Tokenized stocks have crossed the $1 billion market cap marking a major turning point for RWAs on-chain. Public equities drove the surge, with platforms like Ondo Global Markets and xStocks leading the charge, while tokenized private equities on Solana continue to gain early traction and expand rapidly.

 

The rise of tokenized stocks brings several benefits to investors as they enable 24/7 global trading without the traditional T+2 settlement delays, allowing markets to operate continuously rather than shutting down after regular hours. Fractional ownership lowers the barrier for smaller investors to gain exposure to stocks and private investments. Assets can be used directly as collateral in DeFi protocols, creating new opportunities for yield generation and liquidity with instant settlement that reduces counterparty risk and improves capital efficiency. 

 

Ondo Finance and xStocks together account for over 90% of the tokenized stock market cap. Ondo leads at $741.1M (heavily on Ethereum at $440.1M and BNB Chain at $283.2M), followed by xStocks at $315.2M (dominant on Solana with $258.4M and reach through CEXs like Kraken and Bybit). The rest includes Superstate, Robinhood on Arbitrum, Dinari, and PreStocks’ $17.8M in tokenized private equities. Launched in June 2025, xStocks has already facilitated over $3.5 billion in on-chain transaction volume and $25 billion in total trading volume, tokenizing major assets like SPYx, QQQx, NVDAx, and TSLAx. 

 

Another interesting segment is tokenized pre-IPO stocks that bring exposure to private companies like Anthropic directly onto Solana via platforms such as PreStocks. These tokens are created through Special Purpose Vehicles (SPVs) that hold shares or exposure acquired on secondary markets. PreStocks then issues 1:1 backed SPL tokens on Solana that track the company's implied valuation which lets holders get price exposure with 24/7 trading on DEXes like Jupiter. The tokenized pre-IPO sector has grown roughly 200% year-to-date, with Anthropic leading the surge. 

However, Ethereum is still the clear leader when it comes to bringing stocks on-chain, as it’s become the primary home for major financial moves as the value of funds moving onto Ethereum has grown 20x since the start of 2024, thanks to massive names like BlackRock and Fidelity launching their own products there. This dominance extends across other major real-world asset categories as well, with the network maintaining a strong position in tokenized commodities, funds, and stablecoins.

 

 

Nasdaq has secured SEC approval to trade tokenized Russell 1000 stocks and major index ETFs on the same order book as their traditional counterparts, while the NYSE is building a 24/7 on-chain venue with instant settlement and stablecoin funding in partnership with Securitize and the DTCC’s tokenization infrastructure. Firms like Franklin Templeton, JPMorgan, and Apollo are rolling out tokenized money market funds, credit strategies, and other securities across networks that reache beyond Ethereum and Solana to include chains like Polygon, Avalanche, Base, Aptos, and Stellar, reflecting a multi-chain strategy to plug directly into different DeFi ecosystems. 

 

Ondo Global Markets, now one of the main issuers of tokenized U.S. stocks and ETFs, blocks U.S. users and anyone trading from inside the country, and pushes those restrictions through partners like MetaMask, Binance Wallet, and centralized exchanges that list its products. Kraken’s xStocks do the same, limiting access to non U.S. clients in a set list of jurisdictions and explicitly excluding residents of the United States, Canada, the U.K., and Australia. On Solana, the pre-IPO names led by PreStocks let people trade tokens linked to companies like Anthropic, but they sit in a gray zone because they’re SPV based claims with no audited, public proof of backing, wide gaps between implied token prices and private round valuations, thin liquidity, and no clear path for U.S. retail to participate. So while Binance, OKX, Kraken, and others rush to put tokenized stocks in front of millions of users, most of the real volume is still offshore, and U.S. investors are mostly stuck watching from the sidelines until policy catches up.

 

 

Crypto exchange Bitget has launched a new product called IPO Prime, and its debut offering could, quite literally, be a moon shot. It's preSPAX, a tokenized instrument giving retail investors synthetic exposure to SpaceX ahead of what could be the largest initial public offering in stock market history.

 

SpaceX filed confidentially with the U.S. Securities and Exchange Commission on April 1, targeting a June 2026 listing at a valuation of roughly $1.75 trillion. Yes, you read that right. If that figure holds at the close of the first trading day, SpaceX would rank as the sixth most valuable publicly traded company on earth, behind only Nvidia, Apple, Alphabet, Microsoft and Amazon. The deal is being internally codenamed "Project Apex" and has drawn 21 banks competing for underwriting roles, according to Reuters.

 

What preSPAX Actually Is

Worth pausing on the structure here, because the word "exposure" does a lot of heavy lifting in the marketing and isn't quite what you would expect in traditional terms. preSPAX, issued through Republic, which is a tokenized private markets platform valued at over $1 billion, is a synthetic instrument. It tracks a reference index tied to SpaceX's economic performance after a qualifying event, such as an IPO or acquisition. Holders receive no equity, no voting rights, and no direct ownership stake in SpaceX. The company itself has not endorsed or authorized the product in any way.

