SpaceX Tokenized IPO Shares Available to Bybit Traders via xStocks Platform
The xStocks infrastructure, operated by Payward Services, Kraken's parent entity, consolidates investor demand from various partner platforms and collaborates with underwriting syndicates to obtain IPO share allocations prior to converting them into tokenized assets.
Qualified Bybit participants have the ability to express interest and place subscription orders for tokenized shares of initial public offerings via the exchange platform, with share distributions executed proportionally based on demand and excess capital returned when subscription requests surpass the quantity of available shares. The aerospace firm SpaceX has been selected as the inaugural opportunity, with its tokenized equity positions set to commence spot market trading on Bybit starting June 12.
Upon the listing date, distributed shares undergo tokenization and maintain a 1:1 correspondence with actual equity securities stored under regulated broker-dealer custody arrangements, as stated by Bybit.
Data from RWA.xyz indicates that xStocks ranks as the second-most prominent tokenized equity platform measured by total value, holding approximately $415 million worth of tokenized stock assets and commanding a 28% portion of the overall market.
On Friday, Kraken announced SpaceX as the first company featured through its xStocks IPO Access offering, a service accessible across more than 110 global markets while specifically restricting participation from individuals located in the United States, Canada, Australia and the United Kingdom owing to compliance limitations.
Just one day prior to this announcement, Coinbase unveiled a pre-IPO marketplace for SpaceX that provides qualified international users beyond US borders with exposure to the private company's valuation through perpetual futures contract instruments.
SpaceX targets record-breaking public debut
Established by Elon Musk in 2002, SpaceX operates as a privately-held aerospace enterprise recognized primarily for its Falcon rocket systems, Dragon space capsules and the Starlink global satellite-based internet service.
The organization submitted a confidential filing for its initial public offering to the US Securities and Exchange Commission during April. This regulatory submission followed by two months SpaceX's purchase of xAI, Musk's artificial intelligence venture, which broadened the aerospace corporation's footprint within the AI industry.
Reports indicate that subscription demand for the public offering has surpassed the number of shares being made available in advance of SpaceX's scheduled June 12 market entry. According to Bloomberg's reporting, the company aims to achieve a market capitalization of no less than $1.8 trillion while raising approximately $75 billion in capital, figures that would establish this as the largest initial public offering in history.
The S-1 registration document filed by SpaceX on May 20 additionally revealed the company's ownership of 18,712 Bitcoin, a quantity substantial enough to position the aerospace firm within the top 10 corporate Bitcoin (BTC) holders globally, ranking higher than notable entities such as Coinbase and Riot Platforms, based on information from BitcoinTreasuries data.
