Backpack and Sunrise Launch SPCX, a Tokenized SpaceX Stock, on Solana the Same Day It Lists on Nasdaq

When SpaceX begins trading on Nasdaq on June 12, 2026, Solana users will be able to buy into the IPO at the same moment: a token backed one-to-one by actual SpaceX shares, held in custody by a regulated U.S. brokerage.

Backpack Securities and Sunrise are launching SPCX, a tokenized version of SpaceX equity, on Solana at the IPO's open. Each SPCX token corresponds to one real share purchased and custodied by Backpack Securities. Holders can redeem tokens for the underlying equity and transfer those shares into any traditional brokerage account through ACATS and DTCC settlement rails, the same infrastructure that moves stocks between Charles Schwab and Fidelity.

"The future of tokenized equities is not just putting price exposure onchain," Backpack CEO Armani Ferrante told CoinDesk. "It is making underlying securities portable across financial systems."

SpaceX is expected to list on Nasdaq at $135 per share, raising roughly $75 billion and valuing Elon Musk's rocket company, Starlink, and xAI as a group at approximately $1.75 trillion, according to CoinDesk, which would make it the largest IPO on record.

How SPCX Works

Backpack Securities operates as a regulated brokerage under U.S. securities law. Holdings are protected under New York's UCC Article 8, which governs investment property, and users remain entitled to dividends and corporate actions on the underlying shares.

Sunrise handles the tokenization infrastructure, routing SPCX onto Solana. The protocol is built on Wormhole W$0.017+3.5% and has processed more than $360 million in volume across six prior tokenized equity launches, according to Genfinity. Liquidity pools on Meteora MET$0.423-0.3% will support trading pairs against USDC and SOL, with dynamic liquidity concentration designed to reduce slippage at market depth.

The on-chain market operates around the clock; Nasdaq hours do not apply. A holder in Tokyo or São Paulo can trade SPCX on a Saturday morning without waiting for U.S. markets to open. Self-custody is supported in Backpack's own wallet as well as Phantom and Solflare. Because SPCX is a standard Solana asset, it can also serve as collateral in DeFi credit markets, extending its utility beyond simple equity exposure.

Redemption runs the same rails in reverse: SPCX tokens are returned to Backpack Securities and exchanged for the underlying SpaceX shares, which can then be transferred to a traditional brokerage via ACATS.

Same-Day Coordination

The timing is deliberate. Most tokenized stocks launch weeks or months after a company's public debut, requiring investors to source shares through secondary markets. The June 12 launch makes SPCX available the instant SpaceX begins trading, the first time a newly listed equity has had a simultaneous on-chain market, according to Genfinity.

The coordination reflects a maturation in the tokenized equities stack. Backpack Securities has the brokerage infrastructure to purchase IPO shares through normal channels; Sunrise has the issuance and bridge layer to put them on-chain within the same settlement window.

SPCX Among xStocks, Dinari, and Ondo: Full Share Redemption Sets It Apart

The tokenized equity market on Solana has grown fast. As we covered in May 2026, Solana's total RWA market set a new all-time high of $2.8 billion that month, with tokenized equities capturing the majority of on-chain stock trading volume across blockchains.

The main incumbent is xStocks, issued by Backed Finance, which has accumulated the largest tokenized equity volume on Solana. Ondo USDY$1.15-0.3% Global Markets focuses on institutional-grade U.S. securities and holds the sector's highest recorded TVL among competing platforms. Dinari offers its dShares model with an emphasis on regulatory documentation and transparent custody.

Shift RWA's leveraged tokenized equity tokens, also live this week on Jupiter with 2x and 3x exposure to Tesla and the S&P 500, take a different approach entirely, amplifying exposure without direct share custody.

The SPCX model sits closest to Dinari's spot-backed structure, but the Backpack Securities brokerage layer adds a full redemption pathway that most competitors do not offer. Redemption is not just a notional capability: holders can actually convert SPCX back into SpaceX shares held at a traditional broker, making SPCX portable across the entire financial system rather than confined to Solana.

Solana's RWA Infrastructure Makes Continuous Equity Trading Practical

Backpack is a Solana-native application, and the chain's settlement speed and low transaction costs make it the practical choice for continuous equity trading. Solana Foundation CPO Vibhu Norby framed the $3 billion RWA figure as 0.001% of what's possible at Ukrainian Blockchain Week last week, pointing to AI agents as the next demand driver for on-chain assets. SPCX, tradable at any hour by any wallet, fits that trajectory: an autonomous agent does not wait for Nasdaq hours.

The IPO's scale means SPCX will likely attract significant trading activity in its opening hours. Whether institutional flow follows depends on how smoothly the redemption mechanics work under live conditions, and how regulators respond to a regulated brokerage routing equity trading through DeFi liquidity pools.