Kraken has started accepting expressions of interest from eligible customers in more than 110 markets for tokenized shares of SpaceX, the private spaceflight company founded by Elon Musk. The crypto exchange is offering allocations as a tokenized claim called SPCXx, backed 1:1 by underlying SpaceX shares. The move gives retail investors outside certain large economies a chance to get in before SpaceX begins public trading on June 12.
Who can participate — and who can’t
Residents of the United States, Canada, Australia, and the United Kingdom are excluded from the offering. That leaves customers across more than 110 other countries eligible to register interest. To take part, users need a verified Kraken account and the Kraken mobile app — the Kraken Pro app or desktop site won’t work for this program.
How the tokenized shares work
The program runs through xStocks IPO Access, a platform that lets eligible customers submit interest before a listing. Once allocated, the tokenized shares can trade around the clock on Kraken and other xStocks venues that participate. Each SPCXx token represents a direct claim on one SpaceX share, meaning the token’s value is pegged to the share price.
Demand already outstrips supply
Bloomberg reported that demand for the offering has already exceeded the number of shares available. That suggests the first allocation round could be oversubscribed, and some customers may not receive the full amount they request. Kraken hasn’t disclosed the total number of shares it has secured for the program, but the early interest underscores the appetite for exposure to SpaceX, a company valued at roughly $180 billion in private markets.
Kraken’s push into tokenized equities
The offering is part of a broader strategy by Kraken to bring tokenized equities into everyday trading. By combining crypto infrastructure with traditional stock assets, the exchange hopes to attract users who want 24/7 markets and fractional ownership of high-profile private companies. The SpaceX token is one of the first major tests of that vision.
SpaceX is expected to begin public trading on June 12. With demand already exceeding available shares, it’s unclear how many customers will receive allocations — or how the tokenized shares will trade once they hit the market.
