How to participate in Bybit SpaceX IPO: Step-by-step guide
SpaceX has long been one of the most talked-about private companies in the world, and until recently, gaining exposure to its equity meant being an institutional investor or accredited high-net-worth individual. Bybit IPO Express changes that. Through the xStocks framework, eligible retail users can subscribe to SPCXx tokens backed 1:1 by SpaceX shares using a Bybit account and USDC balance.
Key Takeaways:
Before subscribing, confirm you meet the eligibility requirements: KYC Level 1 completed, supported jurisdiction (EEA excluded) and Main Account only.
Your subscription is a Conditional Offer to Buy, a non-binding expression of interest, not a guaranteed purchase. The final price may differ from the indicative price shown during subscription.
Allocation is pro-rata: if demand exceeds supply, you receive a proportional share of your requested amount. On listing day, SPCXx tokens land in your Spot wallet and can be traded 24/7.
Before you start: eligibility checklist
The SpaceX IPO is open to eligible users regardless of VIP status, with no accredited investor requirement. To participate, you must meet four requirements:
KYC Level 1 completed: identity verification must be done before you can subscribe.
Supported jurisdiction: EEA (European Economic Area) countries are excluded. Check the IPO Express page for the full list of restricted regions.
Main Account only: Sub Accounts cannot participate. You must subscribe from your primary Bybit account.
Minimum 100 USDC in your Funding Account: a minimum of 100 USDC is required per subscription. Subscription caps have been removed, so you may subscribe any amount above this minimum, subject to your available balance.
If you haven't completed KYC yet, you can do so in a few minutes directly from the Bybit App before proceeding.
SpaceX IPO timeline
This is the complete SpaceX IPO timeline, currently ongoing and ending on Jun 12:
Registration: Jun 7 08:00 UTC – June 11 08:00 UTC, 2026
Eligible users can register for the SpaceX IPO offering and review project details before subscriptions open.
Subscription: Jun 7 08:00 UTC – June 11 08:00 UTC, 2026
Users may submit subscription requests using USDC. Once submitted, subscription funds will be temporarily locked until the allocation process is completed.
Allocation: Jun 11 08:00 UTC – June 12 12:30 UTC, 2026
Allocated SpaceX tokens will be distributed to users' accounts, while unused funds will be automatically refunded.
Spot listing: Jun 12, 2026
SpaceX will officially begin spot trading on Bybit Spot. Users can trade their allocated tokens once trading goes live.
Step 1: Navigate to the Bybit IPO Express page
Open the Bybit App and look for IPO Express (marked "HOT") in the product menu on the home screen. Tap it to go directly to the IPO Express hub. Alternatively, visit bybit.com/en/trade/spot/ipo on desktop or mobile browser.
On this page you will see the active SpaceX IPO Express event, along with key details: the subscription period, the total amount already subscribed by all participants, the indicative price per token and the minimum subscription amount of 100 USDC.
Step 2: Register for the SpaceX IPO Express event
On the SpaceX IPO Express event page, review the event description and locate the Register Now button. Tap it to register your interest in the offering. Registration is required before you can place a subscription.
Once registered, the button changes to Registered and a countdown timer appears showing how much time remains in the subscription window. You can now proceed to subscribe at any point before the window closes.
Step 3: Review the event details
After registering, scroll down on the event page to the Event Details tab. Here you can see the full subscription timeline laid out in stages: Registration → Subscription → Allocation → Token Distribution. Reviewing this timeline helps you understand where you are in the process and when to expect your tokens.
Take note of the total subscription amount, which updates in real time as other users subscribe. This figure gives you a sense of demand and how pro-rata allocation may play out. Also confirm the indicative price (135 USDC + 5% underwriting fee) and the minimum subscription amount (100 USDC) before proceeding.
Step 4: Enter your subscription amount (min 100 USDC)
Scroll to the subscription input field. Enter the amount of USDC you want to subscribe (at least 100 USDC). The Available balance shown next to the field reflects your current USDC balance in your Funding Account. If you want to subscribe your full available balance, tap Max.
Take a moment to confirm the amount before proceeding. This is the figure that will be frozen in your account and used to calculate your pro-rata allocation. Once you have entered your desired amount, tap Place Order.
