Tokenized exposure has become a parallel market for SpaceX since its June IPO. Backpack Securities issues a redeemable SPCX token on Solana backed 1:1 by actual shares held in custody, while Gate offers a Mirror Note structure that provides economic exposure without transferring legal ownership. Perpetual futures on platforms such as Hyperliquid and Binance have also drawn more than $1 billion in volume over a 72-hour period before the Nasdaq debut, with cumulative volume exceeding $2.6 billion since late May and open interest around $363 million.
The divergence between the token price on Gate and the underlying Nasdaq share is worth monitoring. As of the latest provider metrics, the SPCX token on Gate showed a price of $133.51 with 24-hour volume of $143.59 million, while the actual stock closed near $114.92 on the unlock day. That gap reflects either a premium for continuous trading access or a timing difference in data capture, and it underscores the fragmented nature of price discovery across venues.
What to Watch
More unlocks are scheduled through December 2026, with a timed release of 319 million shares on August 20 and additional tranches in September and October. The largest 2026 tranche, 1.3 billion shares, becomes eligible two trading days after the Q3 earnings release. Elon Musk's stake remains locked until June 2027. Whether insiders choose to sell into the rally or hold will determine if the current price action marks a durable bottom or a temporary reprieve before the next supply wave.