SpaceX: When Digital Markets Hit Real-World Limits
That went completely wrong! For many investors, the tokenization of SpaceX shares via platforms like Binance, Bybit, and Bitget initially seemed like a way to access a previously closed IPO market. The idea was to make tokenized pre-allocations of SpaceX shares accessible through the xStocks system and Kraken’s infrastructure. However, when the issuers were unable to secure sufficient actual SpaceX shares, the offerings had to be cancelled and customer funds refunded. The core of the problem lay not in blockchain technology itself, but in the massive oversubscription of the SpaceX IPO and the limited allocation of actual shares. While institutional demand and retail orders reportedly reached billions in volume, even traditional brokers and crypto providers received only fractions of the desired allocation.
This demonstrated that tokenization cannot create additional assets if the underlying asset is not available in sufficient quantities. In parallel, providers such as Ondo Finance and Dinari later launched tokenized SpaceX products like SPCXx, but without direct access to the original IPO allocation. These developments illustrate that blockchain-based financial products function technically but remain entirely dependent on traditional capital market mechanisms. For investors, this means that tokenized IPOs are currently more of an alternative “marketing package” for raising new client funds than a genuine way to circumvent scarcity or allocation logic.
OHB and Rheinmetall: Defence through Satellites and Cybersecurity
Those who have developed a taste for SpaceX may also want to put its German miniature counterpart, OHB from Bremen, on their radar. In the wake of the US space expert’s mega-IPO, OHB shares also garnered increasing attention, as the former mid-sized company now plays a leading role within NATO. OHB is primarily known as a European space group that develops, integrates, and operates satellites and related systems. The company excels at handling technical complexity and long project timelines and is well-supplied with public-sector contracts. New, high-growth areas in the security and defence sectors are particularly important, as they require reliable and, above all, militarily suitable infrastructure solutions.
OHB recently established a joint venture with Rheinmetall to provide the German Armed Forces with a robust and permanently available communications architecture. The joint venture, OHB Rheinmetall Space Networks GmbH, is also based in Bremen. The goal is to develop a satellite system that connects soldiers, vehicles, platforms, and drones. This system is designed to securely transmit voice, data, and real-time information across all command levels. This also includes IT security and a Cyber Operations Center. For OHB, this represents a welcome expansion of its traditional space business into system-critical defence infrastructure. At the same time, the project underscores Bremen’s growing importance as a hub for maritime and space defence. But be cautious! OHB is valued at EUR 7.8 billion and is projected to generate only EUR 1.4 billion in revenue in 2026. The P/E ratio will remain above 70 next year as well, and a capital increase is also on the horizon due to empty coffers. At least the recent euphoria has been tempered by a 50% drop in the share price from EUR 680 to EUR 350. For Rheinmetall shares, a stabilization appears to be emerging in the range of EUR 1,150 to 1,250 following the 40% correction since last fall. The 2027 P/E ratio now stands at 21.5—a figure that looked quite different back in 2025. The Düsseldorf-based company is slowly making its way onto the buy list.
Kobo Resources: Gold investors are taking increasing notice
Beyond aerospace, investors should also turn their attention to West Africa. That is because Canadian gold junior Kobo Resources is making steady progress, hole by hole, and is delivering results. For an explorer, the path to discovery is often a marathon rather than a sprint, yet on this bumpy road, the company currently appears to be moving forward with remarkable consistency. The focus is on developing promising gold deposits in Côte d’Ivoire, a country that has emerged in recent years as one of West Africa’s most exciting gold regions. Political stability, a comparatively well-developed infrastructure, and dynamic economic growth are creating an environment that is increasingly attracting international commodity investors.
At the center of these activities is the Kossou Gold Project, which is located in close proximity to major producing mines and thus benefits from existing logistical structures. Since the start of intensive exploration work, more than 42,000 m of drilling have been completed in over 220 drill holes, supplemented by extensive trenching and geochemical surveys along a mineralized corridor stretching over 9 km. The latest results indicate that the gold trend remains open both at depth and along strike. Of particular note are sections with several meters of high-grade mineralization, including zones exceeding 5 g/t gold, as well as individual peak values that impressively underscore the system’s potential. At the same time, wide mineralized intervals confirm the continuity of mineralization and strengthen the basis for the planned initial resource estimate.
IIF host Lyndsay Malchuk in conversation with CEO Edward Gosselin about the prospects for Kobo Resources in Côte d’Ivoire.
The Jagger, Road Cut, and Kadie zones are emerging as the cornerstones of the project and are continuously providing new indications of the potential size of the gold system. To further accelerate operations, Kobo recently raised CAD 5.5 million in fresh capital and, in doing so, secured a strategic anchor investor. The financing provides the company with the necessary flexibility to expand its ongoing drilling programs and systematically investigate additional target areas. The Kotobi project is also coming into focus as a second exploration pillar, with several large-scale gold anomalies identified and the first drill holes imminent. With a market capitalization of only about CAD 30 million, the market has so far largely valued the company as a classic exploration play, even though the data density and quality of the results are steadily increasing. Should the planned initial mineral resource confirm previous geological expectations, Kobo Resources could quickly advance to a serious development project, thereby initiating the next step in value creation. The share has suffered significantly during the recent gold correction and can now be purchased at very low prices around CAD 0.21. Time to buy!
Tough times in the markets. Investors looking to generate gains right now need to be flexible and able to switch between asset classes effectively. Elon Musk’s IPO success is impressive and has also influenced OHB’s valuation. Rheinmetall is showing signs of stabilization around EUR 1,200; following the 40% correction, the stock is no longer overpriced. Kobo Resources is suffering from the recent gold sell-off but is not far from its first gold mineral resource estimate. Broad diversification across themes, sectors, and jurisdictions reduces portfolio volatility.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as “Relevant Persons”) currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a “Transaction”). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company.
In this respect, there is a concrete conflict of interest in the reporting on the companies.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
For this reason, there is also a concrete conflict of interest.
The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.
Risk notice
Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on news.financial. These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such.
The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user.
The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use.
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
