The largest IPO in history as a reality check for tokenized equities
With the SpaceX listing, what may be the largest IPO in history is coming to market – and it goes on-chain in parallel from day one. While SpaceX trades under the ticker SPCX on Nasdaq, Ondo Finance is bringing tokenized SPCX shares onto public blockchains via its Global Markets platform virtually simultaneously. The process is a litmus test for whether the tokenization of real-world assets (RWA) can make the leap from niche to market infrastructure.
What's the news
Two events coincide: a record IPO in the traditional world and its immediate mirroring as a tradable token in the crypto ecosystem.
1. The IPO
Nasdaq listing under "SPCX" – SpaceX is targeting a valuation of around $1.8 trillion and aims to raise up to $75 billion – more than twice the previous IPO record.
Retail in focus – Reportedly, up to 30% of the shares are to go to retail investors, well above the usual 5–10% in conventional offerings.
Starlink as the profit engine – The connectivity arm most recently generated $11.39 billion in revenue (61% of group revenue) and, with earnings of $4.42 billion, was the only profitable segment.
More than rockets – The equity story also includes the AI business xAI (incl. the platform X) and the long-term Starship/Mars vision.
2. Tokenization via Ondo Global Markets
"Global Listing" – Ondo brings public equities on-chain on the same day they are traditionally listed; the SPCX tokens thus launch almost in parallel with the market debut.
Backed 1:1 – Each token is backed by real SpaceX shares in a bankruptcy-remote custody structure, with daily attestations (total return tracker).
Economic exposure, no voting rights – Holders participate in price performance and dividends (after withholding tax) but receive no shareholder rights.
Multi-chain & non-US – Mint and redeem for non-US users via wallets such as MetaMask on Solana, Base and Ethereum.
Market leader – Ondo Global Markets holds more than 70% market share in tokenized equities and more than $1 billion in TVL; Backed and Dinari also offer SPCX tokens.
Good to know
Token ≠ share – Tokenized equities track the price but convey no direct shareholder status and no voting rights; legally they are tracker/debt instruments.
Counterparty risk remains – Value depends on the issuer and custodian; "bankruptcy-remote" reduces this risk but does not eliminate it.
Regulation varies by jurisdiction – The offerings target non-US users; the regulatory classification of tokenized securities depends on the country and is in flux.
RWA moves into the infrastructure – Even the DTCC (Depository Trust & Clearing Corporation), the central settlement venue of the US securities market, is bringing tokenization into its processes together with BlackRock and Goldman Sachs; Ondo expects around $3 billion in tokenized equities by year-end.
24/7 instead of T+1 – On-chain equities trade around the clock with near-instant settlement – a structural difference from conventional settlement.
Translated from the German original, which is the authoritative version. Read the German version
