SpaceX’s IPO exposes the first crack in tokenized stocks, fragmented ownership and allocation
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SpaceX priced its IPO at $135 per share on June 11, raised $75 billion in the largest public offering in history, and opened on Nasdaq at $150 Friday morning.
Key facts
- SpaceX pre-IPO perp volume reached $3.2 billion and $390 million in open interest across eight exchanges between May 17 and June 11
- Citi projects that tokenized real-world assets will climb from $17 billion today to $5.5 trillion by 2030
- SpaceX priced its IPO at $135 per share on June 11, raised $75 billion in the largest public offering in history, and opened on Nasdaq at $150 Friday morning
- By IPO day, the perp had pulled back to around $176, still 30% above the $135 offering price, with over $322 million in 24-hour volume and $293 million in open interest
Summary
01 SpaceX's IPO put Nasdaq shares, Backpack tokens, xStocks certificates, Binance campaigns, and Hyperliquid futures under one ticker name. 02 The products delivered different rights: actual ownership, redeemable custody-backed tokens, tracker exposure, or cash-settled derivatives. 03 Demand outran xStocks supply, allocations were cut, and the listing exposed unresolved gaps in redemption, custody, and settlement. By the time the stock reached $164, retail investors had gained “SpaceX exposure” through actual Nasdaq shares, Backpack Securities' redeemable token on Solana, xStocks tracker certificates on Kraken and Bybit, Binance Wallet's subscription campaign, and Hyperliquid's perpetual futures.