TradeXYZ,xStocks,Alpaca how to break the SpaceX IPO into three new games

By Chloe, Challenger

 

SpaceX will be listed today in Nasdaq, raising some $75 billion, with an over-valued $1.8 trillion and a significant over-requirement. It only combines the giant IPOs of rockets, Starlink, social platforms X and XAI, putting an old problem back on the table: the price of distribution is almost entirely allocated to the institution, the bulky can only go up after the board, and non-United States bulkys often do not have the right to ask。

There are at least three mechanisms around the IPO that allow for early or synchronized entry by the diaspora: TradeXYZ, xStocks and Alpaca, which correspond to the Synthetic Endurance Contract, currencyization equity and real shares of the regulated voucher. All three companies have SpaceX names, but the rights granted to investors are completely different. This paper uses this IPO as a contrast to dismantle the structure, regulation and risk of each of the three mechanisms and assess their relevance to the Asian diaspora。

IPO'S "FIRST-DAY JUMP" IS THE PLACE WHERE THE BULK IS ACTUALLY BLOCKED

IPO IS SCARCE NOT BECAUSE IT CANNOT BUY STOCKS, BUT BECAUSE IT CANNOT BUY “STOCKS AT ISSUE”. THE PRICE DIFFERENCE IS THE HIDDEN DIVIDEND OF THE INSTITUTIONAL QUOTA。

The first example of an AI chip dealer, Cerebras, who just registered in May 2026, is clear. After two increases, it was set at $185, sold at 30 million and raised $5.55 billion, the largest technology unit in the United States since 2019。

But those who received the offer earned more than $185, and the stock opening went directly to $350, and the plate hit $385 (more than double the issue price), which was $311 on the first day, an increase of about 68 per cent. In other words, institutions that can get quotas at $185, and bulkers that can only buy them at $350 in the secondary market, stand on a completely different starting line at the moment the cards are put up。

The value of this structure is more pronounced in the year of the cattle market. According to the data quoted by Alpaca, in 2025, the global IPO was 1,331, raising $177 billion, an increase of 44 per cent over the same period, of which 216 companies in the United States were listed and raised $47.4 billion, and AI, encryption, space and defence were the most popular topics。

After SpaceX, the market is waiting for the possible follow-up listing of OpenAI and Anthropic. For an encrypted exchange, this is a market that was completely unattainable in the past and may now be opened with block chains, and three distinct entry mechanisms emerge almost simultaneously。

The same SpaceX, which was demolished into three completely different products

The product on the market in the name of SpaceX actually belongs to three different tracks, which overlap by name and give different rights。

• The first is the Pre-IPO Enduring Contract, represented by TradeXYZ, as well as Coinbase, which makes the expected listings a sustainable market that can be used more than empty, with investors holding synthetic positions without any stock support。
  
  

• The second is a token IPO requisition, represented by xStocks and adopted by Kraken and Bybit, which allows the user to obtain a one-to-one, real-equity-backed token before the stock is put on the market, with a price opening but not shareholder status。
  
  

• The third is the requisitioning of real issuers, represented by Alpaca, which allows investors to obtain real shares registered in their own name at the issue price。

These three platforms are representative and have different mechanisms: TradeXYZ in the Enduring Race, xStocks in the Currency Requisition, and Alpaca, which provides real stock exchange for all of this. They happen to constitute a spectrum from "most synthetic" to "most authentic" and to break the same SpaceX into three types of contract, token and stock。

Exchanges are “faces” and mechanisms are “tracks”

Before looking down, there is one level of confusion that needs to be clarified: TradeXYZ, xStocks and Alpaca are not three parallel exchanges, but three different levels。

xStocks is a framework for the issuance and settlement of tokens, and Alpaca is the back-office infrastructure of the voucher, which is not directly directed to the bulker, but rather to the exchange or App, which is more like a “orbit”; and TradeXYZ, a permanent contract product running on Hyperliquid, which is more like a “car running on a particular track”. The real user-oriented exchanges, Kraken, Bybit, Coinbase, are "faces."。

When this is clarified, it is understood that “a variety of mechanisms are put in place on the same exchange”. Most typically, Kraken, for non-United States users, provides in xStocks tokens for tokenized requisitioning, issuance of SPCXx; and for users in the United States, because xStocks is not registered in the United States, it removes Alpaca with crickIPO, access to its home-based Kraken Securities, and allows users to obtain real shares. The same Kraken, the same SpaceX, corresponds to two completely different mechanisms because of the different regions。

