Bybit has launched IPO Express, a new product that lets eligible crypto users get tokenized access to companies linked to IPOs, starting with SpaceX. Users can subscribe with USDC through xStocks and receive SpaceX xStock tokens, but these are not the same as owning actual SpaceX shares. They do not come with voting rights, dividends, or legal ownership of the company. The product is also not available everywhere, with users in places like Australia, the U.S., the U.K., Canada and the EEA excluded. While the launch shows how crypto platforms are trying to connect traditional finance with tokenized assets, it also comes with risks around allocation, liquidity, pricing, custody and possible delays or cancellation.