Aave governance is preparing to vote on a proposal to list SPCXc, a tokenized version of SpaceX Class A common stock in Coinbase’s B20 format, on the Aave V4 Equities Hub on Base. The proposal was re-created as AIP #537 and would bring the asset into the protocol’s equities-focused market with borrowing and collateral settings tailored to its risk profile.
The plan relies on the same Base-side setup already used for other supported collateral, including the B20 structure, Token Supply Manager, Oracle Registry and a Chainlink 24/5 price feed. According to the proposal, the listing framework also reflects an independent review that compared SPCXc with previously assessed equity certificates while flagging the token’s shorter trading history and near-term share lock-up events.
Risk settings proposed for SPCXc
Under the proposal, SPCXc would be introduced with a 55% collateral factor, placing it below some existing large-cap equity-style assets such as META and TSLA in terms of usable collateral value. The filing also sets a liquidation bonus of up to 6.5%, above the level used for the so-called Magnificent Seven collateral group, to account for execution and market risk during liquidations.
Capacity would be limited at launch. The add cap is set at 37,000 SPCXc, which the proposal values at roughly $5.8 million, while the draw cap would remain at zero. USDC caps on the hub side would stay unchanged, and the spoke configuration would continue to use USDC as the hub asset on Base.
The proposal also assigns a 1,000 basis point risk premium to SPCXc. That premium is intended to reflect the token’s outlier characteristics and to encourage diversification rather than concentrated use of a newly added and more volatile equity-linked asset.
Why the asset is being treated as higher risk
The governance post describes SPCXc as an equity exposure with only about four months of trading history. It cites annualized volatility of 81% and says the token trades near 99 times trailing revenue, metrics that support more conservative borrowing parameters than those applied to more established listed names.
The review also points to SpaceX’s underlying financial profile. While Starlink is described as contributing EBITDA, the broader group is said to be posting losses and maintaining high cash burn as it invests in AI compute. Those details are presented as part of the valuation and credit-style assessment behind the listing recommendation.
Legal analysis referenced in the proposal says SPCXc is otherwise similar in form to NVIDIA certificates previously reviewed, but that the shorter track record and approaching lock-up schedule make it necessary to treat the asset with added caution.
Supply, liquidity and oracle design
A central issue in the proposal is the limited amount of freely tradable supply. According to the document, only 21% of shares are tradable today, with another 2.43 billion shares scheduled to vest between Oct. 26 and Dec. 8, 2026. Those releases could materially change market depth and trading behavior over a short period.
Even with those constraints, the proposal says liquidity is strong, citing substantial daily volume across trading venues. To support onchain risk management, the listing would use a live Chainlink 24/5 feed on Base, with the specification naming a Chainlink total return feed for SPCXc together with an issuer multiplier.
The governance text says the token uses the same broader Base stack already integrated for the Equities Hub, which is intended to reduce operational complexity relative to bringing in a wholly new asset framework.
What happens next
If the vote proceeds and passes, SPCXc would join the Aave V4 Equities Hub on Base under the hub-and-spoke configuration laid out in the proposal. The market would launch with the listed caps, collateral settings and oracle arrangement rather than with open-ended parameters.
The proposal also sets out a near-term review schedule. Re-evaluation is planned after third-quarter earnings in early November and again in December, when larger share releases are expected. Beyond that, the filing says parameters would be reviewed monthly through Aave’s risk steward process, meaning the initial settings are explicitly subject to revision as trading history, supply conditions and liquidity evolve.
Source: governance.aave.com