Elon Musk’s two best-known companies now have a sizable footprint on the blockchain. Tokenized shares of Tesla and SpaceX carry a combined onchain market cap of $364.5 million, according to Token Terminal data as of October 19, 2026.
The numbers behind the Musk trade
Token Terminal’s breakdown shows a crowded field. Several issuers offer their own wrapped versions of each stock, and each product carries a different ticker suffix.
The largest single token is SPCXb, a tokenized SpaceX product valued at $138.7 million. TSLAx, a Tesla version, follows at $67.9 million.
Next comes SPCXx, another SpaceX token, at $50.3 million. TSLAb rounds out the top four at $32.9 million.
The research also tallies holdings across every issuer. By that count, SpaceX tokens total $244.3 million spread over seven issuers. Tesla tokens add up to $130.8 million across six issuers.
Adoption is climbing fast. Some 140,174 wallets now hold versions of these tokens, a 7.9-fold increase since January 2026.
Why SpaceX tokens are pulling ahead
Timing helps explain the SpaceX lead. The company completed its IPO in June 2026, which the research says set its valuation at approximately $75 billion.
That listing coincided with a rise in trading volume for SpaceX’s tokenized versions. For years, SpaceX was one of the most coveted private companies around, and ordinary investors had few ways in. Once public shares existed, tokenized wrappers gave buyers another route to the stock.
How tokenized stocks actually work
A tokenized stock is a digital receipt for a real share. The issuer buys the underlying stock, holds it with a custodian, and mints a token representing it on a blockchain.
According to the research, these tokens are generally backed 1:1 by actual shares held in custody. Some versions pass along dividends and voting rights, though that applies only in select cases.
Issuers mainly offer onchain trading to eligible non-US investors. US buyers are generally on the outside looking in.
The tokens also plug into decentralized finance, or DeFi, a set of blockchain apps for lending, borrowing, and trading without traditional intermediaries. That gives tokenized equities a utility that ordinary brokerage shares lack: they can be used inside crypto protocols, not just held.
A slice of a growing sector
Tesla and SpaceX are the headliners, but they sit inside a larger market. The broader tokenized stocks sector carried a total cap of approximately $2.66 billion as of October 19, 2026.
That means the two Musk companies account for more than an eighth of the entire category.
What this means for investors and issuers
For investors, the main appeal is access. Non-US buyers who might struggle to open an American brokerage account can get exposure to Tesla and SpaceX from a crypto wallet, often in fractional amounts and outside normal market hours.
The risks deserve equal attention. A tokenized share is only as reliable as the issuer and custodian behind it. The 1:1 backing is a general feature, not a universal guarantee, and rights such as dividends and voting vary by product.
Fragmentation is another issue. With SpaceX spread across seven issuers and Tesla across six, liquidity is split among many competing tokens. A thinner market for any single version can mean wider spreads and less predictable pricing, especially for the smaller wrappers.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.