SpaceX’s record IPO validated crypto’s pre-IPO price discovery but exposed the limits of tokenized IPO access, as retail traders on major exchanges were shut out of allocations.

SpaceX raised $75 billion in the largest IPO ever, surging 19% on day one to a $2.1 trillion valuation and making Elon Musk the world's first trillionaire.

Tokenized stocks didn’t pan out, but the underlying idea is sound.