Step 5: Review the terms and confirm your subscription
A confirmation sheet slides up showing a summary of your subscription: the subscription amount in USDC, the asset (SPCXx) and the indicative price per token. Below the summary is a Terms and Conditions section. Read this carefully before proceeding.
Key points covered in the T&Cs include: identity verification requirements, the restriction to Main Accounts only, the fact that xStocks do not confer voting rights or dividend entitlements and the applicable dispute resolution framework. For the full legal documentation, refer to the xStocks risk disclosure and legal overview.
Once you have read everything, tap Confirm. A "Success" notification confirms your COB has been submitted. Your USDC is now frozen pending allocation.
Step 6: Receive SPCXx tokens in your Spot wallet
On the scheduled token distribution date (Jun 12, 2026), SPCXx tokens are deposited directly into your Bybit Spot wallet. No action is needed on your part because the distribution is automatic.
SPCXx is designed to provide tokenized exposure to SpaceX equity under the xStocks framework, with each token backed 1:1 by underlying SpaceX shares held through the relevant custody structure. This means your economic exposure is tied to actual SpaceX equity price movements.
One important point to understand: holding SPCXx gives you economic exposure to SpaceX's equity performance, but it does not grant voting rights or direct shareholder status. You are not a registered SpaceX shareholder. To verify your token balance after distribution, go to Assets in your Spot wallet.
Step 7: Choose what to do after listing
Once SPCXx tokens are in your Spot wallet, you have several options:
Trade on Bybit Spot: SPCXx is listed as a Spot trading pair and available 24/7, unlike traditional stock markets with fixed trading hours.
Self-custody: withdraw SPCXx to your own wallet. Both Solana and EVM-compatible chains are supported.
DEX trading: SPCXx is compatible with decentralized exchanges (DEXs), giving you access to on-chain liquidity.
Hold: there is no lockup period and no transfer restriction. Unlike traditional pre-IPO special purpose vehicle (SPV) structures, you can move or trade your tokens immediately after listing.
How allocation works
If total subscriptions exceed the available supply of SPCXx tokens, allocation is distributed on a pro-rata basis. This means each subscriber receives a proportional share of the amount they requested.
For example: if 10,000,000 USDC worth of subscriptions are received but only 5,000,000 USDC worth of tokens are available, each subscriber receives 50% of their requested amount. If you subscribed for 1,000 USDC, you would receive tokens worth 500 USDC and the remaining 500 USDC would be unfrozen and returned to your Spot wallet.
If total subscriptions fall below available supply, all subscribers receive their full requested amount. There is no penalty for not being fully filled.
What is a Conditional Offer to Buy?
When you submit a subscription on IPO Express, you are placing a Conditional Offer to Buy (COB), not a confirmed purchase. A COB is a non-binding expression of interest that signals how much of the offering you want. At the point of submission, the equivalent amount of USDC is frozen in your Spot wallet to ensure funds are available when the allocation is finalized.
Frozen funds remain in your account but cannot be used for other trades until the allocation process is complete. If you are not allocated, or only partially allocated, the unallocated USDC is unfrozen and returned to your Spot wallet with no action needed on your part.
Indicative price vs. final offering price
During the subscription window, you will see an indicative price. For the SpaceX IPO Express, this is 135 USDC per token plus a 5% underwriting fee, bringing the indicative total to approximately 141.75 USDC per SPCXx token. This is an estimate based on available market data at the time, not the final price.
The final offering price is determined through a bookbuilding process, where demand from all subscribers is aggregated and the price is set accordingly. This is standard practice for IPO structures in traditional finance and means the price you ultimately pay may be slightly different from the indicative figure shown when you subscribe. The difference is typically small, but you should be aware of it before committing funds.
Join the SpaceX IPO now
From registration to holding tokenized SpaceX equity, the process takes seven steps and can be completed in minutes. For eligible users, it offers a more accessible way to gain economic exposure to SpaceX's equity performance compared with traditional private-market routes.
That said, this is not a risk-free investment. Your COB is non-binding and allocation is not guaranteed. The final price may differ from the indicative price, and SPCXx's value moves with SpaceX's equity, which can go down as well as up. Only subscribe an amount you are comfortable with.
Ready to get started? Visit the Bybit IPO Express page to view the current SpaceX event and visit the announcement post to learn more about the full terms and conditions.
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