The cryptocurrency exchange Bybit has announced the launch of a new service called IPO Express, which will offer retail investors tokenized access to SpaceX initial public offering (IPO) shares.
Starting this week, the Dubai-based exchange will let customers subscribe to digital representations of Elon Musk’s aerospace firm at the official underwritten price of 135 USDC per share. The move, powered by the xStocks platform, aims to dismantle the exclusive entry barriers typically managed by major Wall Street investment banks.
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Bybit CEO Ben Zhou and Head of Spot Emily Bao are positioning the platform as a bridge between traditional capital markets and blockchain infrastructure. While some crypto platforms have previously offered derivatives that track stock prices, Bybit is using a tokenization model where shares are reportedly backed one-for-one by actual underlying equity securities.
These securities are held in regulated broker-dealer custody through xStocks, a platform operated by Payward Services, which is also the parent company of the Kraken exchange.
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The timing is critical as Apple Inc. satellite connectivity advances continue to highlight the growing commercial value of space-based infrastructure. SpaceX is currently targeting a $75 billion capital raise at a total company valuation of roughly $1.75 trillion.
Investor demand for the offering has reportedly reached $150 billion, nearly double the amount the company is seeking to raise, making retail access through traditional brokerage channels nearly impossible for the average investor.
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Bybit targets SpaceX listing with tokenized IPO Express
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The registration period for the SpaceX tokenized offering on Bybit opened on June 7 and is scheduled to run through June 11, 2026. Following this window, the allocation of shares will take place between June 11 and June 12. Once the allocation is complete, the tokenized shares will begin trading on Bybit’s spot market.
This setup allows users to bypass the private banking and institutional networks that usually dominate high-profile U.S. listings.
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To participate, eligible users must commit a minimum subscription of 100 USDC, with a 5% underwriting fee applied to the transaction. Bybit has capped the number of orders at 50 per user to manage the expected high demand.
The exchange is specifically targeting its VIP and Pro tier members for this initial rollout, though the service is being marketed to retail investors globally who meet specific eligibility criteria.
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The technical architecture provided by xStocks allows these tokenized shares to exist on a blockchain, which introduces features like extended trading hours and potential integration with decentralized finance (DeFi) protocols. This shift toward on-chain securities comes as many market participants watch for a late-2026 breakout potential in the broader digital asset space, suggesting a growing appetite for hybrid financial products.
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Navigating the risks of tokenized equity ownership
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Despite the “one-for-one” backing claim, Bybit has clarified that these tokens do not grant traditional shareholder rights. Investors will not receive voting rights or direct legal ownership of SpaceX shares. Furthermore, the collateral for these tokens may not always consist of the underlying shares themselves; the platform reserves the right to use other eligible assets, including cash, as substitute collateral.
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Geographic restrictions also remain a hurdle for total “democratization.” While Bybit operates out of Dubai, it explicitly excludes residents of the European Economic Area (EEA) from this specific service. In contrast, Kraken, which plans to offer similar access through its xStocks alliance, often excludes residents of the United States, United Kingdom, and Canada while maintaining access for EEA users through regulated subsidiaries.
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This development follows recent comments from Bybit CEO Ben Zhou at the 2026 Goldman Sachs Asia Pacific FinTech Conference, where he argued that traditional financial assets are migrating to the blockchain faster than anticipated. As com/why-bitcoin-traders-care-200-day-moving-average-analysis/”>Bitcoin traders prioritise technical indicators like moving averages in a volatile market, the influx of “real-world assets” (RWAs) like SpaceX shares into the crypto ecosystem offers a different type of volatility and utility for digital wallets.
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The future of on-chain capital markets
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The decision to lead with SpaceX is a calculated move to capture interest in one of the most anticipated public listings of the decade. By leveraging the xStocks regulated blockchain, Bybit is attempting to prove that the settlement of traditional equities can be handled more efficiently through crypto-native infrastructure.
If successful, this could pave the way for a broader range of U.S. stocks to be tokenized and traded 24/7 on global crypto venues.
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However, the 5% underwriting fee and the lack of voting rights mean these products are primarily designed for price exposure rather than long-term corporate governance.
For many retail traders, that is a trade-off they are willing to make to gain a foothold in a company that is currently seeing double the demand of its available supply.
As the June 12 trading debut approaches, all eyes will be on Bybit to see if the technology can handle the pressure of a multi-billion-dollar equity launch.