypto.com, and Hyperliquid-based platforms have offered competing pre-IPO perpetual contracts tied to SpaceX exposure.
Perpetual futures give traders synthetic price exposure, usually without any claim on an underlying share or tokenized certificate. They depend heavily on pricing feeds, liquidity, funding mechanics, and exchange risk controls.
Tokenized pre-IPO products linked to Anthropic and OpenAI dropped sharply in May after both companies warned that share transfers through special purpose vehicles were void under their corporate bylaws. The xStocks structure differs because it uses bearer debt instruments issued against shares in custody rather than direct SPV-held positions.
Ventuals recently said it would compensate traders after a bug involving data from an offchain oracle caused its pre-IPO SpaceX perpetual contract on Hyperliquid to fall 45% within 30 minutes.
Crypto Exchanges Expand Into Capital Markets Access Products
Bybit requires Level 1 individual or business identity verification and restricts participation to main accounts. The European Economic Area is excluded from Bybit's product, while Kraken's parallel offering is available in the EEA through a Payward subsidiary licensed in Cyprus.
SpaceX's planned offering is being led by a 23-bank syndicate, with Goldman Sachs in the lead-left role, followed by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase as other lead bookrunners.
Bybit said about 550 users had pre-registered for the product by Sunday morning Eastern Time, with total subscription amounts of roughly $9.1 million in USDC.
FAQ
What is Bybit's IPO Express product for SpaceX?
Bybit launched IPO Express on Sunday as a tokenized SpaceX IPO access product for VIP and Pro users. The product uses an indicative price of 135 USDC plus a 5% underwriting fee, with a minimum subscription of 100 USDC and a maximum of 50 subscription orders per user. Subscriptions opened at 8:00 UTC on Sunday, allocation is scheduled for 8:00 UTC on June 11, and token distribution is set for 12:30 UTC on June 12.
How do xStocks tokens differ from actual SpaceX shares?
xStocks tokens are issued by Backed Assets (JE) Limited and structured as tracker certificates that provide economic exposure to a reference asset rather than direct equity ownership. The tokens do not carry shareholder voting rights or dividend rights and are designed to track the economic value of the underlying reference asset, not to make token holders registered shareholders.
What is the expected valuation and timeline for SpaceX's IPO?
SpaceX is expected to debut on Nasdaq on June 12 with a targeted $1.75 trillion valuation, a $135 share price, and a roughly $75 billion raise. The planned offering is being led by a 23-bank syndicate with Goldman Sachs in the lead-left role, followed by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase as other lead bookrunners.
