SpaceX begins trading on Nasdaq under the ticker SPCX tomorrow. The same day, a stack of crypto-native tokenized-equity products designed to mirror or redeem against SPCX goes live in parallel.
SpaceX priced its IPO at $135 per share on Thursday, offering roughly 555.6 million shares for a $75 billion raise at a $1.75 trillion valuation, the largest IPO on record. Crypto-native exposure has built ahead of the bell on rails spanning institutional TRS desks to retail DeFi wrappers: Ondo Finance's SPCXon, Kraken's xStocks SPCXx, a Backpack Securities-issued SPCX token routed to Solana through SunriseDefi, and a Galaxy Digital total return swap referencing an on-chain SpaceX perpetual for institutional counterparties.
Hyperliquid's pre-IPO SPCX perpetual, deployed by Trade.xyz, holds over $190 million in open interest and converts to a standard stock-linked perpetual once Nasdaq trading begins.
Friday's open is the first time a marquee IPO has had a simultaneous on-chain equity market issued by a regulated brokerage, alongside a separate regulated tokenized-equity wrapper, alongside a live pre-IPO derivatives book waiting to settle into spot.
Ondo Finance is listing SPCXon through its Global Markets platform, which is designed to bring public equities on-chain the same day they list on traditional exchanges. The product is backed 1:1 by SpaceX shares held in regulated custody and operates as a total-return tracker, with mint and redeem windows available to non-U.S. users via wallets including MetaMask on Ethereum and Solana.
