SpaceX Lands on Nasdaq at $1.75T and on Solana the Same Day 🚀

On June 12, 2026, SpaceX began trading on Nasdaq at $135 per share, raising $75 billion in what is described as the largest IPO on record and valuing the company at $1.75 trillion. On the same day, Backpack Securities and tokenization infrastructure provider Sunrise launched SPCX, a 1:1 backed tokenized version of SpaceX equity on the Solana blockchain.

Each SPCX token is custodied by Backpack, a regulated U.S. broker-dealer, and is fully backed 1:1 by a real SpaceX share held in custody. Holders can redeem SPCX for the underlying equity through Backpack's platform, with shares then transferable to any standard U.S. brokerage, including Schwab, Fidelity, or others, via standard ACATS/DTCC settlement rails. The tokenization mechanism also works in reverse: investors holding SpaceX shares in a conventional brokerage account can re-tokenize into SPCX, bringing regulated equity onto Solana's public chain.

The product is positioned as distinct from the synthetic stock tokens issued by FTX and others in 2020–21, which lacked formal custody, registered prospectuses, and seamless brokerage redemption and were ultimately shut down under regulatory pressure. Backpack CEO Armani Ferrante framed the architecture plainly, stating that the system provides real ownership, brokerage transfers, and corporate actions for tokenized equity on-chain.

SPCX is currently in public beta, allowing trading of tokenized U.S. stocks and ETFs alongside crypto, perpetuals, and yield within a single account. Cash dividends, brokerage transfers, and corporate actions are rolling out during the public beta period, with trading available 24/5 and instant execution under New York law.