Kraken has launched a new service that gives retail investors access to the upcoming SpaceX IPO through tokenized shares, opening a process that has traditionally been reserved for large institutions and wealthy investors.
The company announced that SpaceX will be the first offering available through its new xStocks IPO Access program. The service allows eligible users to apply for IPO allocations using tokenized stock instead of going through traditional brokerage channels.
To participate, investors must have a verified Kraken account and submit an IPO access request through the Kraken mobile app before shares are allocated.
The program is currently available in more than 110 international markets, including countries across the European Economic Area. However, investors in the United States, Canada, Australia, and the United Kingdom are not currently eligible because of regulatory restrictions.
Investors who receive allocations will receive SPCXx tokens, which represent ownership of SpaceX shares on a one-to-one basis. According to Kraken, these tokenized shares will be backed by real stock held by a regulated custodian and can be traded around the clock on Kraken and other participating platforms.
The launch challenges the traditional IPO system, where access to new public offerings is often limited to institutional investors and high-net-worth clients. Kraken says its goal is to make IPO participation more accessible to everyday investors around the world.
Interest in the SpaceX offering is already extremely high. Reports suggest the company is aiming to raise around $75 billion and could be valued at more than $1.8 trillion. If completed at that size, it would become the largest IPO in history, surpassing the record set by Saudi Aramco in 2019.
Much of SpaceX’s valuation is tied to the rapid growth of Starlink, its satellite internet business. At the same time, the company continues to invest heavily in rocket launches, spacecraft development, and other large-scale projects that require significant funding.
SpaceX has also expanded into the artificial intelligence infrastructure sector through major computing agreements with technology companies.
One recently disclosed deal involves Google, which has agreed to pay SpaceX approximately $920 million per month from late 2026 through mid-2029 for access to large-scale AI computing infrastructure. The agreement is intended to support growing demand for Google’s AI products.
SpaceX has also signed a separate long-term computing agreement with Anthropic, which is expected to generate billions of dollars in revenue over the coming years.
The SpaceX IPO offering comes as Kraken continues expanding beyond cryptocurrency trading. The exchange has been building its presence in tokenized financial products and aims to connect traditional financial markets with blockchain-based investing.
If successful, Kraken’s IPO Access program could become a major step toward making public offerings more accessible to retail investors around the world through tokenized securities.
