Crypto exchange Bybit launched a tokenized SpaceX IPO access product on Sunday, opening a four-day window for eligible users to commit USDC ahead of the rocket, satellite broadband, social media and AI company's expected Nasdaq debut on June 12. The IPO will follow SpaceX's merger with Elon Musk's xAI, which itself had acquired the social media platform X last year.
The product, called IPO Express, uses an indicative price of 135 USDC plus a 5% "underwriting fee," with a 100 USDC minimum and a cap of 50 subscription orders per user. Subscription opened at 8:00 UTC Sunday for Bybit's VIP and Pro users, allocation is set for 8:00 UTC on June 11, and token distribution is scheduled for 12:30 UTC on June 12.
Subscribed funds are frozen pending allocation, and allocations may be partial or zero depending on overall demand. If the final IPO price lands within 20% of the indicative price, Bybit will automatically subscribe users at the final price; if it lands more than 20% above, users must reconfirm within a set window, per the terms of the offering.
Bybit is the second crypto exchange this week to launch tokenized SpaceX IPO access through the xStocks Alliance, the multi-exchange network operated by Payward Services, the B2B infrastructure arm of Kraken's parent company, as The Block previously reported. Kraken launched its own version on June 5 under the ticker SPCXx, available to verified users in more than 110 regions.
