Warren questions SpaceX IPO oversight in letter to exchanges as tokenized shares enter crypto markets

Senator Elizabeth Warren is trying to pump the brakes on SpaceX’s IPO, and the company is responding by flooring the accelerator anyway.

Warren sent a letter on June 9 to SEC Chair Paul Atkins urging a delay of SpaceX’s public listing, citing what she called “unprecedented threats to investor protection and market integrity.” The IPO, trading under the ticker SPCX, is set to price between $130 and $135 per share and begin trading on June 12. The offering aims to raise approximately $75 billion, which would make it the largest IPO in history by a wide margin.

Indications of interest have reportedly surpassed $250 billion, more than three times the amount the company is actually looking to raise. Retail investors have been allocated around 30% of shares, a notably generous slice for an offering of this magnitude.

Warren’s concerns and the valuation question

The core of Warren’s objection centers on SpaceX’s proposed valuation, which sits somewhere between $1.75 trillion and $2 trillion. Warren’s letter points out that this valuation works out to approximately 100 times SpaceX’s projected 2025 revenue. The company also reportedly posted net losses between $4.28 billion and $4.9 billion.

Warren also flagged governance concerns, particularly around Elon Musk’s significant control over the company. Unresolved accounting questions tied to SpaceX’s acquisition of xAI added another layer of complexity that the senator believes warrants more SEC scrutiny before shares start trading.

This letter builds on a previous round of correspondence from February 2026, where Warren raised alarms about undisclosed Chinese investments in SpaceX and potential national security implications. That earlier letter specifically referenced SpaceX’s $3 billion in Department of Defense contracts, arguing that foreign investment transparency is especially critical for a company deeply embedded in the US defense apparatus.

A May 2026 letter from state comptrollers and pension funds urged governance reforms before the listing, suggesting Warren isn’t the only one with reservations about how SpaceX is structured at the top.

The crypto angle: tokenized SpaceX shares go live

Multiple crypto platforms are rolling out tokenized versions of SpaceX shares timed to the June listing. Ondo is launching a product called SPCXon, while exchanges including Bybit and Kraken are offering their own tokenized share products. These tokens are backed 1:1 by custodial shares, meaning each token represents a real share held in reserve by a custodian.

The target audience is primarily non-US users who might otherwise struggle to access a US-listed IPO. The SpaceX S-1 filing was publicly submitted on May 20, following a confidential draft that went to the SEC in April.

What this means for investors

For crypto investors specifically, the tokenized share products introduce a new kind of correlation risk. If SpaceX stock drops significantly after listing, platforms offering tokenized versions will face their first real stress test on redemption mechanics and custodial backing.

The retail allocation of roughly 30% is worth watching too. First lockup expirations are expected around mid-July to August, which could create selling pressure just as the initial euphoria fades. Tokenized share holders will be subject to whatever the platforms’ own lockup and trading restrictions look like, which may or may not mirror the traditional equity timeline.

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