Summary
LlamaRisk supports onboarding SpaceX Class A common stock (Nasdaq: SPCX) in its Coinbase B20 tokenized form on Base (SPCXc). SPCXc is issued on the same Base stack as the Magnificent Seven tokens already on the hub, namely the B20 token standard, Coinbase’s Token Supply Manager and Oracle Registry, and a Chainlink 24/5 feed built on the same template. That stack was covered in our initial review and initial market parametrization of the Equities Hub.
Our legal review found the SpaceX certificates identical to the NVIDIA certificates examined for the existing collateral, apart from the series details and the qualification of the underlying as Class A shares. We nevertheless evaluate SPCXc separately, since SpaceX’s fundamentals and the recency of its IPO set it apart from the existing collateral. Its valuation rests on businesses that are early or unproven, its price history covers four months instead of eight years, and more than half of its locked supply is still to be released. This review covers the company’s fundamentals and valuation, its share structure and lock-up schedule, the behaviour of the stock and its derivatives since the June 2026 IPO, the supply and liquidity of SPCXc on Base, the legal structure of the certificates, and the resulting parameters.
SpaceX is a $2.33T company whose valuation rests mostly on businesses that do not yet earn a profit. Starlink generates $8.65B of annual segment EBITDA, which supports about 4% to 15% of the enterprise value depending on the multiple applied, while the group as a whole lost $8.2B and burned $32B of free cash flow over the twelve months to June 2026 as it builds AI compute. The stock trades at 99 times trailing revenue, fell 46% from peak to trough within its first eight weeks, and its volatility since listing (81% annualized) is well above that of any name currently listed on the hub.
The supply overhang comes from lock-ups on shares that are already issued and vested, while unvested equity is comparatively small. Only 21% of shares are tradable today, and the 180-day lock-up releases another 2.43B shares, 84% of the current float, between 26 October and 8 December 2026. The stock itself is highly liquid, with $14B to $16B of daily volume, $625M of perpetual open interest across the four venues used for Magnificent Seven caps and a live 24/5 Chainlink feed on Base.
1. Company Overview
Space Exploration Technologies Corp. listed its Class A shares on Nasdaq under the ticker SPCX on 12 June 2026, after pricing at $135 on 11 June (424B4 prospectus). The offering consisted entirely of newly issued shares, 638.9M including the fully exercised 83.3M over-allotment, and raised $86.25B gross with Goldman Sachs as lead left underwriter (8-K, 15 June 2026). xAI, which already owned X, merged into SpaceX under common control in February 2026, so the reported financials consolidate three segments, namely Space (launch services and Starship development), Connectivity (Starlink, Starshield and direct-to-cell) and AI (Grok, X advertising and subscriptions, and AI compute). In August 2026 the company also closed the acquisition of Cursor for $60B, paid in Class A shares (8-K, 14 August 2026).
Revenue grew from $10.4B in FY2023 to $23.0B over the twelve months to June 2026, with year-on-year growth of 34.9% in FY2024, 33.2% in FY2025 and 91.9% in Q2 2026, when the quarter alone brought $7.8B.
Source: SpaceX 424B4 prospectus, Q2 2026 10-Q, 7 October 2026
Connectivity is the economic core of the group and the only segment with consistent operating profit. Over the twelve months to June 2026 it generated $13.9B of revenue and $8.65B of segment adjusted EBITDA, a 62% margin, with 12.0M Starlink subscribers. Average revenue per subscriber has fallen from $99 to $66 per month since 2023, since growth now comes from cheaper plans and international markets. Space runs close to break-even on adjusted EBITDA once Starship development is included, and launch counts and mass to orbit both fell year on year in Q2 2026.
The AI segment moved from -$609M to +$1,146M of segment adjusted EBITDA between Q1 and Q2 2026, largely on cloud services agreements signed in May 2026. The prospectus discloses agreements with Anthropic for about 325,000 GPUs at $1.25B per month through May 2029, which either party can terminate on 90 days’ notice after the first three months, and the 10-Q reports a single AI-segment customer at 19.5% of Q2 revenue.
