Aave: listing tokenized SpaceX stock SPCXc on the V4 Equities Hub

Aave Labs posted the Direct-to-AIP proposal Asset Listing - SPCXc to the Aave V4 Equities Hub on Base on 15 October 2026. SPCXc is what LlamaRisk calls the Coinbase B20 tokenized form of SpaceX stock on Base, issued on the same stack as the Magnificent Seven tokens already on the hub. LlamaRisk published its risk parametrization the same day, and on 27 October 2026 Aave Labs announced the proposal had been created onchain as AIP 537, whose vote runs from 27 to 30 October 2026. Because this is a Direct-to-AIP listing, it skips the ARFC and Snapshot stages that most Aave proposals go through. It matters because it extends Aave's tokenized-equity collateral to a company that only went public four months ago, and LlamaRisk sets it apart from the stocks already on the hub: its volatility since listing is 81 percent annualized, above any name on the hub, and only 21 percent of its shares were tradable at the time of the review, with a 180-day lock-up releasing another 2.43 billion shares, 84 percent of the current float, between 26 October and 8 December 2026.

What it changes

• Onboards SPCXc, contract 0xb2000000000000000000007b9fcbd005511acbd5, to the MAG7 Spoke of the Aave V4 Equities Hub on Base. The Hub held seven tokenized equities plus USDC before this listing.
• Collateral factor of 55.00 percent, ten points below META and TSLA, the most conservative names already on the hub.
• Maximum liquidation bonus of 6.50 percent, one point above the Magnificent Seven stocks, with a 10.00 percent liquidation fee and shares receivable on liquidation enabled.
• A collateral risk premium of 1,000 basis points, against 0 basis points for the Magnificent Seven, charged only on the share of a borrower's debt that relies on SPCXc as collateral.
• An add cap of 37,000 SPCXc, which LlamaRisk valued at about $5.8 million at the prices in its 15 October review, with a draw cap of 0 since SPCXc is not borrowable. USDC caps on the spoke are unchanged.
• Priced through a Chainlink total return feed at 0x6A634B235903C4ad6376892180d6fF8612e3Fa68, carrying the issuer's multiplier and following the same 24/5 US equities-hours template as the hub's existing reserves.

The case for it

Aave Labs' own case is brief: "Broaden the set of tokenized equities available on the Equities Hub." The bulk of the analytical case comes from LlamaRisk's risk review, which supports the listing while setting SPCXc's parameters apart from the rest of the hub because of the stock's short trading history and large pending share unlocks.

Where it stands

As a Direct-to-AIP listing, the proposal skipped Snapshot. AIP 537's onchain vote runs from 27 October 2026, 15:12 UTC, to 30 October 2026, 15:12 UTC. LlamaRisk plans to re-evaluate the parameters after SpaceX's Q3 earnings release, expected 3 to 5 November, and the tranche of about 1.3 billion shares unlocking two trading days later, and again after the 8 December release of 797.6 million shares.