Key Takeaways
- Dinari has launched a tokenized SpaceX equity token, $SPCXD, on Hyperliquid’s HyperCore, marking the platform’s first spot-listed tokenized US stock.
- Unlike synthetic products, SPCXD is backed 1:1 by real SpaceX shares held in regulated custody and can carry dividend and redemption rights.
- Dinari is accepting pre-orders ahead of SpaceX’s June 12 Nasdaq debut, with the token available to eligible investors in more than 85 countries.
Dinari has listed a tokenized version of SpaceX equity, trading as $SPCXD, for spot trading on Hyperliquid’s HyperCore, making it the first tokenized US equity to trade spot on the venue ahead of SpaceX’s planned Nasdaq debut.
The rocket maker filed its S-1 with the SEC on May 20 and is scheduled to begin trading on June 12 under the ticker SPCX, in an offering targeting a valuation near $1.75 trillion and raising about $75 billion, which would rank as the largest US listing on record.
Gabe Otte, co-founder and chief executive officer of Dinari, described the move as the launch of SpaceX, trading under the ticker $SPCXD, “as the first tokenized equity ever available for spot trading on HyperCore,” Otte told CCN.
“While other tokenized asset initiatives have launched on HyperEVM, no company has previously deployed tokenized equities directly on HyperCore. We will list additional assets in the coming weeks,” Otte noted.
Distribution Across Traditional Finance and Defi
Dinari is routing the token through both conventional finance and onchain markets. The company says SPCXD will reach eligible investors in more than 85 jurisdictions, with SpaceX shares not otherwise made broadly available outside the United States.
“Notably, we are approaching distribution through both traditional financial channels and DeFi simultaneously,” Otte explained. “Available on Dinari’s app and through our network of fintech, brokerage, and neobank partners, global investors can trade SpaceX 24/7 through dShares. We are also taking pre-orders this week.”
How Spcxd Differs From Synthetic SpaceX Tokens
Dinari describes dShares as real equities held in regulated custody, with each token backed 1:1 by an underlying share and carrying dividend, corporate-action, and redemption rights.
The structure differs from the synthetic SpaceX perpetuals already trading on Hyperliquid and several exchanges, which track an implied price without holding any shares and confer no ownership rights. Trade.xyz listed one such contract, SPCX-USDC, on Hyperliquid’s HIP-3 framework in May at a $150 reference price.
Dinari also states that it is not SpaceX’s transfer agent and does not represent that SpaceX has sponsored or authorized the product. SpaceX remains private, with transfer restrictions on its stock, and Dinari says the tokenization does not create new shares or alter the company’s capitalization table.
Restricted Tokens and What Holders Own
Otte said the launch introduces a token model that lets assets move across permissionless venues while remaining tied to shareholder rights.
“Additionally, Dinari is introducing a new token architecture designed to address a key challenge facing tokenized securities: enabling assets to move through permissionless markets while maintaining a connection to the ownership rights and protections associated with the underlying security,” Otte noted.
“Under the framework, dShares held in compliant, KYC-enabled environments retain rights associated with the underlying equity, including dividends, corporate actions, and redemption rights. When assets move outside compliant environments, they automatically become a restricted token that continues to circulate across supported onchain venues, though certain ownership rights are suspended until the asset returns to a compliant wallet.”
Under the model, a buyer on a permissionless venue such as HyperCore typically holds the restricted version, with dividend and redemption rights suspended until the token returns to a compliant wallet and the holder clears verification.
Pre-Orders and IPO-Day Mechanics
Dinari is accepting limit orders before the open rather than executing trades in advance.
The company expects the first trades to cross between roughly 12:30 and 1 p.m. ET on June 12, and has told users that opening prints could land in the $180 to $200 range, above the $135 IPO price, though it frames the figure as guidance rather than a commitment. Fractional trading will not be available on day one.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
