Bybit users who subscribe to the exchange’s new IPO Express product and receive an allocation may be in for a surprise: if the final offer price comes within 20% of the indicative price they agreed to, their order will be executed automatically, without any additional confirmation required.
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Launched on June 7 IPO Express lets eligible Bybit users subscribe to tokenized representations of IPO shares at the offering price, with SpaceX as its first mention under the token ticker SPCX. Subscriptions run until June 11, while spot trading starts on June 12.
What the token actually gives you
The product is built on Payward Services’ xStocks platform. Payward is the parent company of Kraken, which opened separately SpaceX IPO access to private customers in more than 110 countries via the same infrastructure.
Each token is backed 1:1 by actual SpaceX shares in regulated custody by brokers and dealers, distinguishing it from the synthetic pre-IPO perpetual contracts that Hyperliquid and Binance list, where no underlying shares change hands.
But owning SPCX does not make one a SpaceX shareholder. Under Bybit’s published terms, the tokens confer no voting rights, no dividend rights, and no direct legal or beneficial ownership of SpaceX shares.
Holders have no claim against SpaceX itself. What they get is exposure to the economic performance of the stock price – and nothing beyond that.
Not everyone can get in
Access is limited in two ways. First, the product is limited to Bybit users who have achieved VIP or PRO status, a threshold typically related to trading volume or asset ownership, in addition to completing identity verification.
Secondly, the offer is completely banned for residents of the European Economic Area, which includes all 27 EU member states plus Iceland, Liechtenstein and Norway.
Bybit declares that it has no license or authorization under MiCA or any applicable EEA financial services regime for this product.
The exclusion is notable considering that SpaceX’s IPO has already barred investors in mainland China and Hong Kong under the U.S. International Traffic in Arms Regulations. The tokenized access The path positioned as a workaround has its own exclusions.
SpaceX’s IPO has generated approximately $150 billion in demand at a $75 billion markup, meaning even eligible VIP subscribers can receive partial allocations.
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Funds will be frozen from the time an entry order is submitted until the results are announced, or up to five working days if the event is cancelled.
What comes after SpaceX
Bybit’s announcement positions IPO Express as a recurring platform, rather than a one-off product. Reports indicate that subsequent major IPOs – including possibly OpenAI and Anthropic – could see similar tokenized access products rolled out via Bybit, Kraken and other xStocks-based platforms.
Featured image from Pexels, chart from TradingView