Crypto exchanges race to offer SpaceX IPO access

Kraken opened SpaceX IPO access Friday via tokenized securities on its xStocks platform, available to eligible customers in over 110 countries.businesswire
Coinbase ↘1.00% on Thursday launched a USDC-settled pre-IPO perpetual futures contract tied to SpaceX’s valuation, available only outside the U.S.cnbc
The SpaceX IPO, targeting $135 per share with an estimated valuation near $1.75 trillion, could become the largest public offering in history, according to Reuters.zacks

Coinbase and Kraken Open SpaceX IPO Access via Crypto Platforms

Crypto exchanges are racing to give their users a piece of the SpaceX initial public offering, with Coinbase launching pre-IPO perpetual futures and Kraken opening IPO access through its tokenized equities platform ahead of the aerospace company’s anticipated June 12 listing on the Nasdaq.

Coinbase Introduces Pre-IPO Perpetual Futures

On Thursday, Coinbase introduced a perpetual futures contract tied to SpaceX’s pre-IPO valuation, marking its first foray into synthetic pre-IPO products. The contract, dubbed SPCX-PERP, is settled in the USDC stablecoin and trades around the clock with no expiry date. Once SpaceX begins trading publicly, the pre-IPO contract will convert into a standard perpetual future.cnbc

The product is available through Coinbase Bermuda Ltd. and is not accessible to U.S.-based traders. Coinbase said it plans to launch additional pre-IPO perpetual futures for other companies in the coming weeks.bankless

Kraken Opens IPO Access in 110+ Countries

Kraken announced on Friday that eligible customers in more than 110 countries can now submit non-binding expressions of interest to participate in the SpaceX IPO through Payward Services’ newly launched IPO Access offering. The shares will be available as tokenized securities on Kraken’s xStocks platform, which has processed more than $25 billion in tokenized stock transactions since its launch.businesswire

The move reflects Kraken’s broader pivot toward tokenized equities after the exchange paused its own IPO plans earlier this year amid weaker crypto market conditions.binance

Retail Investors Get Unprecedented Access

The crypto platforms’ offerings arrive alongside expanded access from traditional brokerages. Fidelity announced that investors need only $2,000 in their brokerage accounts to participate in the SpaceX IPO, a sharp reduction from thresholds that previously reached as high as $500,000 for some offerings. SpaceX has reserved up to 30% of its shares for retail investors, according to Reuters, far exceeding the 5–10% typical for major IPOs.businessinsider

The offering is expected to raise between $40 billion and $80 billion at a target price of $135 per share, which would value SpaceX at roughly $1.75 trillion and make it the largest IPO in stock market history.cnbc