- Kraken is offering eligible customers in the European Economic Area and more than 110 international markets access to the anticipated SpaceX IPO through tokenised shares, ticker SPCXx, backed 1:1 by the underlying equity.
- The tokens are issued by Backed Assets (JE) Limited under an EU-registered prospectus, provide price exposure only with no voting or dividend rights, and trade 24/7, but are blocked in the United States, Canada, Australia and the United Kingdom.
- SpaceX is reportedly seeking to raise about US$75 billion at a valuation of at least US$1.8 trillion, in what would rank among the largest IPOs ever.
Kraken has opened access to the anticipated SpaceX initial public offering through tokenised shares on its xStocks platform, extending a pre-IPO opportunity normally reserved for institutions to crypto users across more than 110 markets.
Eligible customers can register interest before SpaceX begins public trading and, on allocation, receive SPCXx, a token Kraken said is backed 1:1 by the underlying equity and held in custody by a regulated entity.
The feature went live on June 5, with SpaceX expected to start trading around June 12.
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How the Tokens Work
The tokens are issued by Backed Assets (JE) Limited under an EU-registered prospectus and offer price exposure only, carrying no voting or dividend rights attached to genuine SpaceX stock.
Kraken acquired xStocks operator Backed Finance in late 2025 and has built the product to trade 24/7 on its app and across participating platforms, including decentralised venues — letting the tokens change hands on weekends when traditional equity markets are closed.
Access is limited to the Kraken mobile app for verified accounts and is not available on the exchange’s professional or desktop interfaces.
Australia Among the Excluded
For all the talk of global access, several major jurisdictions are shut out. Kraken confirmed the offering is unavailable in the United States, Canada, the United Kingdom and Australia, citing regulatory limitations on tokenised securities in those markets.
SpaceX itself is reportedly seeking to raise about US$75 billion (AU$106.5 billion) at a valuation of at least US$1.8 trillion (AU$2.56 trillion), a deal described as potentially the largest IPO on record.
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