Kraken Debuts SpaceX IPO Token as Challenge to Wall Street

Kraken has opened up access to the upcoming SpaceX IPO through tokenized shares across more than 110 markets, bringing the traditionally exclusive Wall Street process to retail investors.

According to Kraken’s announcement, SpaceX will be the first company offered through the new xStocks IPO Access Program, a service that allows eligible retail investors to apply for IPO allocations using tokenized equity instruments rather than traditional securities channels.

Users must maintain a verified Kraken account and submit an IPO access request through the exchange’s mobile application before shares are available.

Kraken said the service is currently available in the European Economic Area and more than 110 international markets, but users in the United States, Canada, Australia and the United Kingdom are still excluded due to regulatory restrictions.

Investors who receive their allocations will be issued SPCXx, which is a tokenized SpaceX stock backed 1:1 by the underlying stock. According to Kraken, these tokens will be available for trading on Kraken and other platforms participating in the xStocks network around the clock.

The launch puts Kraken in direct competition with a long-standing Wall Street practice in which IPO quotas are typically reserved for institutional investors and wealthy clients.

Earlier this week, Payword Services, a Kraken company, announced that Kraken customers and certain xStocks Alliance members will be able to register interest in upcoming U.S.-listed IPOs before the companies begin public trading.

According to Payward Services, successful applicants will receive tokenized shares at the IPO offering price on the day of listing, and the underlying shares will be held by a regulated custodian. The company said the structure is intended to provide retail investors with access that has previously been difficult to obtain through the traditional public offering process.

SpaceX listing attracts strong demand

Bloomberg reported that SpaceX is scheduled to begin public trading on June 12 and aims to raise about $75 billion at a valuation of more than $1.8 trillion. According to Bloomberg, investor demand already exceeds the number of shares available.

If completed at this size, the deal would surpass the $29.4 billion listing completed by Saudi Aramco in 2019, making it the largest IPO in history, Bloomberg said.

Much of the company’s valuation is related to the growth of its satellite internet business, Starlink. At the same time, SpaceX continues to invest heavily in launch services, spacecraft development and other capital-intensive businesses, which could impact how public market investors value the company once it begins trading.

AI infrastructure agreements add new growth drivers

Beyond its aerospace business, SpaceX has also expanded into AI infrastructure services through large-scale computing deals with technology companies.

Google has agreed to pay SpaceX $920 million per month from October 2026 to June 2029 for access to approximately 110,000 NVIDIA GPUs, CPUs, memory, and related equipment, according to recent regulatory filings.

Google said the deal will help it meet stronger-than-expected demand for its Gemini Enterprise products while additional internal capacity is developed.

Shortly before that agreement, SpaceX revealed another deal with Anthropic. Under the agreement, Anthropic agreed to pay $1.25 billion per month through 2029 for computing power at its Colossus 1 data center near Memphis, Tennessee.

SpaceX products are also coming as Kraken continues to expand beyond crypto trading. In late 2025, the exchange acquired xStocks operator Backed Finance and subsequently announced plans to use the infrastructure gained from the Bitnomial acquisition to bring regulated Bitcoin perpetual futures to the US.