Kraken Brings SpaceX IPO Access with Tokenized Shares via xStocks

Crypto exchange Kraken is offering its users access to SpaceX’s highly anticipated initial public offering (IPO) through xStocks, a tokenized equities platform. Eligible investors in over 110 global markets can now register on Kraken to secure tokenized SpaceX shares ahead of the company’s June 12 debut, which targets a record-breaking $1.8 trillion valuation.

The xStocks platform, launched by Kraken in partnership with Swiss-regulated Backed Finance, allows users to trade tokenized equity instruments that are fully backed 1:1 by underlying shares. For the SpaceX IPO, the SPCXx tokens will represent equity in Elon Musk’s space exploration company and will be tradable 24/7 on Kraken and other partner platforms.

SpaceX IPO Targets $75 Billion Raise

SpaceX aims to raise $75 billion in its IPO, drawing significant interest from institutional and retail investors alike. According to Bloomberg, demand for shares has already exceeded availability, positioning the offering to become the largest IPO in history, surpassing Saudi Aramco’s $29.4 billion listing in 2019.

While SpaceX’s Starlink satellite internet business has driven substantial revenue growth, the company’s capital-intensive launch operations and exploration projects remain a financial drain. These factors could shape how investors value the company in secondary markets post-IPO.

Global but Limited Access

Kraken’s IPO Access feature via xStocks is available across the European Economic Area (EEA) and several international markets. However, regulatory restrictions exclude users in the United States, Canada, Australia, and the United Kingdom from participating. To register, eligible users must apply through the Kraken mobile app, as the feature is not supported on the Kraken Pro or desktop platforms.

Investors who secure an allocation will receive SPCXx tokens, which can be withdrawn to self-custody wallets. This aligns with Kraken’s broader goal of integrating traditional equity markets with decentralized finance (DeFi) principles, offering features like on-chain settlement and composability.

Why It Matters for Tokenized Equities

Kraken’s xStocks platform has rapidly emerged as a leader in the tokenized equities space. Since its initial rollout in May 2025, xStocks has facilitated over $25 billion in transaction volume and onboarded more than 80,000 unique on-chain holders. Its success is a testament to growing demand for around-the-clock trading and blockchain-based settlement in traditional financial instruments.

With tokenized IPO access, Kraken is extending these benefits to primary equity markets, enabling retail investors to participate in offerings typically dominated by institutions. The move underscores the broader trend of convergence between crypto infrastructure and traditional capital markets, where blockchain technology is breaking down barriers for global retail participation.

Key Dates and Trading Implications

SpaceX is set to begin public trading on June 12, making this a significant date for both traditional and tokenized equity markets. Given the expected demand and historical significance of the listing, traders may see heightened activity in SPCXx tokens on secondary markets.

The launch also reinforces Kraken’s position as a trailblazer in regulated tokenized equities. As xStocks continues to expand its offerings, including perpetual futures launched earlier this year, it will likely draw further interest from both crypto-native traders and traditional investors seeking blockchain-enabled access to equity markets.

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