SpaceX's mega IPO has given ordinary retail investors another way to participate in the IPOs of popular US stocks in advance.

Previously, such opportunities were largely monopolized by brokerage firms (such as Robinhood), but now crypto exchanges like Kraken and Bybit have brought the SpaceX IPO directly onto the blockchain through the xStocks framework. This means that Web3 users can participate in the IPO subscription with stablecoins with a single click from the comfort of their homes.

Faced with these two drastically different pathways, how should ordinary retail investors choose? Biteye will guide you through a side-by-side comparison.

The core difference lies in the "nature of the underlying assets":

Brokerage access (such as Robinhood, Fidelity, Schwab, SoFi, E*TRADE, etc.): This follows the standard traditional US stock IPO Access path, where you subscribe to and hold real Nasdaq shares (ticker symbol: SPCX).

Cryptocurrency exchange entry points (Kraken, Bybit channels): This is through xStocks' "tokenized stock exposure." If you successfully subscribe, you will receive SPCXx / Tokenized Shares. Although its price is pegged 1:1 to the price movement of SpaceX's real stock, it is essentially an on-chain derivative and does not constitute direct shareholding in the traditional sense.

Next, we'll break it down clearly from six key dimensions: product type, IPO price, minimum subscription amount, fees, shareholding rights, and allocation mechanism. 👇

1️⃣ Kraken: Closer to IPO Allocation Portal

Kraken provides the entry point and account experience, allowing users to submit their subscription intentions within the Kraken App. At the underlying level, the issuers of xStocks tokenize the corresponding shares, ultimately forming IPO xStocks like SPCXx.

If a user is ultimately allocated a share, they will receive SPCXx on the day of the listing. It tracks SpaceX stock price performance and provides corresponding economic exposure.

Kraken disclosed that the SpaceX IPO Access allocation is approximately $400 million. However, this does not guarantee that every user who submits an application will receive an allocation; the final allocation depends on the total demand and the allocation rules.

Product Type: IPO xStocks / Tokenized Stock Exposure
The initial offering price is $135, subject to change based on the official pricing.
Minimum subscription amount: The official minimum subscription amount has not yet been disclosed.
Fees: The issue price includes a 5% spread.
Allocation guaranteed: No
Direct shareholding: No, only price exposure, no voting rights.

2️⃣ Bybit: Connect SpaceX IPO Express to your Bybit account

Bybit's SpaceX IPO Express is integrated with xStocks, allowing users to submit subscription intentions using USDC.

If ultimately allocated, users will receive SpaceX tokenized shares, not physical stocks in a traditional brokerage account. This asset is pegged 1:1 to the underlying stock, providing exposure to the SpaceX economy, and will be tradable via Bybit Spot after launch.

Product Type: xStocks / tokenized SpaceX open market
IPO price: $135 USD, final price subject to official pricing.
Minimum subscription: 100 USDC
Fees: The issue price includes a 5% spread.
Allocation guaranteed: No
Direct shareholding: No, this does not mean direct ownership of SpaceX shares.

3️⃣ Robinhood: Real US Stock IPO Access, low threshold but only suitable for US accounts.

The biggest difference between Robinhood and Kraken/Bybit is that Robinhood follows the traditional brokerage IPO Access route.

SpaceX's IPO will allocate a portion of its shares to retail investors, and Robinhood is one such retail allocation channel. Users can submit IPO subscription requests on Robinhood, and if they are ultimately allocated shares, they will receive real Nasdaq: SPCX shares, not tokenized proxy assets.

However, Robinhood does not guarantee allocation. After a user submits a request, the allocation may be full, partial, or none at all.

Product Type: Traditional IPO Access
The initial offering price is $135, subject to change based on the official pricing.
Minimum Subscription: No fixed minimum account balance requirement.
Fees: No additional IPO participation fee; payment is based on the IPO price.
Allocation guaranteed: No
Will I directly hold shares? Yes, if I win the lottery and hold Nasdaq: SPCX real shares.

4️⃣ Fidelity: A traditional major brokerage firm entry point, with a relatively friendly entry threshold this time.

Fidelity is a long-established, large-scale brokerage firm in the United States with a mature account system and IPO participation process.

One noteworthy aspect of Fidelity's involvement in this SpaceX IPO is its relatively accessible entry barrier; a minimum of approximately $2,000 in account funds is required to submit an investment intention. For existing Fidelity account holders, it serves as a reliable traditional brokerage entry point.

However, only Americans (US residents) can open a new Fidelity account; non-US residents cannot.

Product Type: Traditional IPO Access
IPO price: $135 USD, final price subject to official pricing.
Minimum subscription: $2,000 account threshold
Fees: No additional IPO participation fee; payment is based on the IPO price.
Allocation guaranteed: No
Direct shareholding: Yes, if you win the lottery and hold Nasdaq: SPCX real shares.

5️⃣ Charles Schwab: A legitimate stock trading platform, but with higher barriers to entry.

Charles Schwab is a large, comprehensive brokerage firm in the United States. Its advantages lie in its mature account system, wide service coverage, and relatively complete US stock and global account services.

In this SpaceX IPO, Schwab had a relatively higher entry threshold, requiring approximately $100,000 in account assets, making it more suitable for users already within the Schwab system with a larger account asset size.

Schwab supports account opening for non-U.S. residents. An international account can be applied for online through Schwab International, but a passport/proof of identity, proof of address, and W-8BEN are required. The process may take 1–2 weeks to review.

Product Type: Traditional IPO Access

IPO price: $135 USD, final price subject to official pricing.

Minimum investment: Approximately US$100,000 in account assets

Fees: No additional IPO participation fee; payment is based on the IPO price.

