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Bybit launched IPO Express on June 7, adding tokenized SpaceX exposure under the ticker SPCX to its platform through Payward Services' xStocks infrastructure — the same rails Kraken has used to open SpaceX IPO access to retail clients in over 110 countries.
Subscriptions ran through June 11, with spot trading opening June 12.
The tokens are backed 1:1 by actual SpaceX equity held in regulated broker-dealer custody, which distinguishes them structurally from the synthetic pre-IPO perpetual contracts listed by Hyperliquid and Binance, where no underlying shares change hands.
What SPCX Holders Actually Own The custody structure is real. Per Bybit's published terms, SPCX tokens confer no voting rights, no dividend rights, and no direct legal or beneficial ownership in SpaceX equity.
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