SpaceX is redefining what is 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-U.S. retail investors have limited opportunities to participate in an IPO of this size. Most can only buy once the stock begins trading on the open market, at which point the price has often risen well above the level at which institutional participants have secured their allocations. That changes today.
Through xStocks, eligible Kraken customers in over 110 supported regions, including the European Economic Area (EEA), can now submit an expression of interest to participate in SpaceX’s IPO offering. Upon allocation, customers will receive SPCXx, a 1:1 tokenized representation of SpaceX equity.
This launch also marks a major step towards global market access. Through Payward’s xStocks tokenized equity 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 listing, while traditional brokerages remain closed.
Once issued, SPCXx can be traded 24 hours a day on Kraken and compatible DeFi sites. We believe that when a company goes public, the opportunity to participate should also be public.
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 puts the rope aside. Starting today, anyone in 110 countries can sign up for SpaceX from their phone, and as soon as they’re listed, they trade it: nights, weekends, without waiting for the opening bell. It’s not not a friendlier version of the old system It’s a new one: borderless, always and built on crypto rails This is what capital markets look like when they stop being a members-only club.
How it works
- Eligible customers can today submit a no-obligation expression of interest to purchase SPCXx, a 1:1 tokenized representation of SpaceX’s equity, at a specified price range, less applicable fees. This process is now available in the Kraken mobile app.
- On the day of SpaceX’s public listing, those who are successful will receive an allocation of their tokenized SpaceX assets (SPCXx) directly into their Kraken balances.
xStocks – the only vehicle for SpaceX weekend trading
One of the most important benefits of the SPCXx asset is that it expands access to SpaceX beyond the confines of traditional market hours. While conventional brokerages close after the first day of trading and remain unavailable through the weekend, SPCXx will continue trading 24/7 on Kraken and other xStocks Alliance participating platforms.
This means that investors around the world can react to news, manage their positions and access liquidity throughout the first weekend after the IPO. making xStocks the only vehicle providing continued access to SpaceX during one of the most active and closely watched periods of its public market debut.
This feature builds on xStocks, Payward Services’ market-leading tokenized equities framework, which makes public equity exposure more accessible, portable and compatible with the global crypto ecosystem.
Each xStocks asset is backed 1:1 by the underlying stock and owned by a regulated entity, providing investors with financial exposure to 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 on-chain, and integrate with compatible DeFi applications, helping to create a global capital market that is always-on and accessible by design.
What comes next
Although SpaceX is the first stop, 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 the capital markets more accessible, more global, and more crypto-native by design.
By combining tokenized stocks with 24/7 trading infrastructure, xStocks helps eliminate 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 around the world 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 the United States. people. xStocks are also not currently available in the United Kingdom, Canada, Australia or any other jurisdiction where their offering or distribution would be illegal or would require regulatory approval which has not been obtained. In the EEA, xStocks are made available by Payward Europe Digital Solutions (CY) Limited (“PEDSL-CY”), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), license no. 342/17. Outside the EEA, xStocks are made available by Payward Digital Solutions Ltd. (“PDSL”), authorized to carry out digital asset activities by the Bermuda Monetary Authority (“BMA”). Participating in an IPO carries a high degree of risk. The allocation is subject to the decisions of the subscribers; allocation is not guaranteed and excess funds will be returned. The value of the xStocks IPO may decrease as well as increase after listing. Past performance is not a reliable indicator of future results. Geographic restrictions apply.
