Tokenized Shares of Tesla and SpaceX Reach $364.5 Million Market Cap

Elon Musk’s two prominent companies, Tesla and SpaceX, have established a significant presence on the blockchain, with their tokenized shares reaching a combined onchain market cap of $364.5 million as of October 19, 2026, according to data from Token Terminal.

Market Breakdown

The market for these tokenized shares is diverse, with multiple issuers providing their own wrapped versions of each stock. The largest token is SPCXb, a tokenized SpaceX product valued at $138.7 million, followed by TSLAx, a Tesla version at $67.9 million. Other notable tokens include SPCXx at $50.3 million and TSLAb at $32.9 million. Overall, SpaceX tokens account for $244.3 million across seven issuers, while Tesla tokens total $130.8 million among six issuers.

Rapid Adoption

Investor interest is surging, with approximately 140,174 wallets now holding these tokens, marking a 7.9-fold increase since January 2026. The recent IPO of SpaceX in June 2026, which valued the company at around $75 billion, has likely contributed to this uptick in trading volume for its tokenized shares.

Understanding Tokenized Stocks

Tokenized stocks serve as digital receipts for actual shares, with issuers purchasing the underlying stock and minting a token on the blockchain. These tokens are generally backed 1:1 by the shares held in custody, although the specifics can vary by product. While some tokens may offer dividends and voting rights, this is not universal.

Market Implications

The appeal of tokenized stocks lies in their accessibility, particularly for non-US investors who may face challenges in acquiring shares through traditional brokerage accounts. However, potential risks include the reliability of the issuer and custodian, as well as market fragmentation due to multiple issuers diluting liquidity.