TheBlock
Crypto exchange Bybit opened a four-day window on Sunday for eligible users to commit USDC to IPO Express, its tokenized SpaceX IPO access product, ahead of the rocket, satellite broadband, social media and AI company's expected Nasdaq debut on June 12. The product carries an indicative price of 135 USDC, a 5% underwriting fee, a 100 USDC minimum and a 50-order cap per user; subscriptions opened at 8:00 UTC for VIP and Pro accounts, allocation is set for 8:00 UTC on June 11 and token distribution is scheduled for 12:30 UTC on June 12. About 550 users had pre-registered with roughly $9.1 million in USDC committed as of Sunday morning ET, according to the IPO Express page. SpaceX is targeting a $1.75 trillion valuation with shares priced at $135 for a roughly $75 billion raise, led by a 23-bank syndicate with Goldman Sachs at the lead-left.
Why it matters
Bybit is the second major venue this week to offer tokenized SpaceX IPO access through the xStocks Alliance, the multi-exchange network run by Kraken parent Payward Services. Kraken launched SPCXx on June 5, available in more than 110 regions. xStocks tokens are issued by Backed Assets (JE) Limited in Jersey as tracker certificates — bearer debt instruments over shares held in regulated broker-dealer custody, blockchain-agnostic across Ethereum, Solana and TON. The structure gives economic exposure, not shareholder rights, and a key disclosure sits in the fine print: Bybit's terms state collateral may not always consist of the underlying shares and that cash or other eligible assets may be substituted as substitute collateral, with Bybit explicitly saying it does not independently verify the 1:1 backing.
Market impact
The product lands alongside a growing synthetic-perps cohort chasing the same trade on different rails. Coinbase rolled out USDC-settled SpaceX pre-IPO perps on its Bermuda-licensed International Exchange on Wednesday, joining Binance, OKX, Bitget, Crypto.com, Hyperliquid-based Trade.xyz and Ventuals. Ventuals had to compensate traders earlier this month after an offchain oracle bug sent its Hyperliquid SpaceX perp down 45% in 30 minutes.
Frequently asked questions
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What is Bybit's IPO Express and how does it give exposure to SpaceX?
IPO Express is Bybit's tokenized SpaceX IPO access product, available to VIP and Pro users via a four-day USDC subscription window. Tokens are xStocks tracker certificates issued by Backed Assets (JE) Limited as bearer debt over shares in regulated broker-dealer custody, giving economic exposure but not shareholder or…
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How does the xStocks structure differ from synthetic pre-IPO perpetuals?
xStocks tokens are tracker certificates backed by shares held in regulated broker-dealer custody, interoperable across Ethereum, Solana and TON. Synthetic pre-IPO perps, by contrast, are derivatives priced off offchain reference data — Coinbase, Binance, OKX, Bitget, Crypto.com, Trade.xyz and Ventuals all run…
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What are the price, fee and timing details for Bybit's product?
The indicative price is 135 USDC with a 5% underwriting fee, a 100 USDC minimum and a 50-order cap per user. Subscriptions opened at 8:00 UTC Sunday, allocation is set for 8:00 UTC on June 11, and token distribution is scheduled for 12:30 UTC on June 12.
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What risks sit in the fine print of Bybit's tokenized offering?
Bybit's terms state collateral may not always consist of the underlying shares and that other eligible assets, including cash, may be used as substitute collateral, and that Bybit does not independently verify the collateral composition or continued 1:1 backing. May's PreStocks plunge tied to Anthropic and OpenAI…
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What is the scale of SpaceX's expected IPO and who is leading it?
SpaceX is targeting a $1.75 trillion valuation with shares priced at $135 for a roughly $75 billion raise, led by a 23-bank syndicate with Goldman Sachs in the lead-left position alongside Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase. The Nasdaq debut is expected on June 12 following the merger with…
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