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Dinari has listed a tokenized version of SpaceX equity, trading as $SPCXD, for spot trading on Hyperliquid’s HyperCore, marking the platform’s first spot-listed tokenized US stock.
SpaceX filed its S-1 with the SEC on May 20 and is scheduled to begin trading on Nasdaq today under the ticker SPCX, in an offering targeting a valuation near $1.75 trillion and raising approximately $75 billion, which would rank as the largest US listing on record.
SpaceX is coming to @HyperliquidX.
On IPO day, Dinari will launch $SPCXD as the first tokenized U.S. equity to trade on HyperCore.
The world's most anticipated IPO, tradable across DeFi rails and traditional distribution. Global, 24/7. pic.twitter.com/OR1wVcLf6r
— Dinari (@DinariGlobal) June 11, 2026
Foreign investors currently hold nearly $20 trillion in US equities, a figure that reflects the sustained global appetite for US capital markets exposure. SPCXD routes that demand through onchain rails that operate continuously, without the market-hours restriction that governs every traditional exchange.
The product distinction is material. Synthetic SpaceX perpetuals have been trading on Hyperliquid and several other exchanges since May, including a SPCX-USDC contract listed by Trade.xyz on Hyperliquid’s HIP-3 framework at a $150 reference price. Those contracts track an implied price without holding any underlying shares and confer no ownership rights whatsoever.
dShares are designed to preserve the economic rights associated with the underlying security, including dividends, corporate actions, and institutional-grade trade execution. The structure enables more reliable hedging, collateralization, and capital efficiency across both traditional and onchain markets.
Under the model, a buyer on a permissionless venue such as HyperCore holds the restricted version of the token, with dividend and redemption rights suspended until the token returns to a compliant wallet and the holder clears verification. The custody architecture is designed to keep ownership rights live without requiring buyers to exit onchain rails to access them.
Dinari CEO Gabe Otte said the launch introduces a new token architecture designed to address a key challenge facing tokenized securities: enabling assets to move through permissionless markets while maintaining a connection to the ownership rights and shareholder protections associated with the underlying equity.
Dinari states that it is not SpaceX’s transfer agent and does not represent that SpaceX has sponsored or authorized the product. SpaceX remains private prior to today’s listing, with transfer restrictions on its stock, and Dinari confirmed the tokenization does not create new shares or alter the company’s capitalization table.
Dinari is accepting limit orders ahead of the open rather than executing trades in advance.
The company expects the first trades to cross between roughly 12:30 and 1:00 p.m. ET today and has told users that opening prints could land in the $180 to $200 range, above the $135 IPO price, though it frames the figure as guidance rather than a commitment. Fractional trading will not be available on day one.
Dinari is not alone in timing its launch to the IPO. Ondo Finance and Backed Finance are both scheduled to list tokenized SpaceX representations within hours of the opening bell today, with exposure available across Solana, Base, and Ethereum among other blockchains.
Tokenized on day one.
The largest IPO in history is being tokenized on day one, accessible across leading blockchains, like @solana.
SPCXon, coming to Ondo Global Markets. https://t.co/ncoqvAS2J6
— Ondo Finance (@OndoFinance) June 11, 2026
The simultaneous multi-platform launch effectively turns SpaceX’s IPO into a stress test for the real-world asset tokenization sector’s ability to onboard a single high-demand asset across competing infrastructure at scale and in real time.
“Hyperliquid has become one of the largest liquidity venues in digital assets, with millions of users and trillions of dollars in trading activity,” said Gabe Otte. “Bringing SpaceX to HyperCore connects one of the world’s most desirable assets to one of the deepest pools of onchain liquidity, creating new opportunities for access, price discovery, and capital formation.”
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