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Tech billionaire Elon Musk's SpaceX has reportedly filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) this week, targeting a June 2026 listing.

SpaceX is known for revolutionizing space access through reusable launch vehicles. It has actually sent more rockets into space than any other company and is planning missions to the Moon, Mars, and beyond.

The private aerospace company further intends to put up to 1 million specialized satellites acting as orbital data centers to support heavy AI workloads.

Then there's Starlink, SpaceX's satellite network that provides low-cost internet to remote locations. There are currently 7,000 Starlink satellites in orbit, while its active customer base has reached 10 million. The company has also merged with xAI, which is integrated with the X (formerly Twitter) and develops the Grok AI chatbot.

With this unmatched position, according to Reuters, SpaceX generated about $8 billion in profit on $15–$16 billion of revenue last year.

Founded in 2002, SpaceX has raised a total of about $13 billion in equity funding during this time from more than 240 investors. This includes Google's parent company Alphabet, Peter Thiel's Founders Fund, Sequoia Capital, Andreessen Horowitz, EchoStar, Baillie Gifford, Baron Capital Group, Valor Equity Partners, Saudi Arabia's Public Investment Fund, and Abu Dhabi Investment Authority.

With this unmatched position, SpaceX is targeting a valuation of $1.75 trillion for its IPO, setting the stage for potentially the largest stock market listing on record.

When it finally lists in the coming months, institutions will get the lion's share of the IPO allocations on a priority basis, and a public float will follow. After listing, regular individual investors will be able to buy shares on an exchange.

As the usual process unfolds, retail investors will finally be able to invest in SpaceX after more than two decades of its launch.

But something unusual has already taken place. Tessera, a permissionless private-markets platform, launched T-SpaceX a couple of months ago, giving the general public early access to the space technology company, way ahead of its upcoming IPO.

Breaking the Access Barrier with Blockchain Rails

The multi-trillion-dollar private equity market is one of the largest and most profitable asset classes in global finance, but they are reserved only for billion-dollar funds and/or ultra-wealthy institutions. They also require high minimum investments, often locked in for years, further keeping these promising ventures outside the reach of regular investors.

But not anymore. Chan Ahn, who has over 17 years of experience in traditional financial markets, is changing the game with Tessera, which brings private equity exposure on-chain.

The platform launched T-SpaceX on Solana in February 2026, which was accessible to everyone without an accredited investor requirement and was distributed via Solana-based DEX Meteora's Alpha Vault and DLMM.

The T-SpaceX offering raised $279K in an oversubscribed auction in just six hours.

"Access to pre-IPO equity in companies like SpaceX has historically been limited to institutional investors and a small number of secondary market platforms with accreditation requirements," said Ahn in a post on LinkedIn.

The constraint, he noted, isn't just regulatory but structural. "Private equity instruments are complex legal objects: they carry transfer restrictions, jurisdiction-specific compliance requirements, and custody arrangements that don't map cleanly onto public blockchain infrastructure," explained Ahn. And with Tessera, he has built the bridge between the two environments.

Here, a private equity exposure is provided via tokens like T-SpaceX that represent a loan participation right with economic exposure to SpaceX equity valuations.

The token represents the holder's verified claim on that participation right, just not a direct claim on the underlying equity, thus allowing the underlying instrument to remain within a conventional legal framework.

Meanwhile, a Cayman Islands SPC with a segregated portfolio is the one holding the SpaceX exposure through a participation agreement. This specialized legal entity creates separate portfolios for each underlying asset, with each one issuing participation rights that are legally documented.

On top of this structure, the platform utilizes Chainlink Proof of Reserve for on-chain verification and Fireblocks MPC for token lifecycle security.

"The combination of a documented legal wrapper, on-chain reserve verification, and institutional-grade token security is what differentiates this from earlier attempts at private equity tokenization," Ahn said.

With SpaceX's IPO filing, it marks the end of the pre-IPO window for T-SpaceX, which was the first private equity token that went live on Tessera. But it was just the beginning.

The platform has since expanded to T-Kalshi, offering tokenized exposure to Kalshi, the fast-growing and CFTC-regulated prediction markets exchange. T-Kalshi uses the same SPC and participation right structure as T-SpaceX, which successfully demonstrates how on-chain access to private company exposure allows even retail investors to get early into high-growth ventures before a public listing.

With T-Kalshi, regular investors can now once again get their hands on a high-growth company, well ahead of the masses.

T-Tokens represent loan participation rights, not securities. High-risk DeFi product. Not financial advice. Not available in the US or other restricted territories. Terms.