Bybit is pushing tokenized equities closer to the IPO market with the launch of IPO Express, a new product that will start with SpaceX as its first offering.

The exchange said eligible users will be able to subscribe to tokenized representations of IPO shares through Payward Services’ xStocks infrastructure, giving crypto-native investors a way to access primary-market pricing from inside a Bybit account. Registration and subscription for the SpaceX offering run from June 7 to June 11, with allocation scheduled for June 11 to June 12 and spot trading on Bybit expected to begin June 12.

The launch lands during one of the most closely watched public listings in years. SpaceX has set a $135 share price for its IPO and is aiming…