Bybit opens SpaceX IPO access via tokenized shares, but holders get no ownership rights

Bybit is giving crypto users a seat at the SpaceX IPO table, but the fine print matters. The exchange launched a tokenized offering on Saturday that lets eligible users subscribe using USDC stablecoin, while explicitly disclosing that participants receive no ownership stake, no voting rights, and no dividend claims in the company.

SpaceX is targeting a $75 billion raise through its IPO and filed an amended S-1 with the U.S. Securities and Exchange Commission (SEC) last week. The filing revealed a 366-day lock-in period for Elon Musk’s Class B shares.

The offering has attracted intense interest from retail investors who have historically had no access to SpaceX as a private company, and Bybit is positioning itself as one of the first crypto gateways to bridge that gap.

How it works: subscribe with USDC, receive tokenized shares

Through Bybit IPO Express, eligible VIP and PRO users can submit subscription requests for a tokenized representation of SpaceX shares. The subscription window closes early Thursday. Once submitted, the funds are temporarily locked until the allocation process is finalized, after which SpaceX will begin spot trading on the platform on Friday.

The final allocation is determined by the underwriter’s rules and overall subscription demand. Bybit does not guarantee any minimum allocation amount, and cautions that the final offer price, set shortly before listing, may fall outside the indicative range shown during the subscription phase.

“The wait is over. Eligible VIP and PRO users can now access the SpaceX IPO through IPO Express on Bybit. Subscribe with USDC, receive allocated tokenized shares, and trade them on Spot after listing.”

— Bybit (@Bybit_Official), June 7, 2026

What tokenized shares don’t give you

Bybit was explicit about what its tokenized shares are not. According to the exchange’s own disclosures, the tokens do not confer ownership of SpaceX. Holders have no shareholder voting rights, no dividend rights, and no direct claims against the company or the underlying issuer. For investors accustomed to buying equities through a traditional brokerage, the distinction is significant.

Bybit also added the following disclaimer regarding pricing:

“Participants are typically shown an indicative price range during the subscription phase, while the final offer price is set shortly before listing. The final offer price may fall outside the indicative range in exceptional circumstances.”

— Bybit

In summary, what Bybit’s tokenized SpaceX shares do not include:

• No ownership: Tokenized shares do not represent actual equity in SpaceX.
• No voting rights: Holders cannot participate in shareholder votes or governance decisions.
• No dividends: There is no entitlement to any dividend distributions from SpaceX.
• No guaranteed allocation: Bybit does not guarantee a minimum allocation to any subscriber.
• Price uncertainty: The final offer price may deviate from the indicative range shown at subscription.

A growing wave of tokenized stock offerings

Bybit’s move is part of a broader push by platforms to give crypto users exposure to equity markets through tokenized instruments. Robinhood launched tokenized stocks for its European customers last year, with SpaceX and OpenAI among its available offerings.

SpaceX’s IPO comes at a pivotal moment for the company. The firm recently signed a reported $920 million monthly AI infrastructure deal with Google, locking in 110,000 Nvidia GPUs through 2029. SpaceX has also outlined a $28.5 trillion total addressable market in its filings, with the majority of that figure tied to artificial intelligence ambitions rather than its core rocket launch business.

Bybit’s offering adds to the growing list of platforms racing to give retail crypto investors access to high-profile equity events, though, as the disclaimers make clear, the nature of that access comes with meaningful limitations compared to traditional stock ownership.