June 10, 2026 – Bybit now lets traders buy tokenized exposure to the SpaceX listing using USDC. However, the tokens carry no voting or dividend rights, and the fine print matters.
In Summary
Bybit launched IPO Express on June 7, opening access to tokenized SpaceX through the xStocks framework.
The indicative price is 135 USDC per unit, plus a 5% underwriting fee and a 100 USDC minimum.
SpaceX targets a record $75 billion raise at a $1.75 trillion valuation, with a June 12 Nasdaq debut.
Tokens give economic exposure only. Therefore, holders receive no ownership, votes, or dividends.
Cryptocurrency exchange Bybit has opened a new door to one of the most anticipated listings in years. On June 7, the exchange launched a product called IPO Express. It lets eligible users subscribe to tokenized SpaceX shares before the company debuts on Nasdaq.
The move blurs the line between traditional equity markets and crypto rails. Moreover, it arrives just days before SpaceX is expected to begin trading. As a result, retail demand for early access has surged.
How the Bybit Offering Works
Users subscribe with USDC rather than fiat currency. Furthermore, the offering uses an indicative price of 135 USDC per unit, plus a 5% underwriting fee. The minimum subscription is 100 USDC, while each user faces a cap of 50 subscription orders.
The subscription window ran from June 7 to June 11. After that, Bybit calculates allocations on a pro-rata basis. Consequently, unused funds are refunded automatically. Spot trading is then expected to begin on June 12.
Importantly, the product is powered by Payward Services’ xStocks infrastructure. The tokens themselves are issued by Backed Assets (JE) Limited, a Jersey-based entity. They are structured as tracker certificates rather than direct shares.
A Record Listing Anchors the Hype
The interest is easy to explain. SpaceX is targeting the largest IPO in market history. According to an updated SEC prospectus filed June 3, the company plans to sell roughly 555.6 million Class A shares at $135 each.
That structure would raise about $75 billion before expenses. In addition, underwriters hold an option to purchase an additional 83.3 million shares. Therefore, the total could climb by a further $11.25 billion.
A $75 billion raise would more than double Saudi Aramco’s $29.4 billion record set in 2019.
The valuation is equally striking. SpaceX is aiming for a price tag above $1.75 trillion. Consequently, it would rank among the most valuable listed companies on day one.
What the Tokenized Shares Actually Give You
Here the fine print becomes crucial. Bybit has been explicit about the product’s limits. Notably, the tokens are not the same as owning SpaceX stock.
The exchange states that tokenized shares confer no voting or dividend rights. Holders also have no direct legal claim against the issuer. Instead, they hold synthetic, price-tracking exposure.
Each xStocks token is described as backed one-to-one by real equity in custody. However, Bybit’s own terms warn that collateral may not always consist of the underlying shares. Therefore, buyers carry counterparty and structural risk.
There are access limits too. The product excludes users in the United States, United Kingdom, Canada and Australia. Furthermore, early access was reserved for verified VIP and Pro tier accounts.
The Numbers Behind the Story
The valuation rests on bold ambitions, not current profits. SpaceX reported $18.7 billion in 2025 revenue. Yet it also posted a net loss of more than $4.9 billion that year.
The losses stem largely from its artificial-intelligence push, not from its rockets. In the first quarter of 2026 alone, the company recorded a net loss of nearly $4.3 billion. Capital spending reached $10.1 billion in the same quarter.
Earlier filings framed an enormous long-term prize. The company outlined a $28.5 trillion market opportunity, much of it tied to AI. Still, investors must weigh that vision against heavy near-term cash burn.
Why It Matters for Crypto Markets
The launch signals a broader shift in exchange strategy. Rivals such as Kraken have opened similar access through the same xStocks framework. Therefore, tokenized equities are moving from experiment to product line.
For crypto-native investors, the appeal is direct. They can use stablecoins to reach assets once reserved for institutions. Nevertheless, the structural caveats remain significant, and buyers should read the terms closely before committing funds.
