Kraken to Offer xStocks Access to SpaceX IPO

Kraken announced that eligible customers can apply for an allocation of SpaceX shares through IPO Access on its xStocks tokenized-equities platform. The exchange will issue SPCXx tokens that are backed one-for-one by the underlying SpaceX shares held in custody.

The offering is available through the Kraken mobile app to verified account holders and is not available on Kraken Pro or the desktop site. Participation is open across the European Economic Area and more than 110 international markets. Residents of the United States, Canada, Australia and the United Kingdom are excluded because of local regulatory limits.

To take part, users must submit an IPO access application in the mobile app. Investors who receive an allocation will be issued SPCXx tokens representing claims on the underlying shares. These tokens can be transferred or traded 24 hours a day, seven days a week on Kraken and on other participating xStocks platforms that recognize the instrument.

SpaceX is scheduled to begin public trading on June 12. Deal documents indicate the company is seeking to raise roughly $75 billion and to list at a valuation near $1.8 trillion. Reported demand for the offering has exceeded the number of shares available.

SpaceX operates rocket launch services and the Starlink satellite internet business. Starlink has become a major source of revenue and a contributor to profitability. Launch and space exploration operations remain capital intensive and generate substantial costs.

Kraken noted that IPO Access will roll out subject to local regulatory permissions. The availability, transferability and platform support for SPCXx tokens will depend on jurisdictional rules and on the policies of other platforms that support xStocks instruments. Kraken reported xStocks volumes exceeding $25 billion and more than 80,000 on-chain holders.