Bybit Launches IPO Express, Offering Tokenized IPO Access Starting With SpaceX

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched IPO Express, a new service that lets eligible retail investors subscribe to tokenized representations of publicly traded equities at the initial offering price. The first offering under the program is SpaceX, the private space exploration company.

The product, powered by Payward Services’ xStocks platform, marks a step toward merging traditional capital markets with crypto-native infrastructure. Bybit customers can now participate in IPOs directly through their exchange accounts without needing to open traditional brokerage accounts or navigate cross-border financial systems.

How It Works

For the SpaceX IPO, eligible Bybit users can register and submit subscription requests between June 7 and June 11, 2026. Allocations will be calculated pro-rata based on total demand, and unused funds will be automatically refunded. The tokenized SpaceX shares (ticker: SPCX) are expected to begin trading on Bybit Spot on June 12, 2026.

The xStocks framework maintains institutional compliance standards: tokenized IPO shares are backed 1:1 by real equity held in regulated broker-dealer custody.

“Bybit has always pushed the boundaries of what a financial platform can offer, and being one of the first two centralized exchanges to bring compliant tokenized SpaceX IPO access at the offering price is exactly the kind of milestone that defines our next chapter,” said Emily Bao, Head of Spot at Bybit.

Traditionally, high-profile IPOs have been accessible mainly to institutional investors, private banking clients, and select brokerages. Bybit’s IPO Express aims to dissolve that gap by bringing broader investor interest and liquidity onchain.

The launch also reflects growing momentum behind tokenized real-world assets (RWAs), a sector that both crypto-native firms and traditional financial institutions view as a long-term growth area for blockchain adoption.

Bybit, founded in 2018, serves over 80 million users globally. The exchange cautioned that IPO-related assets may experience significant price volatility after listing and that listings could be adjusted, delayed, or canceled due to market or regulatory conditions.