Kraken Issues SPCXx Tokens for SpaceX IPO Access

Kraken opened tokenized access to SpaceX’s planned Nasdaq listing this week, offering SPCXx tokens to eligible users in more than 110 markets. Each SPCXx token is backed 1:1 by underlying SpaceX shares and is tradable 24/7 through the exchange’s xStocks product, allowing investors to obtain tokenized equity ahead of public trading.

Investors who received an allocation will be issued SPCXx tokens that can be transferred across participating platforms. SpaceX targeted a $75 billion raise for the Nasdaq listing, and the offering was oversubscribed by about four times before public trading began.

Research firms report rapid growth in tokenized real-world assets since early 2025. One market study found active tokenized RWAs rose 589% in that period, with tokenized stocks increasing 422%. Tokenized bonds and money market funds added roughly $6.5 billion in value, while tokenized precious metals gained about $1.5 billion.

Specialist platforms and traditional financial firms are expanding tokenization services. Examples include Ondo Global Markets’ focus on tokenized stock products, Apex Group’s tokenized fund services and The Clearing House’s work on a tokenized deposit network. Firms are adding custody, settlement and trading infrastructure to support token-backed assets.

Activity in related blockchain sectors has changed. A blockchain intelligence firm reported prediction markets generated $36.6 billion in volume in the first quarter of 2026, compared with $14 billion for onchain gambling. Both sectors exceeded $50 billion in annual volume in 2025. Quarterly wagering for crypto gambling remained near record highs, with high-value users averaging $13,558 per bet and $378,000 in lifetime wagering.

Separately, the Department of Justice Office of the Pardon Attorney lists a pending clemency application from former FTX CEO Sam Bankman-Fried. He is appealing a 2023 fraud conviction and a 25-year prison sentence after a request for a new trial was denied.

Kraken’s SPCXx issuance and the reported rise in tokenized real-world assets coincide with exchanges, asset managers and banks expanding the available offerings and the infrastructure for trading and custody of token-backed assets.