SpaceX is redefining what’s possible in aerospace, satellite communications, and commercial spaceflight. As one of the most closely watched private companies in the world, its initial public offering (IPO) has been highly anticipated for years.
Yet, most non-US retail investors have limited opportunities to participate in an IPO of this size. Most can only buy after the stock begins trading on the open market, by which point the price has often moved well above the level at which institutional participants secured their allocations. That changes today.
Through xStocks, eligible Kraken customers in more than 110 supported regions, including the European Economic Area (EEA), can now submit an indication of interest to participate in the SpaceX IPO offering. Upon allocation, customers will receive SPCXx, a 1:1 backed tokenized representation of SpaceX equity.
The launch also marks a major step forward for global market access. Through Payward’s xStocks tokenized equities framework, Kraken and other participating xStocks Alliance platforms will be the only platforms offering 24/7 access to SpaceX from day one, including throughout the first weekend following the listing while traditional brokerages remain closed.
Once issued, SPCXx can be traded around the clock on Kraken and across compatible DeFi venues. We believe that when a company goes public, the opportunity to participate should be public too.
Arjun Sethi, Co-CEO of Payward: “For a century, the best IPOs opened behind a velvet rope. You needed the right bank, the right address, or the right net worth to get in at the same price as the institutions. IPO Access pulls the rope aside. From today, someone in 110 countries can register for SpaceX from their phone, and the moment it lists they trade it: nights, weekends, no waiting for an opening bell. This isn’t a friendlier version of the old system. It’s a new one: borderless, always on, and built on crypto rails. It’s what capital markets look like when they stop being a members-only club.”
How it works
- Eligible customers can today submit a non-binding indication of interest to purchase SPCXx, a 1:1 backed tokenized representation of SpaceX equity, within an indicated price range, minus applicable fees. This process is available in the Kraken mobile app now.
- On the day of SpaceX’s public listing, those who have been successful will receive an allocation of their tokenized SpaceX (SPCXx) assets directly into their Kraken balances.
xStocks — the only vehicle for SpaceX weekend trading
One of the most significant advantages of the SPCXx asset is that it extends access to SpaceX beyond the limitations of traditional market hours. While conventional brokerages close after the first day of trading and remain unavailable throughout the weekend, SPCXx will continue trading 24/7 on Kraken and other participating xStocks Alliance platforms.
This means investors across the world can react to news, manage their positions, and access liquidity throughout the first weekend following the IPO — making xStocks the only vehicle offering continuous access to SpaceX during one of the most active and closely watched periods of its public market debut.
The capability is powered by xStocks, Payward Services’ market-leading tokenized equities framework, which makes exposure to public equities more accessible, portable, and compatible with the global crypto ecosystem.
Every xStocks asset is backed 1:1 by the underlying share and held in custody by a regulated entity, giving investors financial exposure to the companies they believe in while benefiting from the speed, accessibility, and programmability of blockchain infrastructure.
Unlike traditional brokerage accounts, xStocks assets can move with the investor across participating xStocks Alliance platforms, be transferred onchain, and integrate with compatible DeFi applications, helping create a capital market that is global, always-on, and accessible by design.
What’s coming next
While SpaceX is the first step, it is not the destination. In the coming weeks, we plan to list access to even more IPOs as part of a broader effort to make capital markets more accessible, more global, and more crypto-native by design.
By combining tokenized equities with 24/7 trading infrastructure, xStocks is helping remove geographic and structural barriers that have historically limited participation in some of the world’s most sought-after investment opportunities.
As more companies choose to go public, we believe investors everywhere should have the opportunity to participate alongside institutions, not after them.
xStocks are tokenized securities issued by Backed Assets (JE) Limited (“BAJL”) pursuant to an EU-registered prospectus, providing price exposure only, with no voting or dividend rights. xStocks are not registered under the US Securities Act and are not available in the United States or to US persons. xStocks are also not currently available in the United Kingdom, Canada, Australia, or in any other jurisdiction where their offer or distribution would be unlawful or would require regulatory authorisation that has not been obtained. In the EEA, xStocks are made available by Payward Europe Digital Solutions (CY) Limited (“PEDSL-CY”), authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), licence no. 342/17. Outside the EEA, xStocks are made available by Payward Digital Solutions Ltd. (“PDSL”), licensed to conduct digital asset business by the Bermuda Monetary Authority (“BMA”). IPO participation involves a high degree of risk. Allocation is subject to underwriter decisions; allocation is not guaranteed and excess funds will be returned. The value of IPO xStocks may go down as well as up after listing. Past performance is not a reliable indicator of future results. Geographic restrictions apply.
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