| Financials ($M) | FY2024 | FY2025 | 1H 2026 | TTM to June 2026 |
|---|---|---|---|---|
| Adjusted EBITDA (ex stock-based compensation) | 5,350 | 6,584 | 4,665 | 8,305 |
| Net income | 791 | (4,937) | (4,817) | (8,218) |
| Operating cash flow | 5,776 | 6,785 | 3,466 | 9,900 |
| Capital expenditure | 11,163 | 20,737 | 28,476 | 42,248 |
| Free cash flow | (5,387) | (13,952) | (25,010) | (32,348) |
Source: SpaceX 424B4 prospectus, Q2 2026 10-Q, 7 October 2026
The group is in a heavy investment phase, with Q2 2026 capital expenditure of $18.4B, 86% of it in the AI segment. Cash and marketable securities stood at $100.0B on 30 June 2026 against $38.4B of debt principal, which includes $25B of senior notes rated Baa1/BBB+/BBB and $13.3B of AI hardware leases from Valor Equity Partners, a firm founded by director Antonio Gracias. At the Q2 spending pace the IPO proceeds cover about five to six quarters of build-out unless operating cash flow scales or capital expenditure is reduced, which management states it can do. SpaceX does not expect to pay dividends, and its credit agreement restricts them.
2. Valuation
At $171.92 and about 13.57B shares outstanding, SPCX has a market capitalization of about $2.33T and, after $60.5B of net cash, an enterprise value of about $2.27T.
| Ticker | Market cap | EV / TTM revenue | EV / TTM EBITDA | Revenue growth YoY |
|---|---|---|---|---|
| SPCX | $2.33T | 98.6x | 274x (adjusted) | 92% (Q2) |
| TSLA | $1.50T | 14.3x | 137x | 26% |
| PLTR | $462B | 73.5x | 170x | 93% |
| RKLB | $48B | 55.6x | negative | 62% |
| TMUS | $178B | 3.2x | 8.6x | 8% |
Source: SpaceX 10-Q, Yahoo Finance, 7 October 2026
Valuing Connectivity alone at 10x to 20x segment EBITDA gives $87B to $173B, and even a 40x multiple reaches about $350B, roughly 15% of the current enterprise value. More than 80% of the valuation therefore rests on businesses that are early or unproven, namely AI compute and cloud contracts, Grok and Cursor, the cost curve Starship is expected to deliver, direct-to-cell service on the pending EchoStar spectrum and orbital compute, which the prospectus targets “as early as 2028”.
Because the price is driven by expectations for future businesses, it reacts sharply to news that does not change current earnings. The Q2 2026 release beat revenue consensus by about 16%, yet the stock fell 13.6% the next day because capital expenditure came in above expectations. Pre-IPO perpetual futures on Hyperliquid, Binance and OKX priced the shares at $171 to $173 on the eve of the listing, and within eight weeks the stock traded at an intraday low of $104.83, 39% below that level.
3. Governance and Corporate Actions
SpaceX is a controlled company. Class B shares carry ten votes, elect 51% of the board for as long as any Class B shares remain outstanding, and convert to Class A on transfer. Elon Musk holds about 82% to 84% of the voting power (424B4, Schedule 13G), and the company relies on the Nasdaq exemptions from a majority-independent board and independent compensation and nominating committees. The charter renounces corporate opportunities presented to Musk and certain directors, the bylaws impose mandatory arbitration and forum limits on shareholder claims, and the company holds no key-person insurance on Musk, who does not work for SpaceX full time.
Musk’s two performance awards total 1,302.1M restricted Class B shares, about 9.6% of shares outstanding. They carry votes today but vest only on market capitalization milestones combined with operating conditions, a permanent Mars settlement of at least one million people for 1,000M shares and 100 TW per year of compute delivered off Earth for the remaining 302.1M, so we treat them as practically unvestable over any horizon relevant to collateral risk (424B4, Executive Compensation).
The company has shown a willingness to use its stock as acquisition currency. It issued 391.0M shares for Cursor in August 2026 and owes 261.8M shares to EchoStar at the spectrum acquisition closing, expected around November 2027 (10-Q). For the tokenized wrapper, the absence of dividends means the multiplier is mainly exposed to stock splits, with a 5-for-1 split completed in May 2026 before the IPO, and to any spin-off or distribution, none of which has been announced.
