What happened
About 1. 3 billion SpaceX shares, worth roughly $194. 3 billion at the Oct.
20 closing reference of $147. 89, become eligible for sale on Thursday, Oct. 22, per CryptoSlate.
The unlock lands exactly one week after Aave Labs proposed listing tokenized SpaceX shares, ticker SPCXc, as collateral on its V4 Equities Hub deployed on Base. LlamaRisk, the risk adviser that reviews new asset listings for Aave, published its SPCXc assessment on Oct. 20, the day before the unlock window opens.
SpaceX is a private company, so these shares do not trade on a public exchange. Secondary liquidity typically clears through tender offers, bilateral deals, and specialist venues, which means the Oct. 22 unlock does not translate into a listed-market print the way a public lockup expiry would.
Why it matters
Aave's V4 Equities Hub is the DeFi lender's attempt to extend its collateral set beyond crypto-native assets into tokenized real-world equities. SpaceX is one of the highest-profile private names anyone could choose for that experiment. The problem is that a tokenized wrapper does not create a public order book.
If 1. 3 billion shares become eligible for sale on Thursday and even a fraction clears at a discount to the $147. 89 reference, the wrapper's price feed, redemption mechanics, and NAV cadence all have to absorb the move before Aave's liquidation engine can react.
That is a different risk profile from USDC or wstETH, and it is the first time Aave governance will have to price it on a name this large. The sequencing matters too. LlamaRisk's assessment hit the forum on Oct.