New York, June 7, 2026, 16:00 EDT
Bybit plans to give retail traders a shot at buying tokenized IPO shares at the offer price, starting with SpaceX, the crypto exchange said Sunday. The IPO product, run via Payward’s xStocks platform, opens SpaceX subscriptions June 7–11. Tokenized SpaceX shares should start trading on Bybit’s spot market June 12. Unlike standard brokerage holdings, these tokenized shares are just digital stand-ins for equity.
This time, the move stands out with the order book packed. Reuters, citing two sources, said SpaceX has attracted around $150 billion in investor demand for its IPO—double the $75 billion target. These numbers reflect indications of interest so far, not set allocations.
Elon Musk’s company is stretching well past the traditional Wall Street crowd: SpaceX is reportedly setting aside up to 30% of its IPO—roughly $22.5 billion—for retail investors, an unusually large allocation for an offering of this size. Brokerages including Fidelity, Robinhood, SoFi, E*Trade, and Charles Schwab are listed as access points, though account eligibility differs greatly.
SpaceX isn’t budging from its $135-a-share IPO price, according to sources quoted by Reuters. The company kicked off its roadshow Thursday and targets a Friday, June 12 debut. An initial public offering brings shares to public investors for the first time.
SEC records indicate the public filing hit on May 20, following a Bloomberg report that spotlighted key issues for investors: the banks involved, Musk’s level of control, and what SpaceX’s financials would reveal. In its S-1, SpaceX identified itself as a Texas corporation and pointed to Starbase, Texas, as its business address.
The IPO buzz picked up speed late last week after SpaceX disclosed a fresh filing. The company locked in a multi-year cloud services deal with Alphabet’s Google, with Google agreeing to pay $920 million monthly for computing power from October 2026 through June 2029. That includes access to roughly 110,000 Nvidia GPUs—hardware critical for AI operations. Add up the Google and Anthropic compute contracts, and the annual total is about $26 billion, assuming everything unfolds as scheduled.
SpaceX is pitching a broader vision these days than just rockets and satellites. In its roadshow, the company spotlighted its launch cadence, Starlink’s internet reach, and a massive $23 trillion AI market it says it’s targeting—future space-based computing included, according to Reuters.
Some investors still aren’t biting on the valuation. “A ~90x+ revenue multiple is high by any standard,” said Tim Hatt, who leads research and consulting at GSMA Intelligence, speaking to Reuters. Hatt also pointed out, “there are no true public comparables.” Over at Dakota Wealth, senior portfolio manager Robert Pavlik put it more bluntly, describing the stock as “a sideshow” and saying its main draw is Musk’s name. Reuters
Weiheng Chen, senior partner at Wilson Sonsini Goodrich & Rosati, described Musk’s stance to Reuters as a “take-it-or-leave-it” pricing move. Former Bank of America capital-markets executive Craig Coben put it bluntly: “When you’re the most anticipated IPO ever, you can ask investors to adapt to your process.” Reuters
The list of true peers isn’t long. Reuters pointed out there’s no obvious public comp for SpaceX. On trailing sales, Rocket Lab fetches about 118 times revenue. Palantir, 81 times. Tesla, close to 17 times. SpaceX, at a $1.75 trillion valuation, is sitting near 94 times revenue.
Still, there’s plenty that could trip up buyers here. SpaceX logged a $4.94 billion net loss in 2025, according to Reuters, and in its IPO prospectus, the company warned it’s not anticipating profits anytime soon. Trading at around 110 times trailing sales, the stock doesn’t have much wiggle room—slower growth, launch snags, softer AI appetite, or regulatory issues could all sting.
Allocation comes next. Bybit, Kraken, and the retail brokerages might broaden access, but the amount of IPO stock won’t increase. If SpaceX keeps its price steady and demand continues to exceed what’s available, those shut out of the offering price will still face a tight float, hefty valuation, and slim odds for a low-key start come June 12.
