Bybit just made it possible for crypto traders to get in on what could be the largest IPO in history, without ever touching a stock brokerage account.

The world’s second-largest crypto exchange by trading volume launched IPO Express on June 7, a new platform that allows eligible users to subscribe to tokenized initial public offerings at the actual offering price. The first listing: tokenized equity in SpaceX, the Elon Musk-founded aerospace company eyeing a Nasdaq debut with a valuation target of at least $1.75 trillion.

Early numbers suggest traders noticed. Bybit reported roughly 550 pre-registrations and approximately $9.1 million in committed subscriptions shortly after the platform went live.

How the tokenized IPO works

IPO Express operates through a partnership with xStocks, which is part of Payward Services, the parent company of Kraken. Each xStocks token is backed 1:1 by real equity. In English: for every tokenized share floating around on Bybit, there’s a corresponding real SpaceX share sitting in custody somewhere.

The subscription window opened on June 7 and runs through June 11. Allocations will be processed from June 11 to 12, with spot trading expected to begin on June 12, timed to coincide with SpaceX’s anticipated Nasdaq listing.

The minimum subscription is 100 USDC, keeping the barrier to entry low enough for retail participants. Users pay in USDC, the Circle-issued stablecoin, rather than fiat currency.

These tokenized shares come with a notable caveat. Holders get economic exposure to SpaceX’s price movements but do not receive direct ownership, voting rights, or dividends.

The SpaceX IPO itself is historic

SpaceX’s planned IPO aims to raise around $75 billion, which would shatter existing records for public fundraising. The targeted valuation of at least $1.75 trillion would make it one of the most valuable companies on the planet from day one of trading.

For context, the previous record-holder for largest IPO was Saudi Aramco’s 2019 listing, which raised about $25.6 billion. SpaceX is aiming for roughly triple that figure.

Bybit’s IPO Express is only available to eligible VIP and Pro users, so it’s not a fully open-access product.

Bybit isn’t the only one moving here

Bybit’s launch didn’t happen in isolation. Kraken, which operates xStocks through its parent company Payward Services, opened similar tokenized equity access two days earlier on June 5.

The $9.1 million in early commitments is a strong signal, but it’s modest compared to the $75 billion SpaceX is trying to raise overall. The real test for IPO Express won’t be this single launch. It will be whether the infrastructure holds up, whether allocations are handled smoothly, and whether tokenized shares track the actual stock price with minimal slippage once trading begins on June 12.