Crypto exchange Kraken is giving users access to SpaceX’s upcoming initial public offering through xStocks, a tokenized stock platform, highlighting the growing convergence between crypto infrastructure and traditional capital markets.
Kraken announced On Friday, SpaceX will be the first public offering available through xStocks IPO Access, which allows qualified users to participate in the offering through tokenized equity instruments.
To participate, users must have a verified Kraken account on the Kraken mobile app and apply for IPO access. The offer is not available through Kraken Pro or the company’s desktop platform.
According to Kraken, access to the IPO is available in the European Economic Area (EEA) and more than 110 international markets, although participation is limited in the United States, Canada, Australia and the United Kingdom due to regulatory restrictions.
Source: Kraken
Eligible customers can register an interest in buying SpaceX stock before the company begins public trading. Investors who receive the allocation will be issued SPCXx, a tokenized representation of SpaceX’s equity backed by 1:1 underlying shares. Tokens can be traded 24/7 on Kraken and other participating xStocks platforms.
Related: Kraken’s xStocks exceeded $25 billion in volume with more than 80,000 onchain holders
SpaceX targets $1.8 trillion valuation, record debut
SpaceX is expected to begin public trading on June 12, giving investors the first chance to own shares in Elon Musk’s rocket and satellite company.
According to Bloombergdemand for the offering has already exceeded the number of shares available, and SpaceX is looking to raise roughly $75 billion at a valuation of at least $1.8 trillion. If achieved, the listing would be the largest IPO ever, surpassing Saudi Aramco’s $29.4 billion deal in 2019, Bloomberg said.
The company’s growth story is largely tied to Starlink, its satellite Internet business, which has become a major source of revenue and profitability.
However, SpaceX’s capital-intensive launch and space exploration operations continue to incur high costs, raising questions about how investors will value the company once it goes public.
Source: Lance Roberts
Related: SpaceX reveals higher-than-expected bitcoin stake in IPO
