SpaceX’s $2 Trillion IPO Lands on Solana as Backpack and Sunrise Debuts Redeemable $SPCX

The upcoming SpaceX IPO, widely expected to be the biggest IPO in history, is shaping up to be more than a landmark event for traditional finance. It is also a major test case for tokenized equities and the role blockchain networks could play in expanding access to financial markets.

When SpaceX begins trading on Nasdaq on June 12, a tokenized representation of its shares, $SPCX, will begin trading on Solana on the same day. The asset is issued by Backpack Securities in partnership with Sunrise and represents one of the most ambitious attempts yet to connect traditional securities markets with blockchain infrastructure.

The launch arrives as Solana continues to dominate tokenized equity activity. According to Blockworks data, the network captured 97.3% of all tokenized equity spot trading volume in May, recording $868.9 million in volume compared with $23.6 million across all other blockchains combined.

That marked the 11th consecutive month in which Solana surpassed the combined tokenized stock trading volume of all Layer 1 and Layer 2 networks.

A New Model for Tokenized Stocks

Unlike many tokenized stock products that only provide synthetic exposure to an asset's price, $SPCX is designed with a direct redemption mechanism. According to Backpack, holders can redeem tokenized $SPCX for the underlying shares through its platform and transfer those shares to traditional brokerage accounts. Eligible shares can also move in the opposite direction and become tokenized $SPCX.

This two-way transfer mechanism aims to create portability between traditional financial infrastructure and onchain markets. Investors can hold the tokenized asset on Solana while retaining a pathway back to conventional securities.

The structure also extends to dividends and corporate actions. Traditional brokerage systems process these events for securities held through Backpack Securities, while tokenized $SPCX holders receive equivalent economic treatment through onchain mechanisms. This structure ensures that $SPCX will trade 24/7 on Solana from the moment the stock begins trading publicly. Users can self-custody the asset via non-custodial wallets and transfer it like any other Solana-based token.

"Apple went public more than forty years ago. If you lived outside the US, getting a piece of it was nearly impossible then, and four decades later, it still is. Stablecoins proved how much demand was out there for dollars. Capital markets are next, and Sunrise exists to support the businesses tokenizing real assets and bringing them onchain." - Saeed Badreg, CEO, Wormhole Labs

The SpaceX listing represents one of Sunrise's most significant expansions to date because it brings a major public equity directly into the onchain environment.

Backpack Expands Its Offering

The tokenized SpaceX launch follows another major development from Backpack. On June 10, Backpack officially launched the public beta of Backpack Securities. The platform allows users to trade US stocks and ETFs alongside cryptocurrencies and perpetual futures from a unified account.

The launch reflects a broader trend toward integrating traditional and digital assets into a single trading experience. Rather than maintaining separate systems for stocks and crypto, platforms increasingly seek to combine both markets.

"The future of tokenized equities is not just putting price exposure onchain. It is making underlying securities portable across financial systems. Backpack Securities was built for that: users can on- and off-ramp securities between traditional brokerages and Solana through Backpack. With SPCX, onchain markets gain access to tokenized equity with a direct path back to the underlying security." - Armani Ferrante, CEO, Backpack

The Evolution of Tokenized Equities

The arrival of $SPCX on Solana reflects a broader shift in how tokenized assets have evolved over the past several years. Early tokenized equity products often focused on synthetic exposure. These instruments allowed traders to speculate on price but typically offered no ownership rights, no redemption mechanism, and limited connections to traditional financial infrastructure.

The next phase emphasized compliance and regulated access. Projects such as Superstate introduced tokenized equities designed to operate within existing regulatory frameworks, often requiring strict KYC procedures and limiting participation to approved investors.

$SPCX by Backpack represents another step in that progression. Rather than offering only price exposure or restricting the asset to a closed ecosystem, Backpack and Sunrise are introducing a tokenized equity that can move between Solana and traditional brokerage infrastructure. Holders can trade the asset onchain around the clock while retaining a pathway to redeem it for the underlying security.

That distinction has become increasingly important as interest grows in tokenized access to companies such as SpaceX, Anthropic, and OpenAI. The launch of $SPCX represents an effort to expand access to major investment opportunities while maintaining a direct connection to underlying assets.

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