Bybit, the world’s second-largest crypto exchange by trading volume, has launched IPO Express to offer tokenized representations of SpaceX shares at IPO pricing to retail investors. The service positions the Dubai-based exchange as the second crypto platform after Kraken to provide direct tokenized IPO access, moving beyond the derivatives and prediction markets offered by competitors including Binance, Bitget, and Gate.
SpaceX’s IPO registration period on Bybit runs from June 7 to June 11, 2026, with allocations beginning June 11 and spot trading of the token commencing June 12, 2026, the same date SpaceX targets for its public listing. The IPO raise targets $75 billion, valuing SpaceX at $1.75 trillion.
The tokenized shares are issued through xStocks, a regulated blockchain service operated by Payward Services, Bybit’s parent company. xStocks enables extended trading hours, decentralized finance composability, and crypto-native settlement for tokenized listed stocks.
“For Bybit customers, it is the first time cryptocurrency exchange users can purchase shares at IPO pricing outside of the competitive secondary market,” according to Bybit’s press release. The service aims to democratize IPO access previously limited to institutional investors, private banking clients, and select brokerage networks.
Kraken announced earlier that it would allow customers and xStocks alliance members to participate in U.S.-listed IPOs through tokenized shares, establishing the precedent Bybit now follows. Binance, Bitget, and Gate have offered pre-IPO markets as derivatives or prediction markets, not actual share purchases at IPO pricing.
Bybit framed the launch as evidence of broader convergence between traditional capital markets and crypto infrastructure. “The launch marks a fundamental step in the convergence of traditional capital markets and crypto-native infrastructure, as exchanges increasingly compete to expand beyond digital asset trading into broader financial services,” the exchange stated in its press release.
The tokenized share model allows retail investors to subscribe directly to IPO allocations through a cryptocurrency exchange rather than through traditional brokerage channels. Bybit did not specify eligibility criteria, pricing, fees, or minimum investment amounts for the SpaceX offering. The exchange also did not clarify whether the service is available to U.S. residents or restricted to international investors.
The mechanism for reconciling tokenized shares with actual SpaceX share ownership following the IPO settlement was not detailed in Bybit’s announcement materials.
