WuBlockchain
Three different SpaceX stock tokens are now trading on the Solana network, according to data from Jupiter. Backpack's SPCX token led activity with $37.5 million in 24-hour trading volume, making it the most actively traded stock token on the chain.
xStocks' SPCXx recorded $6.65 million in volume over the same window, while Pre-Stocks' SPACEX saw $2.78 million. The split puts Backpack's issuance at roughly five times the combined volume of its nearest two competitors.
Why it matters
Tokenised private equity remains an unsettled corner of crypto markets — multiple issuers wrapping the same underlying asset is now the norm rather than the exception, and each carries its own redemption mechanics, custody arrangement, and counterparty risk. A reader holding SPCX is not holding the same claim as a holder of SPCXx or SPACEX, even though all three nominally track SpaceX.
Market impact
Combined 24-hour volume across the three SpaceX tokens sits near $47 million — a thin slice of liquidity against SpaceX's reported private valuation, but a meaningful footprint for synthetic equity on Solana. The Jupiter data is a snapshot, not a trendline, but the issuer split illustrates how fragmented the tokenised-stock market has become at the venue level.
Frequently asked questions
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What are the three SpaceX tokens trading on Solana?
Backpack's SPCX, xStocks' SPCXx, and Pre-Stocks' SPACEX. All three nominally track SpaceX but are issued by separate providers with distinct redemption mechanics and counterparty risk.
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Which SpaceX token has the highest trading volume on Solana?
Backpack's SPCX led with $37.5 million in 24-hour trading volume, making it the most actively traded stock token on the Solana network, per Jupiter data.
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Are SPCX, SPCXx, and SPACEX the same asset?
They all track SpaceX but represent different claims. Each issuer runs separate custody, redemption, and counterparty arrangements, so a holder of one does not hold a substitute for the others.
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How much total volume did SpaceX tokens see on Solana in 24 hours?
Combined 24-hour volume across the three SpaceX tokens was roughly $47 million, with Backpack's SPCX contributing the bulk of activity.
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Why does the issuer split matter for tokenised private equity?
Multiple issuers wrapping the same underlying asset is now common in tokenised private equity, but fragmentation at the venue level means liquidity, pricing, and redemption terms can diverge sharply between competing tokens.
Benjamin Cowen
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