Phase 2, announced on June 1, significantly expanded the offering to capture demand from users who missed the first window . The key upgrades include:

• Larger pool: 53,800 SPACEX(PRE) tokens valued at $7,000,000 .
• Deeper discount: A 30% discount off the previous round's price .
• New subscription window: June 1–5, 2026 .

Despite the 30% discount language in MEXC's announcements, the token's base subscription price remained at 650 USDT, consistent with Phase 1 . The discount refers to the price advantage over the prior round's effective cost after Phase 1 allocations, and the expanded pool size means more users can secure an allocation. Users were required to complete Advanced KYC Verification to participate .

Competitive Pressure and Regulatory Gray Zones

MEXC is not the only exchange packaging SpaceX exposure for crypto traders. Bitget launched its own "preSPAX" token subscription back in April 2026, with an over-the-counter trading window opening on April 21 . The competition is heated because SpaceX remains one of the most coveted private companies, and a potential IPO—though unconfirmed—would likely reprice these tokens dramatically.

These pre-IPO token offerings, however, sit in a pronounced regulatory gray area. The tokens are not registered securities, and MEXC itself is registered in Mutsamudu, Comoros, with products available only in "all jurisdictions compatible" with its licensing . The conversion of these tokens into real equity at a future IPO is not guaranteed, and MEXC's terms almost certainly include disclaimers that the tokens represent contractual rights, not ownership of SpaceX shares.

RealStocks: Actual US Shares, Settled in USDT

RealStocks is MEXC's answer to the tokenized stock products that swept the crypto industry in 2025–2026—but with a crucial structural difference. Rather than issuing blockchain-based derivatives, MEXC routes trades through a licensed broker partner, meaning users purchase actual shares of real US-listed companies .

The product was beta-tested by more than 20,000 participants before the June 1 public launch . Its core features include:

• Real share ownership through a regulated broker, not a synthetic token .
• Zero platform trading fees during the launch period on equities .
• USDT settlement for all trades, with zero-slippage USD conversion handled by MEXC .
• Real dividends paid directly into user accounts when applicable .
• Access to stocks like Apple, NVIDIA, and Tesla within MEXC's existing interface .

No specific trading volumes or post-launch user numbers have been disclosed, but the early beta participation figure suggests significant initial demand .

Regulatory and Structural Risks

RealStocks' use of a licensed broker partner theoretically provides regulatory cover for the equity leg of the trade . However, the product is only available to "eligible users globally," with geographic restrictions applied—US persons, for instance, are almost certainly excluded based on MEXC's jurisdictional limitations .

The choice to settle all trades in USDT (Tether) is both a selling point and a regulatory flashpoint. While it simplifies the user experience for a crypto-native audience, it introduces anti-money laundering (AML) and know-your-customer (KYC) complications. Stablecoin settlement chains are harder to trace than traditional fiat rails, and regulators in the EU (under MiCA) and the US (SEC/FinCEN) would likely scrutinize whether the structure constitutes unregistered brokerage activity.

MEXC's dependence on a licensed partner is clearly designed to mitigate that risk, but the product's cross-border nature and stablecoin settlement introduce novel questions that existing frameworks were not designed to answer.

Two Products, One Strategy

MEXC's June 1 double launch is not a coincidence. The SPACEX(PRE) Phase 2 subscription captures crypto-native demand for pre-IPO hype and private-market access, while RealStocks opens a regulated pipeline into traditional US equities. Both products use USDT as the settlement backbone, and both are structured to keep users within MEXC's ecosystem.

The strategy carries real risk—particularly on the regulatory front—but it also positions MEXC ahead of exchanges that remain limited to tokenized stock wrappers. For crypto users who want exposure to Wall Street without leaving their USDT behind, MEXC is betting the convenience will outweigh the compliance questions.

Phase 2, announced on June 1, significantly expanded the offering to capture demand from users who missed the first window . The key upgrades include:

• Larger pool: 53,800 SPACEX(PRE) tokens valued at $7,000,000 .
• Deeper discount: A 30% discount off the previous round's price .
• New subscription window: June 1–5, 2026 .

Despite the 30% discount language in MEXC's announcements, the token's base subscription price remained at 650 USDT, consistent with Phase 1 . The discount refers to the price advantage over the prior round's effective cost after Phase 1 allocations, and the expanded pool size means more users can secure an allocation. Users were required to complete Advanced KYC Verification to participate .

Competitive Pressure and Regulatory Gray Zones

MEXC is not the only exchange packaging SpaceX exposure for crypto traders. Bitget launched its own "preSPAX" token subscription back in April 2026, with an over-the-counter trading window opening on April 21 . The competition is heated because SpaceX remains one of the most coveted private companies, and a potential IPO—though unconfirmed—would likely reprice these tokens dramatically.

These pre-IPO token offerings, however, sit in a pronounced regulatory gray area. The tokens are not registered securities, and MEXC itself is registered in Mutsamudu, Comoros, with products available only in "all jurisdictions compatible" with its licensing . The conversion of these tokens into real equity at a future IPO is not guaranteed, and MEXC's terms almost certainly include disclaimers that the tokens represent contractual rights, not ownership of SpaceX shares.

RealStocks: Actual US Shares, Settled in USDT

RealStocks is MEXC's answer to the tokenized stock products that swept the crypto industry in 2025–2026—but with a crucial structural difference. Rather than issuing blockchain-based derivatives, MEXC routes trades through a licensed broker partner, meaning users purchase actual shares of real US-listed companies .

The product was beta-tested by more than 20,000 participants before the June 1 public launch . Its core features include:

• Real share ownership through a regulated broker, not a synthetic token .
• Zero platform trading fees during the launch period on equities .
• USDT settlement for all trades, with zero-slippage USD conversion handled by MEXC .
• Real dividends paid directly into user accounts when applicable .
• Access to stocks like Apple, NVIDIA, and Tesla within MEXC's existing interface .

No specific trading volumes or post-launch user numbers have been disclosed, but the early beta participation figure suggests significant initial demand .

Regulatory and Structural Risks

RealStocks' use of a licensed broker partner theoretically provides regulatory cover for the equity leg of the trade . However, the product is only available to "eligible users globally," with geographic restrictions applied—US persons, for instance, are almost certainly excluded based on MEXC's jurisdictional limitations .

The choice to settle all trades in USDT (Tether) is both a selling point and a regulatory flashpoint. While it simplifies the user experience for a crypto-native audience, it introduces anti-money laundering (AML) and know-your-customer (KYC) complications. Stablecoin settlement chains are harder to trace than traditional fiat rails, and regulators in the EU (under MiCA) and the US (SEC/FinCEN) would likely scrutinize whether the structure constitutes unregistered brokerage activity.

MEXC's dependence on a licensed partner is clearly designed to mitigate that risk, but the product's cross-border nature and stablecoin settlement introduce novel questions that existing frameworks were not designed to answer.

Two Products, One Strategy

MEXC's June 1 double launch is not a coincidence. The SPACEX(PRE) Phase 2 subscription captures crypto-native demand for pre-IPO hype and private-market access, while RealStocks opens a regulated pipeline into traditional US equities. Both products use USDT as the settlement backbone, and both are structured to keep users within MEXC's ecosystem.

The strategy carries real risk—particularly on the regulatory front—but it also positions MEXC ahead of exchanges that remain limited to tokenized stock wrappers. For crypto users who want exposure to Wall Street without leaving their USDT behind, MEXC is betting the convenience will outweigh the compliance questions.