Aave Labs Proposes Letting Traders Borrow Against Tokenized SpaceX Equity

MakeCryippreferred on

• Aave Labs posted a governance proposal on October 15, 2026 to onboard tokenized SpaceX equity, SPCXc, to the Aave V4 Equities Hub on Base
• The proposal sets a 55.00 percent collateral factor, a 1,000 basis point collateral risk premium and an initial supply cap of 37,000 SPCXc, worth about $5.8 million
• Risk provider LlamaRisk flagged the token’s 81 percent annualized volatility and noted that roughly 84 percent of its current float is set to unlock between October 26 and December 8, 2026

Aave Labs posted a proposal to the Aave governance forum on October 15, 2026 recommending that the protocol list a tokenized version of SpaceX equity, trading under the symbol SPCXc, as a new collateral asset on its V4 Equities Hub, a feature built on the Base network. The token, issued through Coinbase’s “B20” tokenized-equity standard, is designed to give onchain exposure to SpaceX Class A common stock, though it is important to note that SpaceX itself remains a private company; SPCXc is a synthetic, tokenized wrapper product tracking the stock’s value rather than an actual listing of SpaceX shares by the company itself.

If approved, SPCXc would join Aave’s existing “MAG7 Spoke,” a section of the protocol already supporting tokenized versions of large, well-known public stocks. The proposal sets specific risk parameters for the new listing: a collateral factor of 55.00 percent, ten percentage points below the parameters used for already-listed names like Meta and Tesla, a maximum liquidation bonus of 6.50 percent, a liquidation fee of 10.00 percent, and a collateral risk premium of 1,000 basis points, compared with zero basis points for the Magnificent Seven stocks already supported. An initial supply cap of 37,000 SPCXc tokens, worth approximately $5.8 million at the time of the proposal, would apply, and the token would not be made available for borrowing against other collateral, only for use as collateral itself.

LlamaRisk, the Aave-DAO-funded risk assessment provider that evaluated the listing, flagged several specific risk factors in its own analysis. The firm calculated SPCXc’s annualized volatility at 81 percent since the token began trading, and modeled a worst-case, once-in-ten-year off-hours price drop of 41.0 percent, while noting the token’s actual worst off-hours decline so far has been 16.4 percent, occurring on a night the underlying company reported second-quarter earnings. LlamaRisk also found that only about 21 percent of SPCXc’s total share count is currently tradable, with roughly 2.43 billion shares, or about 84 percent of the current float, scheduled to unlock in stages between October 26 and December 8, 2026, a wave of new supply that could meaningfully affect the token’s price and liquidity in the weeks ahead.

Because the proposal is a “direct-to-AIP” submission from Aave Labs itself, it can move more directly toward an onchain vote than some community-submitted proposals, though as of this report it remains a governance proposal rather than an enacted listing, meaning SPCXc is not yet live as usable collateral on Aave. Coinbase separately posted its own risk assessment thread covering its broader B20 equities-on-Base program to the same governance forum on the same day.

The token’s Base network contract address, 0xb2000000000000000000007b9fcbd005511acbd5, is tied to a dedicated Chainlink total-return price feed built specifically to track SPCXc’s value onchain. The proposal, posted on Aave’s governance forum, did not specify a target date for a final onchain vote.