SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocation

SpaceX priced its IPO at $135 per share on June 11, raised $75 billion in the largest public offering in history, and opened on Nasdaq at $150 Friday morning.

By the time the stock reached $164, retail investors had gained “SpaceX exposure” through actual Nasdaq shares, Backpack Securities' redeemable token on Solana, xStocks tracker certificates on Kraken and Bybit, Binance Wallet's subscription…