Bybit said SpaceX token subscriptions on IPO Express close June 11, with allocation set for June 11-12 and spot trading due to begin June 12.
Bybit has launched IPO Express, a product that lets eligible users subscribe to tokenized representations of IPO shares at the offering price, starting with SpaceX under the ticker SPCX. The exchange says orders are executed automatically without further confirmation if the final offering price is within 20% of the indicative price accepted by the user. The product went live on June 7, subscriptions run through June 11, allocation is scheduled for June 11-12, and spot trading is due to open June 12. Bybit said the SpaceX offering is available to eligible users without a traditional brokerage account. The tokenized SpaceX shares are fully backed by the xStocks issuer and pegged 1:1 to real equity. SPCX is issued through Payward Services’ xStocks platform, tying the product to infrastructure developed by Payward, the parent company of Kraken. The structure gives holders price exposure rather than equity ownership. Bybit’s terms say the tokens carry no voting rights, no dividend rights, and no direct legal or beneficial ownership in SpaceX equity, leaving holders with no claim against SpaceX itself. Access is limited to identity-verified Bybit users in VIP or PRO tiers, which are typically linked to trading volume or asset balances. Residents of the European Economic Area are excluded because Bybit says it lacks authorization under MiCA or other applicable EEA financial services regimes for the product. The limitations add to existing restrictions around the SpaceX offering, which has already excluded investors in mainland China and Hong Kong under U.S. International Traffic in Arms Regulations. Demand for SpaceX’s IPO is described as about $150 billion against a $75 billion raise, suggesting qualifying users may still receive only partial allocations. Subscription funds are frozen once an order is submitted until results are announced, or for as long as five business days if the event is canceled. Bybit has also presented IPO Express as an ongoing platform, with reports indicating future listings could include OpenAI and Anthropic through Bybit, Kraken, and other xStocks-based venues.