Allocation guaranteed: No

Direct shareholding: Yes, if you win the lottery and hold Nasdaq: SPCX real shares.

6️⃣ SoFi: Real stock trading platform, suitable for existing SoFi account users.

SoFi is a more internet-oriented financial platform with a relatively lightweight entry point and a more mobile-friendly interface.

In this SpaceX IPO, SoFi does not have a fixed minimum account balance requirement. For users who already have a SoFi Active Investing account and are accustomed to using the app, submitting their subscription intention will be relatively convenient.

However, only U.S. residents can open a SoFi Active Investing account; non-U.S. residents cannot.

Product Type: Traditional IPO Access

IPO price: $135 USD, final price subject to official pricing.

Minimum Subscription: No fixed minimum account balance requirement

Fees: No additional IPO participation fee; payment is based on the IPO price.

Allocation guaranteed: No

Direct shareholding: Yes, if you win the lottery and hold Nasdaq: SPCX real shares.

7️⃣ E*TRADE: The gateway to Morgan Stanley's traditional brokerage firm

ETRADE is a traditional US stock brokerage owned by Morgan Stanley, suitable for users who already have an ETRADE account and are familiar with the traditional brokerage subscription process.

In this SpaceX IPO, E*TRADE did not have a fixed minimum account balance requirement. Users usually need to submit their subscription intentions through the corresponding new stock subscription portal and complete the relevant investor information confirmation.

Only U.S. residents can open an account and participate in E*TRADE's IPO subscription; non-U.S. residents cannot open a new account or are not eligible to participate.

Product Type: Traditional IPO Access

IPO price: $135 USD, final price subject to official pricing.

Minimum Subscription: No fixed minimum account balance requirement

Fees: No additional IPO participation fee; payment is based on the IPO price.

Allocation guaranteed: No

Direct shareholding: Yes, if you win the lottery and hold Nasdaq: SPCX real shares.

🌟How should individual investors choose?

The current planned offering price for SpaceX's IPO is $135, but the final IPO price will be confirmed after the official pricing is finalized on June 11.

If we add an extra 5% fee to xStocks products like Kraken/Bybit, the actual participation cost is approximately:

135 × 1.05 = $141.75

Currently, some SpaceX-related stocks are trading in pre-market at around $167, higher than the planned offering price of $135.

If you can get an allocation near the offering price, theoretically it will be more advantageous than buying directly on the secondary market after the listing.

The problem is that the biggest uncertainty in these popular IPOs is whether or not you can get a share, and how many shares you will get.

So choosing is actually very simple:

If you already have a US brokerage account, prioritize traditional brokerages. This is because platforms like Robinhood, Fidelity, Schwab, SoFi, and E*TRADE, if allocated shares, will receive real Nasdaq: SPCX stock.
If you don't have a US stock brokerage account, or opening a traditional brokerage account is impractical, then look into Kraken / Bybit.
They are more convenient for encrypted users.

🌟Read these points before participating

Before participating in the SpaceX IPO, one should not only look at "whether it is viable" or "how much the current price difference is".

For these popular IPOs, there are three main factors that truly influence the outcome: the final price, when the allocation is confirmed, and how many shares are available for trading in the early stages of the listing.

1️⃣ $135 is not the final transaction price.

The current planned offering price for SpaceX's IPO is $135. The $135 or 135 USDC mentioned on the Kraken/Bybit page is more accurately understood as the current reference price.

The final IPO price will be confirmed after the official pricing is finalized. If the final price changes, the actual subscription cost will also change accordingly.

2️⃣ Pay close attention to the IPO timeline.

The key timeframe currently being focused on by the market is:

June 7, 16:00: Bybit opens for registration/subscription. Users can submit their subscription intentions using USDC.
June 11: SpaceX final IPO pricing confirmed, and the platform begins calculating allocations based on underwriter results.
June 12: SpaceX is expected to list on Nasdaq under the ticker symbol SPCX.
June 12, 20:30: Bybit issued tokenized SpaceX shares, and users who received the allocation can see the corresponding assets in their accounts.

3️⃣ Pay attention to the distribution of chips as well.

SpaceX's IPO plans to raise approximately $75 billion. Roughly calculated at $135 per share, this translates to about 556 million new shares issued, representing 4%–5% of the $1.75 trillion valuation. This portion represents the majority of the newly issued shares in the initial public offering.

Of these, up to 30% (approximately 167 million shares) may be allocated to retail investors; approximately 5% (approximately 27.78 million shares) will be reserved for some employees and designated entities; and the remaining approximately 65% will be primarily allocated to institutional and other public offering investors.

🌟In conclusion

The most noteworthy aspect of this SpaceX IPO is the change in how participants can participate.

In the past, US stock IPOs were more like a closed game within the traditional financial system. Now, stablecoins, exchange accounts, and tokenized stocks are expanding access to these assets. For ordinary users, this is certainly a new opportunity.

However, more entry points do not necessarily mean less risk. The more popular a project is, the more likely people are to only see the price difference and assume they can get a share.

This is actually somewhat similar to the Pump.fun IPO. Initially, everyone thought there would be publicly available tokens to grab, and some even hedged their bets based on the IPO results. But when the tokens were actually released, the core issue became whether or not they could actually secure them.

SpaceX is following a similar logic this time: the final pricing has not yet been confirmed, the allocation rules are not entirely transparent, and Kraken, Bybit, and traditional brokerages do not guarantee the allocation.

Therefore, it's best not to make trading arrangements based on the assumption that "I'm guaranteed to win." You can keep an eye on opportunities, but first understand the product structure and allocation rules before deciding how much money to invest.

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