Kraken has opened access to SpaceX’s upcoming IPO through tokenized shares on more than 110 markets, offering a traditionally exclusive Wall Street process to retail investors.
summary
- Kraken has launched token access to SpaceX’s upcoming IPO through its xStocks platform.
- Eligible users in more than 110 markets can apply for IPO allotments and receive token shares backed 1:1 by equity.
- SpaceX is reportedly targeting a $75 billion raise at a valuation of at least $1.8 trillion, which could make it the largest IPO ever.
According to advertisement From Kraken, SpaceX will become the first company to be introduced through the new xStocks IPO Access program, a service that allows qualified retail investors to apply for IPO allotments using tokenized equity instruments instead of traditional brokerage channels.
Users must have a verified Kraken account through the exchange’s mobile app and apply for access to the IPO before shares become available.
Kraken said the service is currently available across the European Economic Area and more than 110 international markets, while users in the US, Canada, Australia and the UK remain excluded due to regulatory restrictions.
Investors receiving the allotments will be issued SPCXx, a token representation of SpaceX shares backed one-for-one by underlying shares. According to Kraken, these tokens will be tradable around the clock on Kraken and other platforms participating in the xStocks network.
The launch puts Kraken in direct competition with a long-standing practice on Wall Street where IPO allocations are typically reserved for institutional investors and wealthy clients.
Earlier this week, affiliated with Kraken Payment services Kraken clients and select members of the xStocks Alliance will be able to register interest in upcoming US-listed IPOs before the companies begin trading publicly, he said.
According to Payward Services, successful applicants will receive token shares at the IPO offer price on the listing day, with the underlying stock held by a regulated custodian. The structure is intended to provide retail investors with access that has historically been difficult to obtain through traditional IPOs, the company said.
SpaceX’s listing is attracting strong demand
SpaceX is expected to begin trading publicly on June 12 and seeks to raise nearly $75 billion at a valuation exceeding $1.8 trillion, Bloomberg reported. According to Bloomberg, investor demand has already exceeded the number of shares available.
If completed on this scale, Bloomberg He said This deal will become the largest initial public offering ever, surpassing the $29.4 billion listing completed by Saudi Aramco in 2019.
Much of the company’s valuation has been tied to the growth of Starlink, its satellite internet company. Meanwhile, SpaceX continues to invest heavily in launch services, spacecraft development, and other capital-intensive operations that could impact how public market investors value the company after it begins trading.
AI infrastructure contracts add another growth driver
Beyond its space operations, SpaceX has expanded into AI infrastructure services through large computing agreements with technology companies.
According to a recent regulatory filing, Google Agreed To pay SpaceX $920 million per month from October 2026 through June 2029 for access to approximately 110,000 NVIDIA GPUs, CPUs, memory and related equipment.
Google said the arrangement will help meet stronger-than-expected demand for its Gemini Enterprise products while additional internal capacity is developed.
Shortly before this agreement, SpaceX revealed a Separate deal With Anthropy. Under that contract, Anthropic agreed to pay $1.25 billion per month through 2029 for computing power from the Colossus 1 data center near Memphis, Tennessee.
SpaceX’s offering also arrives as Kraken continues to expand beyond cryptocurrency trading. In late 2025, the exchange acquired xStocks operator Backed Finance and later announced plans to introduce regulated perpetual bitcoin futures contracts in the US using infrastructure acquired through its acquisition of Bitnomial.
