Kraken is bringing Wall Street’s biggest IPO to crypto rails.
The exchange has launched access to the upcoming SpaceX IPO through tokenized shares, opening what’s normally an institutional-only allocation process to retail investors in more than 110 markets. SpaceX will be the inaugural listing on Kraken’s new xStocks IPO Access program, which lets eligible users apply for IPO allocations using tokenized equity instruments instead of traditional brokerage paths.
How it works
- Eligible users must hold a verified Kraken account via the exchange’s mobile app and submit an IPO access request before the subscription window closes.
- Successful applicants will be issued SPCXx — a tokenized representation of SpaceX equity, backed one-for-one by the underlying shares. Kraken says SPCXx tokens will be tradable 24/7 on Kraken and other platforms in the xStocks network.
- Payward Services (Kraken-affiliated) says the underlying shares will be held by a regulated custodian, and token recipients will receive allocations at the IPO offering price on listing day.
Geography and regulatory caveats
- xStocks IPO Access is available across the European Economic Area and 110+ international markets. Users in the United States, Canada, Australia and the United Kingdom are currently excluded because of local regulatory restrictions.
Why this matters
Kraken’s move directly challenges the traditional IPO distribution model in which early allocations are often reserved for institutions and high-net-worth clients. By tokenizing IPO shares and enabling around-the-clock trading, Kraken aims to democratize access and create secondary liquidity for retail investors who otherwise may not participate in major listings.
The SpaceX deal (what Bloomberg reports)
- Bloomberg has reported SpaceX plans to start public trading on June 12 and is seeking to raise roughly $75 billion at a valuation above $1.8 trillion. Demand, Bloomberg says, already exceeds available shares.
- If completed at that scale, the offering would eclipse Saudi Aramco’s 2019 record ($29.4 billion) and become the largest IPO on record.
What’s driving SpaceX’s valuation
- Much of SpaceX’s market value is tied to Starlink, its satellite internet business. The company also continues to pour capital into launch services and spacecraft development — factors that public-market investors will weigh once shares trade.
- SpaceX has also expanded into AI infrastructure. A recent regulatory filing shows Google agreed to pay SpaceX $920 million per month from October 2026 through June 2029 for access to roughly 110,000 NVIDIA GPUs, CPUs and related equipment to support Gemini Enterprise. Separately, Anthropic reportedly agreed to pay $1.25 billion per month through 2029 for capacity at SpaceX’s Colossus 1 data center near Memphis.
Kraken’s broader strategy
This launch is part of Kraken’s shift beyond pure crypto trading. In late 2025 the exchange acquired xStocks operator Backed Finance, and it has said it plans to introduce regulated Bitcoin perpetual futures in the U.S. using infrastructure from its Bitnomial acquisition.
Bottom line
Kraken’s SPCXx offering could mark a new chapter in how retail investors access blockbuster IPOs, but it also raises regulatory and custody questions that will be watched closely as trading and secondary token markets open.
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