Backpack Securities and tokenization infrastructure provider Sunrise launched SPCX, a fully backed SpaceX equity token, on the Solana blockchain Friday, the same day SpaceX began trading on Nasdaq in the largest initial public offering on record. A tokenized stock is a blockchain token that represents ownership of a real share held in custody by a regulated financial institution. SpaceX priced its offering at $135 per share, raising about $75 billion at a $1.75 trillion valuation. According to CoinDesk, the launch marks the first time a newly listed equity has had an on-chain market from its first minute of trading. The pitch to investors is simple: exposure to the biggest IPO ever, tradable from a self-custody wallet.
Key takeaways
- Backpack Securities and Sunrise launched SPCX on Solana on June 12, the same day SpaceX listed on Nasdaq at $135 per share, a roughly $75 billion raise at a $1.75 trillion valuation.
- Each token is backed 1:1 by a real SpaceX share held by Backpack and is redeemable into any US brokerage account through ACATS and DTCC settlement rails.
- CoinDesk reports it is the first simultaneous on-chain market for a newly listed stock.
- SOL traded at $67.31, up 2.7% over 24 hours, as of 16:09 UTC Friday, per CoinGecko.
Published: June 12, 2026, 16:30 UTC
How SPCX works
Each SPCX token is backed one-to-one by a SpaceX share purchased and held in custody by Backpack Securities, a regulated US broker-dealer. Holders can redeem the token for the underlying share and transfer it to a conventional brokerage such as Schwab or Fidelity over ACATS and DTCC, the same settlement rails that move stocks between traditional brokers.
The bridge runs in both directions. An investor who holds SpaceX shares at a standard brokerage can convert them into SPCX and bring the position onto Solana. Backpack says holdings sit under New York law, with cash dividends, brokerage transfers, and corporate actions rolling out during its public beta. The token can trade on Solana venues outside Nasdaq hours and can be held in self-custody wallets.
“The future of tokenized equities is not just putting price exposure onchain. It is making underlying securities portable across financial systems,” Backpack CEO Armani Ferrante said of the launch.
Why this differs from earlier stock tokens
Synthetic stock tokens offered by exchanges in 2020 and 2021 were shut down under regulatory pressure because they lacked formal custody and redemption rights. FTX and others sold price exposure rather than ownership, and holders had no path to the actual share.
SPCX takes the opposite approach: a registered broker-dealer holds the share, and redemption into the traditional system is built in. Sunrise, which handles the token infrastructure, is built on the Wormhole cross-chain protocol and has processed more than $360 million in volume across six earlier tokenized equity launches, according to Genfinity. The structure still carries risks familiar to crypto markets, including smart contract exploits and thin weekend liquidity, and US regulators have not yet tested the model at this scale.
What it means for tokenized equities
Tokenized real-world assets reached $31.8 billion in June 2026, up 589% from early 2025, according to Binance Research, and public equities are the fastest-growing segment at roughly 422%, as W3BN reported earlier Friday. A day-one tokenization of the largest IPO in history gives that trend its most visible test case yet.
Demand for SpaceX exposure inside crypto markets was already measurable before the open. Polymarket traders assigned 64% odds to a first-day close above a $2 trillion valuation, and Hyperliquid’s pre-IPO SPCX perpetual recently traded about 22% above the offer price, as covered in W3BN’s IPO preview. The open questions now are how much SPCX volume materializes on Solana, whether other issuers copy the day-one playbook for future listings, and how the SEC responds to regulated equities circulating on a public blockchain. SOL changed hands at $67.31 on Friday afternoon, up 2.7% over 24 hours.
Frequently asked questions
What is SPCX?
SPCX is a tokenized version of SpaceX stock issued on the Solana blockchain by Backpack Securities and Sunrise. Each token is backed 1:1 by a real SpaceX share held in custody by Backpack, a regulated US broker-dealer, and launched the same day as SpaceX’s Nasdaq debut on June 12, 2026.
Can SPCX holders redeem tokens for real SpaceX shares?
Yes. Holders can redeem SPCX through Backpack for the underlying share and transfer it to any US brokerage account using ACATS and DTCC settlement. The process also works in reverse, so shares held at a traditional broker can be converted back into tokens on Solana.
Is SPCX the same as the stock tokens FTX offered?
No. The FTX-era products were synthetic tokens that tracked a price without ownership rights and were shut down under regulatory pressure. SPCX is backed by actual custodied shares, carries dividend and corporate action entitlements, and includes a built-in redemption path into the traditional brokerage system.
