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Ahmed Barakat
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Solana News: On June 12, 2026, the same day SpaceX will trade on the Nasdaq at $135 per share, raising $75 billion in the largest IPO ever and valuing the company at $1.75 trillion, Backpack Securities and token infrastructure provider Sunrise simultaneously launched SPCX, a SpaceX token stock backed 1:1 on the Solana blockchain.
Each token is held by Backpack, a regulated US brokerage, with full ACATS/DTCC redemption in any US brokerage account, 24/7 self-trading, and a two-way back-to-chain bridge from TradFi.
The question the market is now asking: Is this the structural narrative for the RWA catalyst that Solana has been waiting for?
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Solana News: How SPCX works, and the mechanics behind a day one tokenized IPO
SPCX is not a synthetic or derived substance. Each token is backed 1:1 by a real share of SpaceX purchased and held in custody by Backpack Securities, which operates under its own broker-dealer registration in the United States.
Owners can redeem SPCX for the underlying shares directly through the Backpack platform, with the shares then transferable to any standard US brokerage firm, Schwab, Fidelity, etc., via standard ACATS/DTCC settlement rails.
The bridge extends in both directions. Investors who own SpaceX shares in a traditional brokerage account can return the token to SPCX, bringing the regulated shares onto the Solana public chain.
This two-way mechanism is what separates this from the synthetic stock tokens that FTX and others operated in 2020-2021, products that lacked formal custody, registered prospectuses, and smooth brokerage redemptions, and which were eventually shut down under regulatory pressure.
Armani Ferrante CEO Backpack Clearly frame the architecture: “The future of tokenized stocks is not just about displaying prices on-chain, but making the underlying securities transferable across financial systems.”
SPCX trades around the clock on Solana, including outside of Nasdaq business hours, and can be held in self-wallets and channeled through supported Solana-based DeFi venues.
For Solana specifically, this means that the chain now hosts regulated preferred shares with self-custody that can be accessed through retail, an asset class that is structurally different from the speculative tokens that have defined its recent volume.
