ONDO Finance’s SPCXon surpasses $10M in tokenized market cap

You can now buy SpaceX stock on a blockchain.

Ondo Finance’s SPCXon, a tokenized representation of SpaceX equity, has crossed $10.9M in market capitalization. The token launched on June 12 to coincide with SpaceX’s historic IPO, giving on-chain investors access to one of the most anticipated public listings in recent memory on the same day it hit traditional markets.

The numbers behind the launch

Each SPCXon token represents one underlying SPCX share, with recent trading prices landing between $153 and $157.

Early demand was striking. According to data from RWA.xyz, SPCXon recorded over $1M in trades within just one hour of going live on BNB Chain.

The token is available across three major blockchain networks: Solana, Ethereum, and BNB Chain. All of them went live simultaneously through Ondo Global Markets, the platform’s infrastructure layer for tokenized real-world assets.

Ondo’s growing grip on tokenized equities

SPCXon isn’t Ondo’s first rodeo in the tokenized equities space. The platform claims a market share of over 60% in the sector.

Cumulative trading volume on Ondo’s platform now exceeds $18B.

The tokenized equity sector as a whole has been on a tear in 2026. Industry-wide total value locked surpassed $1B earlier this year.

Ondo has also been building out the utility layer around its tokenized assets. Recent partnerships include 24/7 minting and redemption capabilities. The platform has also integrated with LI.FI for distribution and designed collateral utility for its assets on Ondo Perps, its perpetual futures platform.

What this means for investors

SpaceX IPO allocations in traditional markets were, predictably, hard to come by for average investors. SPCXon offered an alternative path, one that didn’t require a Goldman Sachs relationship or a seven-figure brokerage account.

The composability of tokenized assets in DeFi opens up additional possibilities. Using SPCXon as collateral on Ondo Perps, for example, means investors can hold equity exposure while simultaneously deploying that capital in other strategies.

Tokenized equities carry platform risk, smart contract risk, and potential regulatory risk that traditional brokerage accounts don’t. The 1:1 backing mechanism is critical: if it works as designed, SPCXon holders have genuine equity exposure.

The $1M traded in the first hour on BNB Chain suggests genuine organic demand. With $18B-plus in cumulative trading volume on Ondo’s platform and industry TVL crossing the billion-dollar mark, the tokenized real-world asset category has moved past the proof-of-concept phase.