Why Tokenizing SpaceX Is Suddenly The Hottest Thing in Crypto

Zack Guzman

Fri, June 5, 2026 astatine 12:44 PM CDT 4 min read

With SpaceX barreling towards the biggest IPO successful history, everyone is clamoring for a portion of the enactment — adjacent crypto.

Exchanges, tokenization platforms, and traders are each trying to reply the aforesaid question: How bash you bring SpaceX banal onchain earlier astir investors tin adjacent bargain it?

The accidental is enormous. SpaceX is targeting a nationalist valuation of much than $1.7 trillion — which would beryllium bully capable to astir lucifer the full marketplace headdress of Bitcoin astatine $2 trillion by itself. Interest from retail investors astir the satellite continues to grow, and now, SpaceX has go the cleanable trial lawsuit for 1 of crypto's biggest themes successful 2026: Tokenized equities.

But the unreserved to tokenize SpaceX is besides exposing a deeper disagreement wrong the industry. On the spectrum of experimentation, determination are the much blimpish players who are waiting to contented post-IPO stock, and past determination are those pushing the envelope by offering the quality to speculate connected SpaceX via pre-IPO perpetual futures. Even Coinbase got into the premix by offering arsenic overmuch to its non-U.S. customers.

But to Brandon Ooi, co-founder astatine Dinari — 1 of the archetypal tokenization firms to unafraid a broker-dealer licence past twelvemonth — things are starting to get a spot tenuous successful the tokenization space.

"It's absorbing to spot ... pre-IPO trading of fundamentally fake shares of these things," Ooi told Coinage successful a caller interview. "Some of our competitors, they've chosen to beryllium thing but a security."

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Hyperliquid, arguably the hottest task successful crypto close present for gathering retired the location for tokenized trading, has been offering pre-IPO trading for SpaceX perpetual futures for weeks. Volumes topped $10 cardinal astir days past week, but trading turned volatile connected June 2 aft a study indicated that SpaceX was hoping to terms shares astatine $135 a pop. On bladed volume, trading successful the SPCX-USDC marketplace wicked down from $191 to $181.

"There are surely traders that deliberation that they are existent shares," Ooi said. "That's a problem."

Last week connected Coinage, Hyperliquid Strategies CEO David Schamis defended the increasing marketplace for pre-IPO trading, saying allowing traders to speculate connected the aboriginal worth of companies similar SpaceX earlier shares are publically disposable tin assistance companies and banks successful the roadshow process to find a much just price.

"When you person a large institution and you privation to instrumentality it public, you spell done the IPO process and it's not a large process, successful my opinion," Schamis said. "The thought that we can't person terms find earlier an IPO successful immoderate existent mode and that it's not meaningful is evidently ridiculous."