 

The subscription window opens April 18 and closes April 21, with token distribution and OTC trading scheduled to begin on the same day it closes. Bitget has set aside 94,000 tokens priced at $650 each, implying a total subscription value of around $61.1 million and an implied SpaceX valuation of $1.5 trillion for the purposes of the sale.

 

Bitget CEO Gracy Chen described the launch by saying that, "Pre-IPO exposure used to be limited to small circles, but tokenization has changed that," she said in a statement. "preSPAX is our first offering and we will be bringing more such opportunities to our users this year." The exchange has already signaled plans to add OpenAI and xAI tokens to the platform by Q3 2026.

 

SpaceX Is A Financial Rocket Ship

For those keeping track, SpaceX's valuation has moved at a velocity that mirrors its own rockets. The company was worth roughly $46 billion in 2020. By early 2025 that figure had ballooned to $800 billion. Then came February 2026, and with it, SpaceX's all-stock acquisition of Elon Musk's AI venture xAI, a deal that reset the combined entity's valuation at $1.25 trillion overnight. Six weeks later, the IPO target sits at $1.75 trillion.

 

The core revenue driver is Starlink. By the end of 2025, the satellite internet constellation had accumulated 9.2 million active subscribers across 125 countries, doubling its user base in under 15 months and generating north of $10 billion in annual revenue. Analysts at Bloomberg and Quilty Space project that figure could climb to somewhere between $15.9 billion and $24 billion in 2026. Morgan Stanley analyst Adam Jonas, who has tracked space equities for over a decade, has been vocal: Starlink alone, he argues, would justify a $500 billion valuation as a standalone business.

 

Layer in the launch monopoly, Starship's development trajectory, and the xAI integration, and the $1.75 trillion figure becomes at least a coherent argument, if not an easy one to accept on traditional metrics. At that valuation, SpaceX trades at roughly 90x 2025 revenue of $15.5 billion. For context, Nvidia, the AI darling of the current cycle, trades at around 30x forward revenue. Federal contract data compiled by FedScout shows SpaceX has racked up more than $24.4 billion in government awards since 2008, spanning NASA, the Air Force and Space Force.

 

Crypto And Wall Street

The push to bridge crypto infrastructure and traditional capital markets has been accelerating across the industry. Coinbase launched stock trading at the end of 2025 and repositioned its wallet as an "everything app." Kraken rolled out 11,000 US-listed stocks and ETFs with commission-free trading in April 2025. Bitpanda added around 10,000 stocks and ETFs to its platform in January. Republic, the partner behind preSPAX, previously launched rSPAX Mirror Tokens on Solana for as little as $50 per unit.

 

The competitive landscape for pre-IPO SpaceX exposure is getting crowded fast. On the crypto side, Solana-based PreStocks and Orderbook offer comparable products. On the traditional side, Forge Global, EquityZen and Nasdaq Private Market all provide secondary market access to SpaceX shares, though exclusively to accredited investors. That last detail is where the regulatory picture gets a bit fuzzy.

 

Risks Probably Worth Reading Twice

The structure behind preSPAX runs three layers deep: Bitget, then Republic, then the reference index tied to SpaceX performance. Settlement depends on the lockup period of the underlying debt asset expiring after a SpaceX IPO, at which point the issuer converts value into tokens or USDT based on SpaceX's market price at the time.

 

The product's structure fits relatively cleanly under the SEC's Howey Test definition of a security: an investment in a common enterprise with profit expectations derived from the efforts of others. Traditional platforms like Forge Global restrict SpaceX pre-IPO access to accredited investors. Bitget's product, by contrast, is technically available to its reported 125 million users, many of whom will not meet that threshold. The SEC intensified its scrutiny of tokenized securities structures throughout 2025, and similar hybrid instruments have been flagged as operating in a gray area that can move quickly toward enforcement territory.

 

There is also the small matter of whether SpaceX actually lists on schedule. The company's confidential filing gives it runway to address SEC comments privately before going public with its prospectus, which must be released at least 15 days before the roadshow begins. Prediction markets currently have 88% odds on SpaceX closing its first trading day above a $1.3 trillion market cap, which says a lot about where sentiment sits right now. Whether preSPAX holders ultimately benefit depends entirely on how that listing plays out, and when.

 

For the broader market, a successful SpaceX debut at $1.75 trillion would be a seismic event. It would arrive as the sixth most valuable public company on earth, trigger automatic S&P 500 inclusion discussions within months, and likely dominate institutional allocation budgets at a moment when OpenAI and Anthropic are both queuing up their own landmark listings. The IPO wave is building. And Bitget, for one, is not waiting for it to break.