- Kraken will offer access to the upcoming SpaceX IPO via its tokenized equities platform, xStocks, starting June 12.
- Investors who receive an allocation will get SPCXx tokens, a 1:1 tokenized representation of SpaceX equity tradable 24/7.
- SpaceX aims for a valuation exceeding $1.8 trillion, which would make its IPO the largest ever, according to Bloomberg.
- The IPO Access offering is available to eligible users in the EEA and over 110 international markets, but not in the U.S., Canada, Australia, or the U.K.
On Friday, cryptocurrency exchange Kraken announced customers can now register for the upcoming SpaceX initial public offering through its xStocks platform, a significant move blending crypto infrastructure with traditional capital markets. Eligible users must have a verified account on the Kraken mobile app to apply, as the offering is not available on Kraken Pro or the desktop platform.
Consequently, qualified investors who secure an allocation will receive SPCXx tokens, which are digital representations of SpaceX equity backed one-to-one by the underlying shares. These tokens can subsequently be traded around the clock on Kraken and other participating xStocks venues, according to the company’s announcement.
Meanwhile, SpaceX is preparing for its historic market debut on June 12, with Bloomberg reporting demand has already surpassed available shares. The company seeks to raise roughly $75 billion at a staggering valuation of at least $1.8 trillion, which would eclipse Saudi Aramco’s 2019 listing as the largest IPO ever.
However, the rocket company’s capital-intensive launch and exploration operations continue to incur high costs, raising investor questions about its public market valuation. The firm’s growth is largely tied to its profitable Starlink satellite internet business, which has become a major revenue driver.
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