One of the largest IPOs in history comes onchain as SpaceX begins trading on day one.

Raydium, the highest-volume decentralized exchange on Solana with over $1 trillion in cumulative trading volume, will list tokenized SpaceX (SPCX) shares for trading within two hours of the company's Nasdaq debut. Traditional brokerages will close after the first session, and for most investors, that closing bell marks the end of access until markets reopen Monday morning; Raydium operates differently. Tokenized SpaceX shares will trade onchain throughout the entire weekend, delivering a global investor base uninterrupted access to the most anticipated public listing in a generation, at any hour.

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Raydium enables 24/7 trading of tokenized SpaceX stock on Solana, giving global investors access to the SpaceX IPO through onchain markets, including weekends.

SpaceX's public listing is the largest IPO in history, targeting a raise of approximately $75 billion at a valuation exceeding $1.75 trillion. It is also one of the first IPOs to go live onchain and in traditional markets concurrently, the same day, within hours of each other. With roughly 30% of the offering, about $22.5 billion allocated to retail investors, triple the industry norm, demand for access is unprecedented. While access to IPO allocations has historically been limited by brokerage networks and regional restrictions, Raydium's permissionless liquidity pools are open from day one.

"For decades, the most significant public listings were accessible to a narrow class of investors, exclusively during business hours. On Raydium, SpaceX keeps trading onchain through the weekend for a global investor base at any hour. This is what it looks like when capital markets move onchain," said Ben Ungvari, Chief Marketing Officer at Raydium.

Raydium will host liquidity for SPCX, a tokenized representation of SpaceX equity distributed through Backpack. The asset is backed 1:1 by underlying shares held in regulated custody, giving investors direct price exposure to SpaceX equity without needing a brokerage account or exchange registration. Unlike traditional exchanges, Raydium operates on blockchain infrastructure and is not bound by market hours or session closures. When traditional markets close for the weekend, SPCX remains fully tradeable onchain.

Tokenized equity trading volume on Raydium crossed $2 billion this month, a milestone that took nine months to reach the first $1 billion and only two additional months to double. Major US stocks, including Tesla, Nvidia, and the S&P 500, already trade through Raydium pools, with SpaceX set to become the largest listing on the protocol. The growth reflects accelerating demand for global, always-on access to traditional financial assets.

About Raydium

Raydium is the home of liquidity on Solana and the primary DEX venue for tokenized real-world assets on the network. The protocol has processed more than $1 trillion in cumulative trading volume, generated $370M in lifetime revenue, and serves users and liquidity providers across the globe.

Protocol data and financials sourced from the Blockworks Raydium Analytics Dashboard and Q1 2026 Tokenholder Report.

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