Investment firm Dialectic plans to launch its Starloop vault in September 2026, allowing holders of tokenized SpaceX exposure to borrow against their positions and pursue DeFi (decentralized finance) yield without selling. The vault would place the tokens in Makina's non-custodial system, use them as collateral in blockchain lending markets, borrow stablecoins under preset loan-to-value ratios and deploy the funds into strategies designed to earn more than borrowing costs. Base, Coinbase's Layer-2 network, would provide execution, while Dialectic's Meccanico division would manage the strategy. Dialectic's thesis cites SpaceX's Q2 revenue of $7.8 billion, up 92% year over year, adjusted EBITDA of $3.5 billion, 12 million Starlink subscribers, 1.4GW of nominal computing capability and $100 billion in cash and marketable securities. The firm values SpaceX at $286 per share, compared with a latest closing price of $143.69 on August 31, while acknowledging that borrowing costs can exceed investment returns. The project follows Coinbase's August 24 launch of tokenized stocks on Base using its B20 standard, although initial liquidity was limited and the tokens were unavailable to U.S. users pending the SEC's innovation exemption. Galaxy Research's Alex Thorn also questioned whether holders own an actual share or only a claim through a third-party issuer and special purpose vehicle. Starloop's central test will be whether meaningful, verifiable collateral is available onchain when the vault opens.