For most retail investors, getting into a high-profile IPO at the offering price has long been the financial equivalent of crashing a private party — you needed the right bank, the right address, and the right connections. Bybit is now attempting to change that. The Dubai-based exchange has launched IPO Express, a new platform feature that gives eligible retail users worldwide the ability to subscribe to tokenized IPO shares at the offering price, with SpaceX as the inaugural offering.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announced the launch of IPO Express on June 7, positioning itself as one of the first centralized crypto exchanges globally to offer tokenized IPOs at the offering price. The service is powered by Payward Services’ xStocks tokenization infrastructure, and users can participate directly through their existing Bybit accounts — no traditional brokerage account required.
The SpaceX Backdrop
The timing of the launch is deliberate. SpaceX’s upcoming public listing is one of the most anticipated market events in years. SpaceX plans to raise at least $75 billion in its initial public offering, valuing the company at more than $1.75 trillion, selling 555,555,555 shares of its Class A stock at $135 per share. Share pricing is expected after market close on June 11, with the first trading day targeted for June 12 on Nasdaq under the ticker SPCX. SpaceX has already attracted roughly $150 billion in investor demand — nearly double the $75 billion it aims to raise — a level of oversubscription that underscores the enormous appetite for this listing among both institutional and retail participants.
How IPO Express Works
The mechanics are straightforward. Eligible retail investors worldwide can subscribe to tokenized representations of SpaceX equity directly through their Bybit accounts, without needing to open a traditional brokerage account or navigate fragmented cross-border financial infrastructure. The subscription and registration window runs June 7 to 11, allocations are distributed on June 11 and 12 on a pro-rata basis, and tokenized SpaceX shares begin trading on Bybit Spot on June 12, 2026. Unused committed funds are automatically refunded after allocation is finalized.
The pro-rata model carries an important caveat: given how heavily oversubscribed the broader SpaceX IPO already is, individual users may receive smaller allocations than requested. Participants should plan accordingly.
Bybit Launches IPO Express With Tokenized SpaceX IPO Access
Tokenized Equity, Not Derivatives
The compliance and custody structure is what separates IPO Express from earlier pre-IPO offerings on other exchanges. Platforms like Binance, Bitget, and Gate previously offered pre-IPO markets structured as derivatives — instruments where investors were betting on price predictions or trading IOUs rather than buying any actual equity.
Bybit’s offering is built differently. Through the xStocks framework, investors who receive an allocation get tokens backed 1:1 by the underlying equity, held in custody by a regulated entity, delivered to their account on listing day. Every token represents a real share of SpaceX sitting in regulated broker-dealer custody — not a synthetic position, not a prediction market. That structural difference matters for investors weighing the nature of their exposure.
IPO Express is powered by Payward Services’ xStocks tokenization technology, a regulated, blockchain-agnostic framework built for onchain interoperability. That design allows tokenized assets to interact with broader DeFi ecosystems, giving holders access to extended trading hours, DeFi composability, and crypto-native settlement — none of which is available through a conventional brokerage.
A Race Between Exchanges
Bybit is not alone in pursuing this space. Kraken also opened SpaceX IPO access to eligible customers in over 110 countries, including the EEA, through the same Payward Services xStocks framework. However, users in the United States, Canada, Australia, and the United Kingdom remain excluded due to regulatory restrictions. Bybit’s offering carries similar geographic eligibility constraints, and users in affected regions should verify their status before registering.
Emily Bao, Head of Spot at Bybit, framed the launch in terms of structural access rather than novelty: “For decades, the most exciting moments in capital markets were reserved for institutions and the well-connected investors. Through our partnership with xStocks, Bybit customers around the world can now invest directly in US-listed IPOs alongside their crypto assets, on equal footing with institutional investors.”
The Broader RWA Shift
The IPO Express launch sits within a larger trend that has accelerated significantly over the past year: the tokenization of real-world assets. What Bybit and Kraken are doing with the SpaceX offering is bringing that macro shift into tangible consumer territory — competing directly for primary market deal flow using regulated, custody-backed infrastructure rather than waiting for institutional frameworks to slowly filter down to retail products.
As Arjun Sethi, Co-CEO of Payward, put it: “For a century, the best IPOs opened behind a velvet rope. IPO Access pulls the rope aside. From today, someone in 110 countries can register for SpaceX from their phone, and the moment it lists they trade it: nights, weekends, no waiting for an opening bell.”
What Investors Should Know
Tokenized IPO assets carry real risks. Price volatility following a public listing can move sharply in either direction, and the crypto trading environment can amplify those swings. Listings may also be subject to adjustment, delay, or cancellation depending on market or regulatory conditions. SpaceX is targeting a $1.75 trillion valuation — well above Morningstar’s independent estimate of $780 billion, based on the company’s core launch and satellite communications businesses. That gap between market enthusiasm and fundamental analysis is worth weighing carefully before committing funds at IPO pricing.
For eligible users, the subscription window on Bybit runs through June 11, with spot trading beginning June 12.
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