Key facts
- Tokenized SpaceX stocks are leading trading on Solana's decentralized exchanges.
- Backpack Securities' SPCX token achieved $37.8 million in 24-hour trading volume.
- SpaceX's IPO raised $75 billion, valuing the company at $1.75 trillion.
- Elon Musk became the world's first trillionaire following the IPO.
Tokenized SpaceX stocks are experiencing high trading volumes on Solana's decentralized exchanges following the company's record-breaking IPO on the Nasdaq. Backpack Securities' SPCX token led the activity, recording $37.8 million in 24-hour trading volume, followed by xStocks' SPCXx with $6.75 million and Pre-Stocks' SPACEX with $2.66 million.
Backpack's SPCX token is backed 1:1 by actual SpaceX shares held in custody, allowing for redemption. Other tokenized stocks, including a tracker for the S&P 500 (SPYx), Circle's CRCLx, and Tesla's TSLAx, also saw significant trading flows on Jupiter, which currently hosts 421 stock tokens.
The surge in tokenized stock trading coincides with SpaceX's successful IPO, which priced at $135 per share, raising approximately $75 billion and valuing the company at $1.75 trillion. The significant increase in SpaceX's valuation on its first day of trading propelled Elon Musk to become the world's first trillionaire.