4. Share Structure and Supply Overhang
4.1 Locked shares
The supply overhang on SPCX comes from lock-up agreements on shares that are already issued and vested, while unvested equity is small by comparison. Excluding Musk’s performance shares, unvested restricted stock units amount to about 151M shares and outstanding options to about 516M, most of them vested and deep in the money. By contrast, about 10.6B issued shares remain under one of three lock-up regimes that release on fixed dates and earnings-linked triggers.
| Item | Shares (M) | % of outstanding |
|---|---|---|
| Class A outstanding (28 July 2026) | 7,696.3 | |
| Class B outstanding (28 July 2026) | 5,485.5 | |
| Cursor merger shares (14 August 2026) | 391.0 | |
| Total outstanding | 13,572.8 | 100% |
| of which Musk | 6,068.5 | 44.7% |
| of which Musk unvested performance shares | 1,302.1 | 9.6% |
| Tradable on 13 October 2026 | 2,904.3 | 21.4% |
| Fully diluted (options, RSUs, EchoStar) | about 14,502 |
Source: SpaceX 424B4 prospectus, Q2 2026 10-Q, 8-K of 14 August 2026, 7 October 2026
| Lock-up regime | Holders | Shares (M) | Release schedule |
|---|---|---|---|
| 180-day | All other pre-IPO holders, including venture investors, employees, xAI merger holders and Google | about 4,691 | 20% two trading days after Q2 earnings, 7% each on days 70, 90, 105, 120 and 135, 28% two trading days after Q3 earnings, the remainder on day 180 (8 December 2026) |
| Extended | Unnamed shareholders | about 1,760 | In stages from Q4 2026 earnings to Q2 2027 earnings |
| Founder | Elon Musk | about 6,069 | All shares until 12 June 2027, no early release |
Source: SpaceX 424B4 prospectus, 7 October 2026
4.2 Unlock Calendar
Six tranches have released so far, the latest on 9 October, taking the tradable float from 638.9M shares at the IPO to 2,904.3M. The table lists the remaining scheduled releases.
| First eligible trading day | Event | Shares (M) | Increase in tradable float | Tradable after (% of outstanding) | Value at $156.54 | Days of ADV |
|---|---|---|---|---|---|---|
| 26 October 2026 | Day 135, 7% of 180-day pool | 328.4 | 11.3% | 23.8% | $51.4B | 3.4 |
| Q3 earnings + 2 days (estimated 5 to 9 November 2026) | 28% of 180-day pool | about 1,300 | 40.2% | 33.4% | $203.5B | 13.6 |
| 8 December 2026 | Day 180, remainder of 180-day pool | 797.6 | 17.6% | 39.3% | $124.9B | 8.3 |
| About 16 February 2027 | Cursor shares become Rule 144 eligible (no lock-up disclosed, unverified) | 391.0 | 7.3% | 42.2% | $61.2B | 4.1 |
| Q4 2026 earnings to 14 June 2027 | Extended pool, five tranches | 1,407.7 | 24.6% | 52.5% | $220.4B | 14.7 |
| 14 June 2027 | Musk lock-up ends (vested shares, affiliate sale limits apply) | 4,766.4 | 66.9% | 87.6% | $746.1B | 49.9 |
Source: SpaceX 424B4 prospectus, Nasdaq, LlamaRisk, 14 October 2026
Source: SpaceX 424B4 prospectus, LlamaRisk, 14 October 2026
Between 26 October and 8 December 2026, 2,426.0M shares become eligible for sale, 84% of today’s tradable float and about $380B at the 13 October close, and the tradable float rises from 21.4% to 39.3% of outstanding shares. The largest single event is the Q3 tranche of about 1.3B shares, which falls two trading days after an earnings release that third-party calendars place on 3 to 5 November but that the company has not yet confirmed, so the earnings risk and the largest supply event arrive within the same week.
Nearly every holder being released is in profit. The December 2025 insider sale was priced at $84.20 per share after adjusting for the split, the xAI merger exchange at $105.32 and 2025 RSU grants at $54.84, while option holders carry weighted average exercise prices of $8.22 to $27.65. Only the Cursor recipients, at about $154, have a cost basis close to the current price.
4.3 Price Behaviour Around Unlocks
| Unlock | Shares (M) | Day-of return | Prior 5 sessions | Following 5 sessions |
|---|---|---|---|---|
| 6 August 2026 (after Q2 earnings) | 911.5 | +6.1% | -3.8% | +30.5% |
| 20 August 2026 | 319.0 | -4.1% | -4.5% | +0.9% |
| 9 September 2026 | 319.0 | -3.9% | +6.8% | -1.7% |
| 24 September 2026 | 328.4 | -0.2% | -1.7% | -0.2% |
| 9 October 2026 | 328.4 | +1.2% | +8.4% | -3.7% (2 sessions) |
Source: Nasdaq, LlamaRisk calculations, 14 October 2026
The stock fell 46.3% from its 16 June closing high of $201.80 to $108.27 on 5 August, before any shares had unlocked, and has since recovered 45% while 2.27B shares were released. The largest single-day loss in that sequence, -13.6% on 5 August, came the day after Q2 earnings and the day before the first 911.5M tranche, which is consistent with holders and short sellers positioning ahead of the unlock and the reaction on the unlock day itself being muted.
