SpaceX xStock (SPCXx) is a Backed Assets tracker certificate collateralized with SpaceX shares. It follows SPCX economically but is not a SpaceX share: holders receive no shareholder vote, and direct issuance or redemption requires onboarding, a whitelisted wallet and a $5,000 minimum.
SpaceX priced 555,555,555 Class A shares at $135 on 2026-06-11, and SEC records identify the company as a Texas corporation and the shares as 100% primary. SPCX began Nasdaq and Nasdaq Texas trading on June 12, the same date as SPCXx’s Final Terms. The IPO closed on June 15 with 638,888,888 shares after the full primary option.
Backed Assets (JE) Limited, not SpaceX, issued SPCXx with ISIN CH1564487366. Its legal form is a bearer debt tracker certificate. The reference share has a different issuer and ISIN, US84615Q1031. That separation explains why economic tracking does not create shareholder votes or a direct SpaceX claim.
The Final Terms make SpaceX shares the Standard Collateral in product-specific accounts, but they also permit lending those shares. Direct cash orders trigger broker purchases or sales, while the separately onboarded xPort route can convert eligible Alpaca-held shares and tokens. After default, the Security Agent may realize collateral, yet a holder receives only a pro-rata share of net proceeds and has no residual claim against other issuer assets.
Net eligible distributions are reinvested, while a multiplier represents distributions and splits onchain. On Ethereum this can rebase wallet balances automatically. A secondary buyer should therefore track units and multiplier, not assume a fixed token count or a cash dividend right.
Verified Ethereum code uses an upgradeable proxy and separate privileged roles. Role holders can mint, burn, pause, update the multiplier and change compliance settings; token holders do not govern those functions or SpaceX. These findings are specific to Ethereum, so another listed ledger requires its own authority check.
The framework launched publicly with more than 60 tokenized equities across Kraken, Bybit and Solana.
SpaceX priced 555,555,555 Class A shares at $135 each.
SpaceX Class A shares began trading on Nasdaq and Nasdaq Texas under SPCX.
The IPO closed with 638,888,888 shares after full exercise of the underwriters’ option.
Last evidence review: 2026-09-05
SpaceX xStock, ticker SPCXx, is a tokenized tracker certificate issued by Backed Assets (JE) Limited. Its ISIN is CH1564487366. The reference asset is Space Exploration Technologies Corporation Class A common stock, ticker SPCX and ISIN US84615Q1031. The product page dated 2026-06-10 identifies regulated brokers, custodians and Security Agent Services AG.
The token is the certificate, not a book-entry SpaceX share. It gives economic exposure through a bearer debt instrument backed with the corresponding shares. A holder does not enter SpaceX’s shareholder register, vote at SpaceX, or acquire a direct claim against SpaceX merely by holding SPCXx.
SpaceX’s 2026 IPO created a public share price, but ordinary blockchain wallets cannot hold Nasdaq shares directly. SPCXx packages an issuer security into transferable tokens so eligible users and venues can move the exposure on public networks and trade it beyond U.S. market hours.
That portability creates an extra chain of dependencies. The price begins with SPCX, but recovery depends on Backed Assets, its brokers and custodians, the segregated collateral accounts, the Security Agent, blockchain contracts and the venue where a holder trades. Secondary availability does not erase primary-market eligibility or distribution restrictions.
For direct cash issuance, an onboarded client sends a supported stablecoin from a whitelisted wallet. The issuer buys SpaceX shares through a broker and delivers SPCXx; redemption sells collateral and returns stablecoin proceeds. Both the product terms and operating flow set a $5,000 minimum. The Final Terms permit issue or redemption fees up to 0.50%, with a $100 minimum, even though the general Market Flow page currently reports an operational fee of zero. xPort documents a separately onboarded Alpaca route for converting eligible shares and tokens.
Secondary holders can transfer or trade around the clock, but venue prices can diverge from SPCX while Nasdaq is closed or liquidity is thin. Net eligible distributions are reinvested. Rebasing or display multipliers reflect distributions and stock splits, so a balance may change without a transfer. The Final Terms also allow the issuer to lend the underlying shares, adding counterparty and recovery risk to the collateral path.
On Ethereum, SPCXx is an upgradeable proxy. Its verified implementation separates owner, minter, burner, pauser and multiplier-updater functions and checks a sanctions list. Those findings apply to the Ethereum contract; the Final Terms list other ledgers, whose authorities must be checked separately.
No. It is Backed Assets’ bearer debt tracker certificate collateralized with SpaceX shares. It follows their economics but does not place the holder on SpaceX’s shareholder register.
No. The issuer’s legal overview expressly says xStocks confer no shareholder voting rights.
Direct access requires KYC/AML onboarding and wallet whitelisting. The cash route has a $5,000 minimum. Its Final Terms settle the certificate in fiat or cryptocurrency; xPort separately offers eligible, onboarded Alpaca clients a share-conversion route.
Eligible cash distributions are reinvested after tax into more underlying shares. A multiplier changes token balances or displayed units; it is not an ordinary cash dividend from SpaceX to the wallet.
The Security Agent may realize segregated collateral under the prospectus. A holder is limited to a pro-rata share of net proceeds and has no residual claim against other issuer assets; lending, costs, timing and sale prices can reduce recovery.
Tokens can move and secondary venues can trade 24/7. During closed hours their prices come from venue supply and demand and may differ from the next executable SPCX market price.
On Ethereum, verified source assigns minter, burner, pauser, multiplier-updater and owner roles and a sanctions hook. Those privileged role holders administer that contract; other chain ledgers require separate checks.
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