Most of the other exchanges choose only one path: Coinbase, OKX, Bitget for sustainability, Bybit for xStocks for monetization. In other words, the front can be connected to several orbits at the same time, and the same orbit can be shared by many。

TradeXYZ: Make the expected stock price a sustainable contract

TradeXYZ is a non-permissible permanent contract platform under the umbrella of Unit, which is built on Hyperliquid. The Pre-IPO Enduring Contract (IOP), which it has introduced, is a permanent contract for cash settlement at the expected open market share price of a company at a price per share, not at market value, free of ownership, voting rights or dividends. In short, it does not deal in stocks, but in the market ' s collective expectation of the price of a company ' s shares after they are listed。

Its settlement mechanisms: In the case of the first market, Cerebras (alias CBRS), Cerebras filed S-1, on 17 April, aimed to mark in May at Nasdaq, and TradeXYZ set a foreign listing period of 30 May and 60 days to 30 July. If the company has a card in the course of the term, the contract is converted into a permanent contract based on the standard of external price feed; if it has not, it is settled at a weighted average price over the period of the contract. The product is traded on Hyperliquid for 24 hours at USDC prices. Cerebras later successfully closed the card on May 14th, thus completing the full cycle from “expected” to “real price”。

Similar products have formed a small market on Hyperliquid. XYZ100 of TradeXYZ, which has the highest turnover and hold of the HIP-3 plate, has a combined initial 24-hour turnover of approximately $26 million and a hold of about $9 million。

The Pre-IPO Enduring Market of SpaceX is also online, and Coinbase launched SpaceX Pre-IPO Enduring Contracts on 3 June for eligible users outside the United States through its international exchange with Bermudian licence plates, also settled and traded 24 hours in USDC。

This path pushes the point of entry into the market to a point where it does not require a group quota, no trusting of any real stock, and offers the most pure price opening and the freest form of liquidity. But the costs are equally clear. Investors hold derivative positions with no assets behind them, the price depends on market moods and financial rates, and the self-renewal of contracts is leveraged and forced to settle risks. It essentially opened a gambling board for “unexistent open market prices” before companies were listed。

xStocks: Decorate stock holding, but you're not a shareholder

xStocks are held by the Kraken parent company Payward, which produces monetized shares. Each token is issued by Backed Assets (JE) Limited, supported by real stock 1:1 and held in trust by a regulatory body, and the holder receives an economic exposure to the target, not shareholder status, without voting rights and dividends。

Payward acquired the original issuer, Backed Finance, in December 2025. In terms of market shares, xStocks accounts for 80 per cent of the monetized stock market, with cumulative transactions exceeding $2 billion。

For IPO, Payward went online on June 5th, IPO Access, SpaceX was the first mark, code name SPCXx. Users can submit non-binding requisitions prior to the listing and receive a tokenization quota at the issue price (with a 5% difference) on the day of the listing. This process is closer to the traditional IPO's “requirement of intent” rather than encrypted currency: the user submits a conditional requisition first, the funds are frozen first, the quota is then determined by the underwriter and CrickIPO, which may be returned in full, in part or not at all。

The key to this is the xstocks coalition behind it, the multi-exchange network run by Payward's B2B department, Payward Services. Bybit followed up on 7 June with the launch of the IPO Express through xStocks, with USDC requisitions, at a minimum of 100 USDCs, which accumulated approximately 550 pre-registrations and approximately $9.1 million requisitions within hours。

The fact that $9.1 million is still small relative to $75 billion in fund-raising suggests that the path is now more like an emerging retail channel than a major source of funding。

the layout of xStocks is also not limited to the bulk. Payward worked with Nasdaq in March 2026 to use xStocks as the bottom of the settlement linking licensed equity markets to block chains, and the Nasdaq equity token framework is expected to go online in the first half of 2027. XStocks has an extra layer of real support than a permanent contract, which gives the open a physical anchor. However, the investor is ultimately given a price-tracking token rather than legal ownership on the shareholders' roll。