4.4 Index Demand and Short Interest
SPCX entered the Nasdaq-100 on 7 July 2026 under the fast entry rule. While free float stays below 33.3%, Nasdaq weights the stock at three times its float market value, and float changes are applied only at quarterly reviews, so the weight rose from 1.28% at entry to 2.82% at the September review, about 279M shares of passive holdings. If the unlocks lift measured float above the threshold, the December 2026 review could add an estimated $45B of index buying, which offsets part of the Q3 and December supply as a one-off flow. S&P 500 inclusion requires twelve months of seasoning and positive trailing GAAP earnings, so it is at least eight to nine months away and conditional on profitability (SpotGamma).
Short interest was 162.3M shares on 15 September, 7.2% of the tradable float at that date and about two days to cover, down from a peak of 32.5% of float just before the first unlock. Borrow costs 0.43% per year with shares readily available.
5. Market Behaviour
5.1 Price and Volatility
SPCX opened at $150 on its first day, 11.1% above the offer price, and closed at $160.95. It peaked at an intraday high of $225.64 on 16 June, reached an intraday low of $104.83 on 3 August and closed at $156.54 on 13 October, 16.0% above the IPO price.
Source: Nasdaq, 424B4 lock-up terms, 14 October 2026
| Ticker | Realized vol since IPO | Last 30 sessions | Worst day | Worst overnight gap | Worst weekend or holiday gap | Max drawdown (close) |
|---|---|---|---|---|---|---|
| SPCX | 81.4% | 51.8% | -16.4% | -10.3% | -4.8% | -46.3% |
| TSLA | 51.6% | 37.9% | -14.5% | -8.8% | -1.6% | -29.9% |
| META | 47.9% | 47.6% | -8.0% | -10.2% | -1.2% | -20.9% |
| AMZN | 38.6% | 23.5% | -4.8% | -3.5% | -1.8% | -13.4% |
| MSFT | 37.4% | 22.2% | -3.8% | -2.3% | -2.1% | -11.7% |
| NVDA | 36.8% | 26.1% | -5.0% | -3.2% | -3.2% | -10.6% |
| GOOGL | 33.3% | 22.5% | -7.1% | -6.1% | -2.7% | -14.9% |
| AAPL | 28.8% | 21.1% | -7.4% | -8.6% | -2.1% | -11.1% |
Source: LlamaRisk, 14 October 2026
Realized volatility since the IPO is 1.6 times TSLA’s over the same window and still 71% when the first nine sessions of price discovery are excluded. On a rolling 30-session window it ran between 85% and 95% from early August to mid-September, fell to about 41% at the end of September and has since risen to 52%, which places SPCX above META and TSLA and at more than twice the median of the other five names.
Source: Nasdaq, LlamaRisk calculations, 14 October 2026
The history is short, with 84 overnight gaps and 18 weekend or holiday breaks, against the 2018 to 2026 sample used to parametrize the Magnificent Seven, and it contains one earnings release and the IPO price discovery period. Any tail estimate for SPCX therefore carries far wider uncertainty than those of the existing collateral.
5.2 Off-Hours Price Formation
The worst overnight gap, -10.3% from the 4 August close to the 5 August open, followed the Q2 earnings release and took place mostly in extended hours. The Hyperliquid perpetual fell 9.2% within the first post-market hour and 12.2% by the pre-market, a move a 24/5 feed would have tracked in near real time. Weekend moves have been smaller. Across 17 weekend or holiday breaks only the Juneteenth gap exceeded -3% on Nasdaq, the Hyperliquid perpetual’s worst move between Friday 20:00 ET and Sunday 20:00 ET was -3.2% (with a -3.8% intra-weekend low), and the Monday open differed from the perpetual’s Sunday evening price by 0.9% on average and 2.8% at most.
