Kraken has opened the door for retail investors to participate in the upcoming SpaceX IPO through tokenized shares on its xStocks platform. The exchange announced the launch of SPCXx tokens, each backed one-for-one by SpaceX equity, enabling individual investors in more than 110 markets to apply for allocations traditionally reserved for institutional investors and Wall Street insiders.
Coverage across 110+ markets, with some exclusions
Eligible users must hold a verified Kraken account via the mobile app and submit an IPO access request before the shares become available. The service currently covers the European Economic Area and over 110 international markets, but users in the United States, Canada, Australia, and the United Kingdom remain excluded due to regulatory restrictions.
Investors who receive allocations will hold SPCXx tokens, which are tradable around the clock on Kraken and other platforms within the xStocks network. Kraken said the underlying stock is held by a regulated custodian, and the token structure is designed to provide retail investors with access that has historically been difficult to obtain through conventional IPO processes.
SpaceX aims for record-breaking $1.8T valuation
Bloomberg reported that SpaceX is expected to begin public trading on June 12, seeking to raise approximately $75 billion at a valuation exceeding $1.8 trillion. If completed at that scale, the IPO would become the largest on record, surpassing Saudi Aramco's $29.4 billion listing in 2019. According to Bloomberg, investor demand has already exceeded the number of shares available.
Much of SpaceX's valuation is tied to the growth of Starlink, its satellite internet business, alongside continued heavy investment in launch services, spacecraft development, and other capital-intensive operations that will likely influence how public market investors assess the company after trading begins.
AI infrastructure deals add another growth driver
Beyond its aerospace operations, SpaceX has expanded into AI infrastructure through large compute agreements. A recent regulatory filing revealed that Google agreed to pay SpaceX $920 million per month from October 2026 through June 2029 for access to roughly 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 that, SpaceX disclosed a separate deal with Anthropic, under which Anthropic agreed to pay $1.25 billion per month through 2029 for compute capacity from the Colossus 1 data center near Memphis, Tennessee.
The SpaceX tokenized offering marks Kraken's continued expansion beyond cryptocurrency trading. In late 2025, the exchange acquired xStocks operator Backed Finance and later announced plans to introduce regulated Bitcoin perpetual futures in the United States using infrastructure obtained through its acquisition of Bitnomial.