Alpaca: The level of actual delivery

Alpaca is a United States-registered, self-liquidated voucher company, with the main hit product being the voucher infrastructure API, which provides shares, ETFs, options, fixed proceeds and bills for encrypted assets, liquidation and trusteeship. According to Alpaca, its platform supports more than 40 countries, hundreds of financial technology companies and institutions, and over 10 million voucher accounts, with cumulative financing exceeding $320 million; securities operations are regulated by the SEC and FINRA. It does not directly target the diaspora, but rather acts as an invisible backstage, packaging transactions, liquidations and hostings into interfaces for access by other financial technology firms。

Through Broker API, Alpaca introduced the U.S. IPO Requisition function, and its API-accessed coupons partners could involve users in the new U.S. stock requisition without extra charges. Investors obtained real shares registered in their own name and guaranteed by regulation。

Alpaca's role in this game is one that shows that the three are not really rivals. Payward uses a dual-track design: non-United States users follow the currencyization route of xStocks, while United States users' IPO requisitions are completed through Alpaca Securities and CrickIPO, access to Kraken Securities, traditional coupons that access Kraken because xStocks are not registered under the Securities Act in the United States and are not open to Americans。

In other words, the same SpaceX circulates overseas in token or permanent contracts, and eventually the United States market is back on Alpaca's oldest track, turning back into a common stock for sale. For Alpaca, whatever the outer packaging changes, the bottom real stock always needs a regulated subject to hold and liquidate, and that's where it gambles。

Comparison of the three mechanisms: from synthesis to real spectrum

What do investors actually hold

The biggest difference is what investors have。

• TradeXYZ gives us a permanent contract position, no stock, pure synthetic price. mouth

• xStocks is given in tokens, each supported by a genuine share of 1:1, but the holder only receives price openings without legal ownership

• Alpaca gives real shares registered in investors' names

The same SpaceX, which was put up for each of the three tracks, corresponded to one contract, one token and one stock。

Entry point and territorial threshold

All three are able to enter before or on the day they are put up, but the scope of openness is much lower。

• TradeXYZ without permission, directly on the chain, no geographical white list

• xStocks Open 110 States, including the European Economic Area, excluding the United States, the United Kingdom, Canada, Australia

• Alpaca, it's the traditional voucher market, and it's the way for American users to participate

Trading time is 24 hours for TradeXYZ and xStocks, and Alpaca is limited to traditional trading time。

Regulation, safeguards and risk

The sequencing of regulatory intensity is the opposite of the first two。

• Alpaca is regulated by SEC and FINRA and is guaranteed by SIPC, with the main risk that traditional IPO quotas are not guaranteed in full and are subject to post-list price fluctuations

• xStocks ' bottom shares are held by regulators, but the coin itself is not registered under the Securities Act in the United States, and investors are exposed to the risk of dealings between the issuer and the custodian, and the inability to exercise shareholder rights

• TradeXYZ is a decentrized contract, with no corresponding investor guarantees, with leverage, financial rates and mandatory levelling of risks

The value of a monetized product ultimately depends on the viability of the bottom legal structure, not just the price shown on the interface. Together, these stacks will see a spectrum from synthesis to reality: the closer the encryption original design, the less territorial and time-bound, the faster the move, the less the investor holds and the less the security; the more complete the holding and the security are, the more the flexibility becomes。

When "owning a company" began to have three versions

To put the three families together, what is really changing is not just whether the “discretionary can enter”, but the “entry” itself is being dismantled. In the past, IPO was a time point, a one-time allocation for the underwriter to decide who could enter the field at the issue price; now TradeXYZ allows people to trade expectations before they are put up, XStocks allows people to buy and sell continuously on the weekend of the day, Alpaca compresses the requisition into an API call, and the IPO is turning from an event into an open curve that can be traded continuously and with different rights。

This also extends the main line that has been encrypted in the past year in the direction of Wall Street. While traditional finance has gradually moved the advantages of trading time, settlement speed, and share-buying, encryption platforms have returned to the previously deliberately avoided links of hosting, compliance and underwriting, and Kraken ' s use of xStocks in parallel with Alpaca is the most concrete example of this convergence。

The three mechanisms will not be left with only one winner in the short term, and it is more likely that each will occupy a segment of the spectrum. It is important to have the flexibility and leverage to continue the contract forever, to issue currency to holders who are open and do not care about ownership, and to return vouchers that have real equity and security. SpaceX's listing on June 12th will be the first test of these three mechanisms in the same large-scale field and deserves our continued observation。