Kraken Opens SpaceX IPO Access to Customers in 110+ Countries via xStocks

SpaceX is the debut offering available through Payward Services' new IPO Access program. Eligible customers can register interest on Kraken today. Kraken customers in over 110 countries can participate in the SpaceX IPO via xStocks, with 24/7 trading from the moment it lists, weekends included, while traditional markets stay closed.

CHEYENNE, Wyo.--(BUSINESS WIRE)--Kraken, the multi-asset trading platform powered by Payward, today opened access to the SpaceX initial public offering (IPO) through Payward Services' newly launched IPO Access offering. SpaceX is the first listing Kraken is making available through the program. Eligible Kraken customers in over 110 countries, including the EEA, can submit a non-binding expression of interest to participate in the IPO process.

Made possible by Payward’s xStocks tokenized equities framework, Kraken customers will be able to trade SPCXx, a 1:1 backed tokenized representation of SpaceX shares, 24/7 on the Kraken platform and across DeFi. Kraken, and other participating xStocks Alliance members, will also be the only platforms offering continuous trading, including throughout the first weekend following the listing, when traditional brokerages remain closed until markets reopen on Monday.

“For a century, the best IPOs opened behind a velvet rope. You needed the right bank, the right address, or the right net worth to get in at the same price as the institutions. IPO Access pulls the rope aside. From today, someone in 110 countries can register for SpaceX from their phone, and the moment it lists they trade it: nights, weekends, no waiting for an opening bell. This isn't a friendlier version of the old system. It's a new one: borderless, always on, and built on crypto rails. It's what capital markets look like when they stop being a members-only club," said Arjun Sethi, Co-CEO of Payward.

SpaceX, the aerospace and satellite communications company founded by Elon Musk, is among the most closely watched listings in years. For most retail investors, access to newly public companies has long been gated by geography, brokerage relationships, or wealth thresholds. Payward Services’ IPO Access offering changes that for Kraken clients, opening a route for investors outside the US, and within it, to take part from the moment the asset lists.

From today, eligible customers can submit an expression of interest to purchase shares within a specified price range in the days before listing. Those who receive an allocation get their xStocks tokens – backed 1:1 by the underlying equity, held in custody by a regulated entity – delivered to their Kraken account on listing day, minus applicable fees. From there, tokens can be held, traded, or moved across wallets and platforms within the xStocks ecosystem.

The capability is built on Payward Services' xStocks infrastructure, which has processed over $32 billion in transaction volume and served more than 133,000 unique holders globally since its launch in June 2025. IPO Access extends the xStocks framework beyond secondary market trading into primary market participation for the first time.

Eligible Kraken customers can express interest in the SpaceX offering now in the Kraken app or at kraken.com.

xStocks are tokenized securities issued by Backed Assets (JE) Limited ("BAJL") pursuant to an EU-registered prospectus, providing price exposure only, with no voting or dividend rights. xStocks are not registered under the U.S. Securities Act and are not available in the United States or to U.S. persons. xStocks are also not currently available in the United Kingdom, Canada, Australia, or in any other jurisdiction where their offer or distribution would be unlawful or would require regulatory authorisation that has not been obtained. In the EEA, xStocks are made available by Payward Europe Digital Solutions (CY) Limited ("PEDSL-CY"), authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), licence no. 342/17. Outside the EEA, xStocks are made available by Payward Digital Solutions Ltd. ("PDSL"), licensed to conduct digital asset business by the Bermuda Monetary Authority ("BMA"). IPO participation involves a high degree of risk. Allocation is subject to underwriter decisions; allocation is not guaranteed and excess funds will be returned. The value of IPO xStocks may go down as well as up after listing. Past performance is not a reliable indicator of future results. Geo restrictions apply.

About Kraken

Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms globally. Kraken clients trade more than 600 digital assets, traditional assets such as U.S. futures and U.S.-listed stocks and ETFs, and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD. Trusted by millions of institutions, professional traders and consumers, Kraken is one of the fastest, most liquid and performant trading platforms available.

Kraken’s suite of products and services includes the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken’s onchain offerings and the Ninja Trader retail trading platform. Across these offerings, clients can buy, sell, stake, earn rewards, send and receive assets, custody holdings, and access advanced trading, derivatives, and portfolio management tools.

Kraken has set the industry standard for transparency and client trust, and it was the first crypto platform to conduct Proof of Reserves. It complies with regulations and laws applicable to its business, while actively protecting client privacy and maintaining the highest security standards.

For more information about Kraken, please visit www.kraken.com.

About Payward Services

Payward Services is the B2B infrastructure platform built on 15 years of operating Kraken, one of the world's largest crypto platforms. Through a single integration, partners can access crypto and tokenized equity trading, fiat and stablecoin payments, yield, lending, prediction markets and derivatives. Fintechs, banks, brokerages, payment providers, exchanges, consumer tech platforms and asset managers can use Payward Services to offer digital assets to their clients without building the stack themselves.

Liquidity, custody, payments, compliance, risk and settlement are integrated by design, replacing fragmented multi-vendor stacks with a single regulated foundation. Partners build on the same infrastructure that powers Payward's family of products, deployed as modular services they can scale alongside their own business.

For more information, visit https://www.payward.com/payward-services.

About xStocks:

xStocks is the industry benchmark for tokenized equities, bringing publicly listed U.S. stocks and ETFs onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks provides exposure to traditional equities on blockchain infrastructure, expanding access to U.S. capital markets with extended availability, global reach, and seamless digital-native settlement.

Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks is powering billions of dollars in transaction volume across multiple blockchain ecosystems and anchors a rapidly expanding global network shaping the future of tokenized markets.

For more information, visit https://xstocks.fi.