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Payward Services announced on June 3 that its xStocks framework will allow retail investors worldwide to participate in US-listed initial public offerings (IPOs) at the offering price.
An IPO in New York. Access the offering price from anywhere in the world.
That's what xStocks is unlocking.
Tokenized US listed IPO access for retail investors globally, coming soon to Kraken and select xStocks Alliance members.
→ https://t.co/6bOenjwwgu pic.twitter.com/Q9Q11ekKUb
— xStocks (@xStocksFi) June 3, 2026
Kraken customers and other xStocks Alliance members will be able to submit non-binding indications of interest before a company goes public, then receive an allocation of tokenized equity, backed 1:1 by the underlying share and held in custody by a regulated entity, at the offering price on listing day.
The xStocks framework has processed $30 billion in total transaction volume with $6 billion settled onchain across over 125,000 unique holders in its first year.
The announcement lands nine days before SpaceX’s June 12 target Nasdaq listing. SpaceX filed its S-1 registration statement with the US Securities and Exchange Commission on May 20, filed Amendment No. 2 on June 3, and launched an IPO website on June 4.
The offering targets approximately $75 billion at a $1.75-trillion valuation, which would surpass Saudi Aramco’s 2019 listing as the largest IPO in history. SpaceX is seeking early inclusion in the Nasdaq-100. Approximately 30% of the shares are being reserved for retail investors.
Not available in the US or to US persons, or in UK, CA, AU. IPO xStocks involve risk. Allocation not guaranteed. Geo restrictions apply.
— Kraken (@krakenfx) June 4, 2026
SpaceX also disclosed 18,712 Bitcoin (BTC) in its IPO filing on May 22, placing it among the top public Bitcoin holders at the time of its listing, according to BitcoinTreasuries data. The combination of a crypto-native treasury and a tokenized equity offering creates a coherent narrative: The same asset class that powers xStocks’ settlement infrastructure is held on SpaceX’s own balance sheet.
Without xStocks, a retail investor in Argentina who wants exposure to SpaceX at the offering price had one option: wait for the stock to begin trading on the secondary market, typically at a price already 20%-40% above the institutional allocation level. XStocks’ framework removes that disadvantage on listing day.
The process runs through a dedicated indication-of-interest window in the weeks before listing. Partner exchanges open that window to their customers, who submit non-binding offers within the company’s indicated price range.
Payward Services aggregates demand across the full xStocks Alliance and works with an underwriting syndicate on behalf of all partners. On listing day, allocations are finalized, shares are tokenized, and distribution reaches eligible customers at the IPO price through the exchange they already use.
XStocks tokens carry properties that traditional brokerage accounts do not. They are blockchain-agnostic, interoperable across chains, composable with decentralized finance (DeFi) protocols, and accessible through any xStocks Alliance platform.
An investor who receives a SpaceX tokenized allocation through Kraken could theoretically use that allocation as collateral in a DeFi lending protocol within hours of listing, a capability that has no equivalent in traditional equity settlement, where shares typically settle T+1 and cannot be moved outside the brokerage environment.
XStocks tokens are issued by Backed Assets Limited in Jersey and offered to eligible Kraken customers via Payward Digital Solutions, licensed by the Bermuda Monetary Authority. In the EU, the offering operates via a MiFID II-authorized Cyprus investment firm. The product is not available in the US or to US persons.
SpaceX is the headline case, but the pipeline extends further.
Klarna, Chime, and StubHub are among the anticipated listings for 2026-2027. Each would represent a first-time opportunity for retail investors outside their home markets to participate at the offering price. The private company valuation markets launched by Polymarket on May 19, allowing retail participants to speculate on OpenAI’s valuation milestones.
XStocks’ tokenized IPO access converts that speculative interest into actual equity ownership at the offering price, the two products serving the same pre-IPO demand from opposite ends of the capital structure.
The first tokenized IPOs powered by Payward Services’ xStocks framework will be available in the coming weeks to Kraken customers and other xStocks Alliance members.
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