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SpaceX is about to pull off one of the largest IPOs in history, and a massive chunk of Asia’s investor base has been told they can’t participate. The workaround they’re finding says a lot about where finance is heading.
Underwriters have directed banks to reject orders from mainland China and Hong Kong for SpaceX’s public offering, citing compliance risks tied to US export-control regulations on high-tech assets. Because SpaceX deals in rocket technology that falls under arms trafficking rules, letting Chinese investors buy shares creates a regulatory minefield nobody wants to walk through.
The IPO that’s too big to ignore
SpaceX plans to list on June 12, 2026, under the ticker SPCX, offering roughly 555.6 million shares priced at $135 each. The target raise is approximately $75 billion, which would value the company somewhere between $1.75 trillion and $1.8 trillion.
Crypto platforms are building the backdoor
Hyperliquid is offering perpetual futures contracts on SPCX, giving traders synthetic exposure to SpaceX’s price movements without ever touching an actual share. Meanwhile, Ondo Finance plans to launch tokenized SPCX shares on Ethereum and Solana, accessible to non-US users through wallets like MetaMask. Tokenized shares work by having a custodian hold the real equity while issuing blockchain-based tokens that represent ownership. Binance is also facilitating indirect investment opportunities, though the specific mechanics vary by product.
Proxy plays and the Bitcoin connection
Taiwanese aerospace suppliers like Chin-Poon Industrial and Sunway Communication have emerged as proxy plays, offering indirect exposure to SpaceX’s growth trajectory through their roles in the broader space supply chain. Space-themed ETFs are seeing similar interest as investors hunt for any vehicle that correlates with SpaceX’s fortunes.
SpaceX holds an estimated 18,712 Bitcoin on its balance sheet, valued at roughly $1.45 billion. Investors who can’t buy SpaceX shares might reason that buying Bitcoin gives them indirect exposure to one of SpaceX’s own investment bets.
What this means for investors
Ondo Finance and Hyperliquid aren’t building products hoping someone shows up — they’re responding to a massive investor base that’s actively looking for solutions right now.
Perpetual futures carry liquidation risk, especially around volatile events like an IPO debut. Tokenized shares depend entirely on the custodian’s solvency and the legal enforceability of the underlying claim, which gets complicated fast when you’re talking about cross-border investors accessing US equities through decentralized protocols.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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