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# SpaceX's $300B IPO Launched With Four Crypto Clones Already Trading
- URL: https://wire.fourthweb.ai/spacexs-300b-ipo-launched-with-four-crypto-clones-already-trading/
- Published: 2026-09-26T23:31:34.000Z
- Updated: 2026-09-26T23:31:35.000Z
- Description: The largest IPO in history just launched with four parallel crypto versions already trading, and the SEC didn't stop any of them. SpaceX opened trading Friday on Nasdaq under SPCX, marking a $75 billion IPO, the largest ever according to Morgan Stanley and Nasdaq
- Author: Travis Wright
- Tags: Real World Assets, Tokenized Assets, DeFi, Institutional Crypto, Solana, IPO Watch, Funding Rounds

**The largest** [**IPO**](https://wire.fourthweb.ai/tag/ipo-watch/) **in history just launched with four parallel crypto versions already trading, and the SEC didn't stop any of them.**

### The Summary

- [SpaceX opened trading Friday on Nasdaq under SPCX](https://thedefiant.io/news/markets/spacex-begins-nasdaq-trading-with-tokenized-versions-mirroring-largest-ipo-in-history?ref=wire.fourthweb.ai), marking a [$75 billion IPO](https://thedefiant.io/news/markets/spacex-begins-nasdaq-trading-with-tokenized-versions-mirroring-largest-ipo-in-history?ref=wire.fourthweb.ai), the largest ever according to Morgan Stanley and Nasdaq
- [Four tokenized versions launched simultaneously](https://thedefiant.io/news/markets/spacex-opens-for-public-trading-friday-with-a-live-crypto-tokenized-equity-stack?ref=wire.fourthweb.ai): Ondo's SPCXon, Kraken's xStocks SPCXx, Backpack's [Solana](https://wire.fourthweb.ai/tag/solana/) token, and Hyperliquid's perpetual, all settling into a unified stack
- This is the first major U.S. IPO where crypto infrastructure traded in parallel from day one, not as an afterthought or regulatory gray zone

### The Signal

[SpaceX's Nasdaq debut Friday morning](https://thedefiant.io/news/markets/spacex-begins-nasdaq-trading-with-tokenized-versions-mirroring-largest-ipo-in-history?ref=wire.fourthweb.ai) wasn't just the largest IPO in history. It was the first time traditional and [tokenized](https://wire.fourthweb.ai/tag/tokenized-assets/) equity markets launched in lockstep for a tier-one American company. While SPCX went live at 9:30 AM ET on the Nasdaq exchange, [four distinct tokenized versions](https://thedefiant.io/news/markets/spacex-opens-for-public-trading-friday-with-a-live-crypto-tokenized-equity-stack?ref=wire.fourthweb.ai) were already operational across different crypto rails. Ondo Finance issued SPCXon. Kraken launched xStocks SPCXx. Backpack Securities deployed a SPCX token on Solana. Hyperliquid opened a pre-IPO perpetual that settled into the live stack at market open.

The infrastructure worked. No one exchange went down. No token de-pegged. The regulatory apparatus that spent three years arguing about whether digital assets could represent equity just watched four platforms do exactly that, with real shares, real custody, and real settlement, all on opening day.

> "The same morning, Ondo's SPCXon, Kraken's xStocks SPCXx, a Backpack Securities-issued SPCX token on Solana, and Hyperliquid's pre-IPO perpetual all settle into a single live tokenized-equity stack."

What matters here is not the technology. Tokenized equity has existed for years in private markets and offshore jurisdictions. What matters is the timing and the jurisdiction. This is a U.S. company, trading on a U.S. exchange, with U.S. regulators watching, and the crypto versions launched in parallel, not in secret. The [$75 billion valuation](https://thedefiant.io/news/markets/spacex-begins-nasdaq-trading-with-tokenized-versions-mirroring-largest-ipo-in-history?ref=wire.fourthweb.ai) means institutional money is involved. Pension funds. Index trackers. The kind of capital that doesn't play in regulatory gray zones.

Three things made this possible:

- Regulatory clarity post-2024 that defined tokenized securities as securities, not contraband
- Infrastructure maturity from Ondo, Kraken, Backpack, and Hyperliquid that could handle custody, settlement, and compliance without improvisation
- Musk's tolerance for being first, which meant SpaceX didn't wait for IBM or Walmart to test the water

The settlement mechanism is the real story. Hyperliquid's pre-IPO perpetual traded for weeks before Friday, pricing in market expectations. At 9:30 AM, it settled into the live stack alongside the other tokens. That means the pre-market and post-market are now the same market, just on different rails. Arbitrage bots can move between Nasdaq and Solana. Retail traders in Asia can hold the same economic exposure as hedge funds in Connecticut. The friction isn't gone, but it's lower than it's ever been.

### The Implication

If SpaceX can launch with a tokenized stack on day one, every IPO after this will face the question: why didn't you? Founders will ask their bankers. Bankers will call their compliance teams. Compliance will say it's possible, just expensive. Then it won't be expensive. This is how infrastructure gets built—one precedent at a time, until the precedent becomes the default.

Watch Ondo, Kraken, and Backpack. They just became the de facto issuance layer for public equity on-chain. If this model scales, the next hundred IPOs won't be choosing between traditional or tokenized. They'll be choosing which tokenization partners to work with. That's the market SpaceX just opened.

### Sources

[The Defiant](https://thedefiant.io/news/markets/spacex-begins-nasdaq-trading-with-tokenized-versions-mirroring-largest-ipo-in-history?ref=wire.fourthweb.ai)