SpaceX is about to pull off the biggest stock market debut in history, and for once ordinary investors are not entirely locked out. Elon Musk's rocket company may raise about $75 billion, a deal Bloomberg reported is already oversubscribed at a valuation near $1.8 trillion, with more orders than shares to go around. It starts trading on Nasdaq on June 12.

The unusual part is who gets to buy in. SpaceX set aside up to 30% of the offering for retail, roughly triple the usual slice, and that has touched off a scramble to put the deal in front of small investors.

Crypto Exchanges and Brokers Race to Sell SpaceX to Retail Before the June 12 Listing

For example, the digital assets platform Bybit opened subscriptions to a tokenized SpaceX offering on June 7, becoming the second crypto exchange in three days to let ordinary investors buy into Elon Musk's rocket company at its IPO price.

SpaceX IPO info https://t.co/mSsriwGoWo

— Elon Musk (@elonmusk) June 4, 2026

Kraken moved first on June 5. Both are routing the deal through xStocks, the tokenization Tokenization Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Read this Term framework run by Kraken's parent, Payward, and both promise allocations settled when SpaceX starts trading on June 12.

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The timing is pointed. SpaceX priced 555.6 million shares at $135 each to raise about $75 billion. That is the backdrop to a scramble that now stretches from Wall Street brokerages to offshore crypto venues, and the products being sold are far from identical.

Three Rails Into the Same IPO

Strip away the branding and the offers split into three structurally different trades. The first is a real allocation at the $135 offer price.

In the US, Robinhood, Fidelity, Charles Schwab, SoFi and Morgan Stanley's E*Trade are taking orders from American clients, while Interactive Brokers opened the same direct allocation on June 4, limited to clients who are tax resident and located in the United Kingdom.

The second is a tokenized claim. Kraken and Bybit are issuing SPCXx and SPCX, tokens backed one-to-one by a share held in custody that carry price exposure but no voting or dividend rights, and that exclude users in the US, UK, Canada and Australia.

The third is a synthetic bet that holds no stock at all. Binance launched an SPCXUSDT perpetual in May, the same day CMC Markets opened a grey market in SpaceX spread bets and CFDs, and OKX, Gate, BingX and Hyperliquid have added comparable contracts.

An older route runs through private secondary markets and special purpose vehicles, where platforms like Forge and Hiive have quoted SpaceX shares to accredited investors, with Hiive listing the stock near $832 a unit in April.

The geographies barely overlap. A trader outside the US can take the tokenized route but not the US broker allocation, a UK resident can apply through Interactive Brokers but is locked out of the xStocks token, and American retail is steered to its domestic brokers while both crypto-rail routes shut US persons out.

Same demand, three instruments, and a mirror-image map of who is let in.

How You Trade a Company That Has Not Listed Yet

There are really two mechanisms behind the pre-IPO label, and they work in opposite directions.

An allocation means you apply during a subscription window, an underwriting syndicate decides who gets what, and you own nothing until the stock prices and lists.

Because demand routinely outstrips supply, applying is not receiving. "Retail investors can access some IPOs through brokers that offer pre-market share allocations before a company begins trading publicly," said Arkadiusz Jóźwiak, editor-in-chief at Comparic.pl.

Dan Coatsworth, head of markets at AJ Bell, said allocations are set once the offer period closes, adding that "it's rare to receive nothing in an IPO offer, but it cannot be ruled out."

A synthetic product skips shares entirely. A venue quotes a price on the private company and lets clients trade a derivative against it, then settles or rolls the position once the stock lists.

That is how grey-market CFDs and pre-IPO perpetual futures can trade for months before any allocation exists, and it is why a trader holding one of these owns a bet on the price, not the company.

From Grey Markets to Tokenized Bets

The synthetic wave is where the SpaceX rush actually began. Bitget launched its IPO Prime line in April with a token called preSPAX, issued through investment platform Republic at an implied $1.5 trillion valuation, alongside a SPCXUSDT perpetual offering up to 5x leverage. Neither conveys equity, dividends or voting rights, the exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term said.

OKX said on May 6 it would add perpetual futures tracking OpenAI, SpaceX and Anthropic, following Injective, which listed similar contracts in 2025.

The crowd matters because the rationale for a synthetic fades the moment the real stock trades, and the smaller venues carry the most regulatory exposure if the SEC or CFTC starts asking questions after listing.

The flow is starting to show in the data. Crypto analytics firm Block Scholes said on June 5 that pre-IPO perpetual volume on Hyperliquid had jumped from under $5 million a day to more than $50 million, led by a SpaceX-linked contract launched in mid-May, even as the venue's bitcoin and ether volumes sat near multi-quarter lows.

Tokenized exposure has its own troubled history here.

Robinhood pushed tokenized SpaceX and OpenAI products to European users in June 2025, drawing an inquiry from the Bank of Lithuania and a public statement from OpenAI that the tokens did not represent its equity.

What Kraken and Bybit add now is the allocation itself wrapped in a token, not just a tracking instrument, though the debate over whether tokens beat CFDs is unresolved.

The xStocks Bet and the US Split

For Kraken and Bybit, the pitch is geography. Kraken said its SPCXx token is open in more than 110 countries including the European Economic Area, and Payward Co-CEO Arjun Sethi framed it around exclusion, saying that "for a century, the best IPOs opened behind a velvet rope."

Bybit set its subscription window from June 7 to June 11, with pro-rata allocation, automatic refunds on unused funds and spot trading from June 12.

Emily Bao, the exchange's head of spot, said retail had long been shut out, noting that "for decades, the most exciting moments in capital markets were reserved for institutions."

The framework has handled more than $30 billion in volume across 125,000 holders, building on the $25 billion Kraken reported in February.

The crypto and brokerage routes do not overlap on geography or on rights.

Kraken's token is not available to US persons and carries price exposure only, with no voting or dividend rights, while MEXC has gone the other way, routing orders for real US shares through a licensed broker.

SpaceX itself reserved up to 30% of the deal for retail through the US brokers, roughly triple the usual 5% to 10%.

Allocation Is Not the Same as Access

The supply math is the catch that cuts across every channel. With the book oversubscribed, applicants face scaling back, by lottery at some US brokers and pro-rata on the exchanges, so a request does not guarantee a fill.

There is also a tension in how the product is sold. SpaceX and the US brokers lean on anti-flipping rules to encourage holding, while the tokenized versions are marketed on 24/7 liquidity, including through the first weekend when traditional venues are closed.

And the offer price is not a floor. Morningstar analyst Nicolas Owens, who rates the company overvalued, wrote that "investors will have opportunities to buy the stock at more attractive levels after the IPO."

Whether that proves right will only become clear once SPCX trades, and only then will buyers learn whether they were holding a share, a token or a bet.

One thing is certain: given Musk’s fondness for X and for promoting financial assets on the platform (remember Dogegoin?), it would hardly be surprising to see posts encouraging investors to buy SpaceX shares after the IPO. The only question is how the SEC would respond.