5.3 Liquidity
Average daily volume has been 106.6M shares ($15.9B) since the IPO and 91.0M shares ($14.0B) over the last 30 sessions, which would rank SPCX second among the Magnificent Seven over the same window, behind NVDA. Daily turnover against today’s tradable float is about 3.1%. Options trade on Cboe, Nasdaq and MIAX venues and carried 4.35M contracts of open interest on 7 October, about $74.8B notional, with a put/call ratio of 1.07. Overnight trading has been available on Blue Ocean ATS since 14 June. Cash market liquidity is therefore deep, and the binding liquidity constraints for a lending market sit on Base and in the derivatives venues used to hedge off-hours.
6. Perpetual Futures and Tokenized Venues
| Venue | Open interest | 24h volume |
|---|---|---|
| Binance (SPCXUSDT and SPCXUSD1) | $447.3M | $810.0M |
| Hyperliquid (xyz:SPCX) | $125.5M | $66.0M |
| OKX | $49.3M | $143.3M |
| Lighter | $3.1M | $9.9M |
| Four-venue total | $625.1M | $1,029.2M |
Source: Binance, Hyperliquid, OKX, Lighter, 14 October 2026
The Base feed uses the same template as the seven Coinbase feeds already in production on the Equities Hub, so SPCXc would fit the existing 24/5 pricing setup without changes to the oracle design.
7. SPCXc on Base
SPCXc is one of the original thirteen equity tokens created by the Coinbase asset factory on 26 July 2026, renamed from SPCX to SPCXc on 3 August, first minted on 3 September and launched publicly on 4 September in the second wave of Coinbase tokenized stocks. It shares the B20 issuance, oracle and policy architecture of the Magnificent Seven tokens already listed on the hub, and its role matrix is identical to that of AAPLc, NVDAc and TSLAc.
| Item | Value |
|---|---|
| Supply | 13,214.32 SPCXc ($2.07M) |
| Mints / redemptions since launch | 295 mints for 41,443.3 SPCXc, 152 redemptions for 28,229.0 SPCXc |
| Daily mint allowance | 37,000 SPCXc ($5.80M), 2.8 times supply, largest observed day used 13% |
| Multiplier and redemption state | 1.0, redemption not paused, no redeem pause ever used on SPCXc |
| Redeem allowlist (7 October) | 6 EOAs, one added on 30 September |
| Holders (7 October) | 7,606 non-zero, 180 above 1 SPCXc, top 10 hold 73.2% |
Source: LlamaRisk, 14 October 2026
Mints and redemptions have never occurred on a weekend or a US holiday, consistent with primary issuance through authorized participants during US market hours. Supply has ranged between about 7,700 and 13,200 SPCXc since mid-September and stood at its high of 13,214 SPCXc on 13 October. The SPCXc daily mint allowance is sized, like those of the Magnificent Seven, to about $5M to $6M of notional per 24 hours. On 7 October, a third of the supply sat in DEX pools and a further fifth with market-making and arbitrage contracts, while authorized participants held 7.6% and a Superform vault 8%. No address could be attributed to Coinbase custody or the Coinbase exchange.
The token surface has changed since our Base technical review. The Cobalt upgrade introduced seizure, and on 5 October Coinbase applied an empty seize-exempt policy to all its equity tokens. No address holds the seize role today, so no balance can currently be seized, but a seize path now exists that the issuer can activate through role grants. A second metadata role holder (0x1cc04544ea7a0dae4fb3aa031b663d7ca6f2beca) is also present on SPCXc.
Over 99% of SPCXc trading runs through one Aerodrome Slipstream USDC pool with about $1.04M of liquidity, of which about $452k is USDC. In the month to 7 October the pool turned over $6.8M per day, 3.6 times the token supply at the time, with weekend volume at roughly a quarter of weekday levels.
Source: LlamaRisk, 14 October 2026
8. Legal Structure
SPCXc represents SpaceX CB Certificates issued by Coinbase Onchain SPV Ltd under a prospectus of 3 September 2026 approved by the FSRA. The legal structure of the certificates and the regulatory design under which they are offered are those examined in our review of the NVIDIA CB Certificates, which underlies the existing collateral on the hub, and this section relies on that examination in full. The Terms and Conditions at Annex 1, the Deed of Trust at Annex 2 and the special purpose financial statement at Annex 3 of the SpaceX prospectus are the corresponding NVIDIA documents of 4 August 2026, word for word, after substitution of the series name, the ticker, the ISIN, the execution and validity dates, and the addition of the qualifier “Class A” to the description of the shares.
