Insights: Can I buy SpaceX (SPCX) with crypto?

SpaceX has officially hit the public markets, and crypto traders were already waiting on the launchpad.

After one of the most hyped IPOs in recent memory, SpaceX began trading on the Nasdaq under the ticker SPCX, with Reuters reporting that the company priced its IPO at US$135 per share, raising a record US$75 billion and reaching a valuation of around US$1.77 trillion at listing.

Before many traditional investors had access through a standard brokerage account, crypto markets were already building SpaceX exposure onchain. Traders could speculate on SpaceX through SPCX-USDC perpetual futures on Hyperliquid, while tokenised asset platforms such as Ondo Global Markets and Solana-based products started bringing SpaceX-style exposure onto crypto rails.

So, can you buy SpaceX with crypto? Yes, but what you are buying depends on the platform.

Some markets offer synthetic price exposure. Some offer tokenised economic exposure. And now that SpaceX is public, investors also need to understand how these onchain products compare with buying ordinary SPCX shares through traditional markets.

What is SpaceX?

SpaceX, officially Space Exploration Technologies Corp., is a U.S. aerospace and satellite company best known for reusable rockets, commercial space launches, and the Starlink satellite internet network. Oh and a now trillionaire named Elon. 

1. Core business

SpaceX builds and launches rockets and spacecraft, including Falcon 9, Falcon Heavy, Dragon, and Starship, and operates a high‑frequency launch business for government and commercial customers. Its reusable rocket model has structurally lowered the cost to access orbit and made SpaceX the dominant player in the global commercial launch market.

2. Starlink

Starlink is SpaceX’s satellite internet business and the main driver of the equity story. In 2025, Starlink generated roughly 11.4 billion dollars of revenue – about 61 percent of SpaceX’s total 18.7 billion dollars – and produced around 4.4 billion dollars of operating income, making it the only consistently profitable division. Starlink now serves more than 10 million subscribers across roughly 150 countries, giving SpaceX recurring, software‑like cash flows on top of its launch business.

3. Leadership

SpaceX is run by founder and CEO Elon Musk, but President and COO Gwynne Shotwell is widely regarded as the operational backbone who turns Musk’s ambitions into executed programs. Recent Reuters reporting highlights Shotwell’s role in securing major NASA and Department of Defense contracts and helping scale Starlink from concept to a multi‑billion‑dollar connectivity business.

4. Valuation and hype

At its IPO price of US$135 per share, SpaceX raised about US$75 billion at a valuation of roughly US$1.75–1.77 trillion, placing it among the most valuable listed companies in the U.S. from day one.

That kind of valuation puts SpaceX in rare territory. Based on estimated 2025 revenue of around US$18.7 billion, the company is trading at a price-to-revenue multiple in the high 80s to low 90s. That is closer to the type of valuation usually seen in high-growth software than traditional aerospace or telecommunications.

A large part of the excitement is tied to Starlink’s growth and profitability, while other areas of the business, including launch and emerging AI-related infrastructure, are still being priced for future potential.

Crypto markets also showed how much demand there was for SpaceX exposure. Synthetic SpaceX perpetuals and tokenised stock products generated several billion dollars in cumulative trading volume around the listing, highlighting how quickly traders moved to access the SpaceX story through onchain markets.

How can crypto users buy SpaceX (SPCX):

Hyperliquid: 

For crypto traders, the main way to access SpaceX exposure has been through the SPCX-USDC market on Hyperliquid. Instead of using a traditional broker, traders can use USDC to take long or short exposure to SpaceX’s implied price.

However, this is not the same as owning SpaceX shares. SPCX-USDC on Hyperliquid is a synthetic perpetual futures market. That means it provides price exposure, not shareholder rights.

Ondo Global Markets: 

SpaceX exposure is also available through Ondo Global Markets under the token SPCXon.

Unlike Hyperliquid’s SPCX-USDC market, which is a synthetic perpetual futures contract, SPCXon is designed as a tokenised asset that gives holders economic exposure to SpaceX. Ondo’s asset page lists SPCXon as a SpaceX tokenised product, with 1 SPCXon representing 1 SPCX exposure.

For eligible users, the process generally involves using a supported wallet or platform that offers Ondo Global Markets, then purchasing the token with USDC. MetaMask’s Ondo integration, for example, allows eligible users to acquire Ondo Global Markets tokens using USDC on Ethereum mainnet. This is also available on SOL and BNB Chain. 

However, this is still not the same as owning ordinary SpaceX shares. Ondo states that its Global Markets tokens provide economic exposure to the underlying asset, but they are not themselves stocks, ETFs or ADRs, and they do not provide holders with rights to hold or receive the underlying asset.

Solana: 

SpaceX exposure has also appeared on Solana through tokenised stock products. CoinDesk reported that Backpack Securities and Sunrise planned to launch a tokenised version of SpaceX stock called SPCX on Solana, with the token designed to represent ownership of underlying SpaceX shares and include a redemption path through Backpack’s brokerage platform.

This is different from Hyperliquid because the product is positioned as tokenised equity exposure, rather than a synthetic perp.

What SPCX tells us about onchain markets:

Finance is moving onchain, SPCX is one example of a much larger shift.

For years, crypto markets mostly revolved around crypto-native assets like Bitcoin, Ethereum and altcoins. Now, more traditional assets are starting to appear onchain, from tokenised stocks and treasury products to private-market exposure and stablecoin settlement.

The appeal is easy to understand. Onchain markets can operate 24/7, settle faster and use stablecoins like USDC as a global payment layer. Instead of being limited by banking hours, broker access or traditional market structure, assets can move across blockchain networks in real time.

That does not mean every tokenised product is the same, or that the risks disappear. Structure still matters, custody matters, liquidity matters, regulation matters.

The direction is clear, finance is becoming more programmable, more global and more accessible through crypto rails. SPCX is not the whole story, but it is a timely example of where markets may be heading.