I. Project Overview
SpaceX (abbreviated as SPCX) is a type of "tokenized stock" product launched around the stock of the American company Space Exploration Technologies Corp. On June 12, 2026, SpaceX went public on NASDAQ at $135 per share, raising approximately $75 billion, with a company valuation of about $1.75 trillion, becoming the largest IPO in history. At the same time, several issuers launched corresponding tokenized stocks on the Solana public blockchain, allowing global investors to gain exposure to SpaceX stock prices 24/7 through on-chain wallets.
II. Project Introduction
SpaceX was founded by Elon Musk in March 2002, with about 10,088 employees. Its business covers the Falcon rocket series, Starship heavy launch system, and Starlink satellite internet, and it has long been regarded as one of the most watched yet elusive private tech companies in the world. Before the IPO, ordinary investors had almost no compliant channels to participate in its equity, which constituted the core demand for the emergence of tokenized products.
The essence of tokenized stocks is to map real stocks or corresponding economic exposure onto the blockchain in the form of tokens. Currently, there are mainly three structurally different types of tokens associated with SpaceX on the market: SPCX issued by Backpack Securities, which is backed by real stocks on a 1:1 basis; SPCXx issued by Backed Finance through a special purpose vehicle (SPV) under the xStocks brand; and SPACEX issued by PreStocks in the form of Reg S bearer debt receipts, aimed at pre-IPO exposure. They anchor the same underlying, but differ significantly in legal structure, redemption mechanisms, and risk characteristics.
III. Products and Technology
These tokens are built on the Solana public blockchain, leveraging its high throughput and low fees to enable continuous trading and near-instant settlement, breaking through the limitations of traditional stock market fixed trading hours and closures.
In terms of specific mechanisms, Backpack's SPCX is custodied by the regulated US brokerage Backpack Securities, with each token corresponding to one share of real SpaceX stock. Holders can redeem tokens for stocks in traditional brokerage accounts through the ACATS/DTCC clearing system, and reverse "re-tokenization" is supported, forming a two-way bridge between on-chain and traditional securities systems, also supporting dividends and corporate actions. xStocks' SPCXx holds shares through SPV, providing price exposure to global users outside of the US, with holders claiming rights against the SPV rather than the actual stocks. PreStocks' SPACEX holds underlying rights through SPV, initially serving as a pre-IPO exposure product, providing only price tracking without granting voting rights or dividend rights, and can be utilized on-chain as collateral (e.g., as DeFi collateral).
IV. Economic Model
The value of tokenized stocks comes from the underlying real stocks, not from arbitrary inflation. Prices fluctuate according to SpaceX's secondary market stock price and are adjusted according to the 5:1 stock split ratio at IPO.
In terms of the supply mechanism, the circulation of 1:1 backed tokens (such as SPCX) dynamically changes with minting and redemption, theoretically always corresponding to the number of custodied stocks; whereas PreStocks' debt certificate type tokens adopt a fixed issuance rate and set expiration arrangements. It is important to emphasize that the tokens themselves do not generate cash flow, and their valuation entirely depends on the market pricing of SpaceX stock prices and token structure, unrelated to the tokenized packaging itself.
V. Team and Investors
The underlying asset SpaceX was founded and led by Musk, a leading company in the global commercial aerospace sector, with its rocket reuse and Starlink business constituting a long-term value narrative and the fundamental source of the overall enthusiasm for tokenized products.
The driving force behind tokenized products is the various infrastructure issuers: Backpack Securities (led by Armani Ferrante) collaborates with tokenization service provider Sunrise to launch SPCX; Backed Finance issues SPCXx under the xStocks brand, having tokenized hundreds of public stocks; PreStocks focuses on tokenization of pre-IPO assets. These institutions undertake roles such as custody, compliance, and on-chain issuance, and their credibility, custody capability, and compliance qualifications directly determine the reliability of the products.
VI. Roadmap
SpaceX's IPO was completed in June 2026, and the tokenized products have also gone live and entered the operation phase. For PreStocks’ SPACEX, a key milestone is that after the IPO, tokens can be converted to tokenized public stock equivalents, and holders must complete the exchange by March 12, 2027 (UTC); tokens that are not exchanged by the deadline will lose their value.
Functionally, 1:1 backed products are still in the public testing phase, with cash dividends, brokerage transfers, and corporate actions expected to be gradually implemented. More broadly, issuers are replicating this model across more underlying assets, promoting the overall expansion and maturity of on-chain tokenized stock categories.
VII. Risks and Opportunities
In terms of risks, tokenized stocks rely on custodians holding the underlying stocks, resulting in counterparty and custody risks; the regulatory framework globally is still unclear, with some products explicitly excluding US users; on-chain liquidity is often thin, which may lead to discrepancies between token prices and real stock prices, especially noticeable during non-trading hours; PreStocks type products also carry a specific risk of expiring worthless; furthermore, the same-named token structures vary, possibly causing confusion among investors.
In terms of opportunities, tokenized stocks provide global investors, who have long found it difficult to access SpaceX, a new entry point, with advantages such as 24/7 trading, instant settlement, and on-chain composability, aligning with the current industry trend of RWA (real-world assets on-chain). If the custody and compliance model withstands market tests, on-chain stocks may evolve from a concept to a continually existing market infrastructure.
VIII. Conclusion
SpaceX tokenized stocks represent a case of combining traditional quality equity with blockchain infrastructure, leveraging the heat of SpaceX's largest IPO ever, opening a long-closed asset in an on-chain form to the world. Its core value lies in "access" and "portability," rather than creating demand out of thin air. The differences among various issuers in the endorsement methods, redemption paths, and expiration mechanisms determine the distinctly different risk profiles of each product. For researchers, understanding the underlying structure, custody arrangements, and regulatory boundaries is far more important than focusing on short-term prices. This report is for information and research purposes only and does not constitute any investment advice.
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