With SpaceX barreling towards the biggest IPO in history, everyone is clamoring for a piece of the action — even crypto.

Exchanges, tokenization platforms, and traders are all trying to answer the same question: How do you bring SpaceX stock onchain before most investors can even buy it?

The opportunity is enormous. SpaceX is targeting a public valuation of more than $1.7 trillion — which would be good enough to nearly match the entire market cap of Bitcoin at $2 trillion by itself. Interest from retail investors around the world continues to grow, and now, SpaceX has become the perfect test case for one of crypto’s biggest themes in 2026: Tokenized equities.

But the rush to tokenize SpaceX is also exposing a deeper…