Bybit has launched IPO Express, a new product granting eligible users tokenized access to the upcoming SpaceX initial public offering. The first listing, trading under the ticker SPCX, allows subscriptions through June 11 with spot trading commencing June 12.
The infrastructure relies on Payward Services’ xStocks platform, the same technology powering Kraken’s retail IPO access. Unlike synthetic perpetual contracts found on Hyperliquid or Binance, each SPCX token is backed one-to-one by actual SpaceX equity held in regulated custody.
However, token holders do not become legal shareholders. The terms explicitly exclude voting rights, dividend claims, and direct beneficial ownership. Investors gain pure economic exposure to share price performance without corporate governance privileges.
Access is strictly limited to Bybit VIP and PRO tier users who have completed identity verification. Notably, the product is unavailable to residents of the European Economic Area, as Bybit lacks authorization under the MiCA regulatory framework. This exclusion adds another layer of restriction for global investors, following US arms regulations that already bar participants from mainland China and Hong Kong.
Demand for the SpaceX IPO is estimated at $150 billion against a $75 billion raise, suggesting partial allocations for qualified subscribers. Funds remain frozen until allocation results are announced. Bybit positions IPO Express as a recurring platform, with potential future listings for major tech firms like OpenAI and Anthropic.