Key Takeaways:
- Raydium lists tokenized SpaceX shares within 2 hours of Nasdaq debut
- Tokenized equity volume on Raydium crossed $2 billion this month
- SPCX shares trade 24/7 on Solana, including weekends
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Raydium lists tokenized SpaceX shares after $1 trillion traded
Raydium, the largest Solana DEX with over $1 trillion in cumulative volume, will list tokenized SpaceX shares for trading within two hours of the company's Nasdaq debut on Friday.
"Tokenized SpaceX shares will trade onchain throughout the entire weekend, delivering a global investor base uninterrupted access to the most anticipated public listing in a generation," Ben Ungvari, chief marketing officer at Raydium, said.
The token, SPCX, is distributed through Backpack and backed 1:1 by underlying shares held in regulated custody, giving investors direct price exposure to SpaceX equity without a brokerage account. Tokenized equity trading volume on Raydium crossed $2 billion this month — the first $1 billion took nine months to reach, while the second took just two months. The protocol has processed more than $1 trillion in cumulative trading volume and generated $370 million in lifetime revenue.
SpaceX is raising $75 billion by offering 555 million shares at $135 apiece, valuing the company at $1.77 trillion, according to an SEC filing. The IPO is reportedly 5x oversubscribed. On Hyperliquid, pre-IPO perpetual contracts on SpaceX have amassed $240 million in open interest and $220 million in 24-hour volume, making it the eighth-largest asset by volume on the platform.
The listing positions Raydium alongside a growing roster of crypto platforms offering SpaceX-linked products. Kraken parent Payward is offering tokens backed by SpaceX shares at $135 in more than 100 countries. Coinbase International has rolled out pre-IPO perpetual futures, and OKX is preparing to list SpaceX on its X-perps with up to 10x leverage for Europe-based traders.
The broader shift toward tokenizing traditional equities onchain has accelerated. Major US stocks including Tesla, Nvidia, and the S&P 500 already trade through Raydium pools. The protocol's cumulative tokenized equity volume doubled from $1 billion to $2 billion in just two months, reflecting demand for always-on access to traditional financial assets.
On Polymarket, 56% of participants are betting that SpaceX will close its first trading day with a market capitalization between $2 trillion and $2.5 trillion. SpaceX perpetual futures traded at around $179 across Hyperliquid and Binance, according to data from Talos.
The real test for crypto markets will come after the opening bell. If SPCX delivers a first-day pop above 25% to 30%, some of those gains could rotate into crypto, Illia Otychenko, lead analyst at CEX.IO, said. But the more immediate risk is a liquidity drain, as retail and institutional capital that moved out of risk assets to secure SpaceX allocation may not return quickly, Adam Morgan McCarthy, lead researcher at LO:TECH, said.
This article is for informational purposes only and does not constitute investment advice.
