Tokenized SpaceX products hit $80M as IPO demand strains supply

Tokenized shares of Space Exploration Technologies Corp. hit $80.82 million in market capitalization Tuesday, up 3.54% over 24 hours, CoinMarketCap data show. The seven-day average daily trading volume ran about $104.28 million.

The surge comes as retail demand for SpaceX exposure outstrips available allocation. Some Web3 platforms, including Bybit, had to return user funds after failing to secure enough stock during the company's initial public offering, according to the exchange.

Six issuers now offer tokenized SpaceX products: Tessera Assets (tSPACEX), PreStocks Assets (SPACEX), bStocks (SPCXB), Ondo Assets (SPCXon), Backpack (SPCX), and Backed Assets (SPCXx). The largest by market cap is SPCXB at $45.59 million, followed by SPCX at $11.78 million and SPCXon at $10 million.

The tokenized market cap is roughly 0.000004% of SpaceX's $2.04 trillion valuation. The underlying stock has corrected 32% from its June 16 all-time high of $225.50, trading near $151.10 in Tuesday's pre-market.

Tokenized stock products have drawn interest for their trading convenience and liquidity, though the gap between the tokenized market and the underlying equity remains wide. The supply constraint at IPO allocation suggests further tokenized issuance could follow if issuers secure additional stock.

Bybit did not disclose the total value of returned funds or the number of affected users. SpaceX did not respond to a request for comment.