8.1 Instrument and Issuer
Because the instruments are the same instruments, the findings of the NVIDIA examination describe this series without qualification. These include
- the Legal Register as the definitive and exclusive record of legal title, and the denial of legal effect to on-chain dealings except as reflected in it (Terms and Conditions, Condition 2.2, p. 80; Prospectus, §12.8(c), pp. 59-60),
- the conditioning of every right on Vested Holder status, and the final and binding vesting determination of the Tokenisation Entity (Prospectus, p. 3; Condition 2.4(c), p. 81),
- the automatic redesignation of Securities transferred to an unvested transferee (Condition 3.3(ii), p. 83),
- the exclusion of Unvested Holders from redemption (Condition 5.1, p. 85),
- the pre- and post-acceptance validation and suspension powers, which carry no duration limit (Condition 5.4, p. 87),
- the bare trusts, segregation, limited recourse and deed-poll enforcement of the Deed of Trust (clauses 3.1, 3.5, 4, 11.2 and 12.2, pp. 104-106),
- the ninety-day reallocation of termination entitlements (Condition 9, pp. 90-91), and
- the reduction of the Redemption Right to as little as USD 0.01 on an Extraordinary Event determined by the Issuer (Condition 14, p. 94).
A finding that held against the NVIDIA series therefore holds against this one.
The entity and regulatory layer is likewise carried over. The series has the same issuer, Coinbase Onchain SPV Ltd (ADGM company number 37941, incorporated 17 June 2026), the same ownership chain (§5.3, p. 44; Annex 3, pp. 114-115) and the same two directors holding office at the service provider they oversee (§7.3, p. 48). Onchain Marketplace Ltd again acts as Tokenisation Entity, CSD and Reporting Entity under the same FSRA permission (Prospectus, §3.5(b)(i), p. 22), and Alpaca Securities LLC again acts as custodian and broker. The vested and unvested positions carry the same paragraph 92 and paragraph 98 classification (Summary C, p. 14; §13, p. 68), and the series is offered within the same Regulation S perimeter.
8.2 Underlying Verification
The Directors’ belief that the Underlying Issuer files Exchange Act reports (Prospectus, p. 2; §12.7, p. 58) is independently supported. SEC EDGAR records Space Exploration Technologies Corp at CIK 1181412, incorporated in Texas, with registration statement 333-296070 declared effective on 11 June 2026, the final prospectus filed on 12 June 2026, a quarterly report for the quarter ended 30 June 2026 filed on 4 August 2026, and insider filings continuing through 30 September 2026.
8.3 Class A Shares
This series’ description names a share class, and the addition is accurate and consequential. SpaceX’s own SEC filings describe a dual-class structure in which Class A shares carry one vote, Class B shares carry ten, and Class B holders voting separately elect a majority of the board, with majority voting power held by the founder. The filings state that the company “expects to be a ‘controlled company’ within the meaning of the Nasdaq and Nasdaq Texas corporate governance standards” and relies on exemptions from parts of those standards (Section 3).
The prospectus offers a voting pass-through, under which the Issuer may “endeavour to vote or procure the voting of the relevant Underlying in accordance with timely written instructions from Vested Holders”, subject to Applicable Law and the Underlying Issuer’s constitutional documents, and “assumes no obligation to, solicit instructions” (Prospectus, Summary, p. 15; §6.3, p. 46). For this underlying the pass-through is an instruction channel into a minority voting class, so holder instructions cannot in practice determine board composition or matters reserved to Class B.
8.4 Programme Disclosure
Section 9 of the prospectus (p. 49) states that the Issuer “has issued further series of Digital Securities”, each series itself described as constituting “Certificates representing certain Financial Instruments” under paragraph 92 of Schedule 1 of FSMR, “each offered under a separate prospectus and backed by its own separate pool of underlying assets”, and directs readers to the Issuer’s website and the ADGM disclosure platform. The §3.1 insertion adds “(other than further series of Digital Securities)” to the no-new-products statement (p. 21), and §6.2(e) extends the no-firm-commitments undertaking to “other Digital Securities issued by the Issuer from time to time” (p. 45).
Series segregation has therefore become the issuer’s own representation on the face of the prospectus, which confirms the working assumption of the NVIDIA analysis that each series carries its own Deposited Property. The market register makes the same disclosure concrete, since between 4 August and 12 October 2026 the issuer published at least eight series prospectuses.
Disclaimer
This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work.
The information provided should not be construed as legal, financial, tax, or professional advice.