Space Exploration Technologies Corp. (Ondo Tokenized) — version comparison

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Create SPCXon.md

25 Sept 2026, 09:24 UTC · PaoloDiStef · 18ecc29 · assessments/draft/SPCXon.md

Draft SPCXon.md

06 Nov 2026, 16:57 UTC · PaoloDiStef · 51074a9 · assessments/draft/SPCXon.md

Structured data (24 changes)

Field	Before	After
Risk parameters
risk_parameters.target_interest_rate	0.0225	0.02
risk_parameters.global_minting_limit	1000000	2000000
risk_parameters.liquidation_price	100	—
risk_parameters.maturity	null	2 years
risk_parameters.minimum_collateral	7.5	—
Risk scores
risk_scores.tail_risks.counterparty_risks[0].severity	Severe	Moderate
risk_scores.tail_risks.counterparty_risks[0].compensation	1.00%	0.75%
risk_scores.tail_risks.smart_contract_risks[0].probability	Low	Very Low
risk_scores.tail_risks.governance_risks[0].name	Transfer restrictions / Admin Control	Admin-Control
risk_scores.tail_risks.governance_risks[0].probability	Low	Very Low
risk_scores.tail_risks.governance_risks[0].severity	Severe	Critical
risk_scores.tail_risks.legal_risks[0].name	n/a	—
risk_scores.tail_risks.legal_risks[0].probability	n/a	—
risk_scores.tail_risks.legal_risks[0].severity	n/a	—
risk_scores.tail_risks.legal_risks[0].compensation	n/a	—
risk_scores.tail_risks.liquidity_risks[0].name	Secondary-market or redemption impairment	—
risk_scores.tail_risks.liquidity_risks[0].probability	Negligible	—
risk_scores.tail_risks.liquidity_risks[0].severity	n/a	—
risk_scores.tail_risks.liquidity_risks[0].compensation	0%	—
risk_scores.tail_risks.contagion_risks[0].name	n/a	—
risk_scores.tail_risks.contagion_risks[0].probability	n/a	—
risk_scores.tail_risks.contagion_risks[0].severity	n/a	—
risk_scores.tail_risks.contagion_risks[0].compensation	0%	—
General
assessment_date	2026-09-25	2026-11-06

Narrative (markdown)

assessments/draft/{SPCXon.md@18ecc29 → SPCXon.md@51074a9} RENAMED Viewed

@@ -2,148 +2,90 @@
 ## Summary
-SPCXon is a tokenized representation of Space Exploration Technologies Corp. issued through Ondo’s tokenized-stock infrastructure. It gives holders economic exposure to SpaceX in ERC-20 form.
-The main risks are not only the exposure to a stock with limited price history itself, but the tokenized-security structure: issuer dependency, admin controls, and residual smart-contract risk.
-## Introduction
-SPCXon represents tokenized exposure to Space Exploration Technologies Corp. SpaceX is one of the largest and most widely followed technology companies globally, with exposure to launch services, satellite infrastructure, and broader space-related infrastructure.
-The tokenized version introduces an additional RWA/security-token layer. The token is not only exposed to the ordinary price movement of the underlying equity exposure, but also to the mechanics of the Ondo tokenized asset wrapper.
-## Free Float/Liquidity
 Classification: Strong
-SPCXon has strong public market visibility since listing and is supported by Ondo’s tokenized-stock infrastructure, and Ondo's own interface taps directly into traditional market liquidity. Besides Ondo's market place, the token is also listed on several venues like Binance, Gate, MEXC, BingX, and Uniswap.
 ## Public Information
 Classification: Strong
-SPCXon is pegged to SPCX, which has a highly liquid secondary market, meaning potential auction outcomes can be assessed using both tokenised and traditional secondary market data.
 ## Market Risk
-Maximum Drawdown, 48h close-to-close: 19.40%
-Using Yahoo Finance daily OHLC data for SPCX from its first trading day on 12 June 2026 to 24 September 2026:
-Current price: $148.03
-Listing/reference price: $150.00
-First trading-day close: $160.95, after an intraday high of $176.52
-Highest observed intraday price: $225.64 on 16 June 2026
-Lowest observed intraday price: $104.83 on 3 August 2026
-Worst 24h close-to-close drawdown: -16.4% from 18 June to 22 June 2026
-Worst 48h close-to-close drawdown: -19.4% from 17 June to 22 June 2026
-The first weeks after a public listing are usually the most volatile, as the market is still finding an appropriate price. This is visible in SPCX: the strongest upside move and the worst close-to-close drawdown both occurred shortly after trading began. The asset moved from a first-day close of $160.95 to an intraday high of $225.64 only two trading days later, before falling sharply to $154.60 by 22 June.
-This means a retained reserve of 30% should be applied as the maximum drawdown is based on a very limited trading history. This way, it should cover market volatility under normal circumstances and account for the challenger reward.
 ## Tail Risks
 ### Counterparty Risk: SpaceX
-Description: SPCXon ultimately references the equity value of Space Exploration Technologies Corp. The collateral is therefore exposed to company-specific tail events affecting SpaceX.
-Probability: Medium
-Severity: Severe
-Compensation: 1.00%
-SpaceX is a large and strategically important publicly listed company. Severe tail scenarios could materially impair the equity value, including fraud, governance failure, major operational disruption, a failed launch with significant financial or reputational consequences, regulatory intervention, loss of key contracts, or a material deterioration in investor confidence.
-These risks are not captured by ordinary short-term price volatility alone. A 1.00% compensation is therefore assigned to account for the single-company counterparty and business-risk exposure of the underlying asset.
 ### Counterparty Risk: Ondo Finance
-Description: SPCXon depends on Ondo’s tokenized-asset issuance, redemption, operational, and custody structure.
-Probability: Low
-Severity: Moderate
 Compensation: 0.25%
-Even if the underlying SpaceX exposure remains valuable, liquidation efficiency may be impaired if Ondo fails in its duties as an issuer, leading to depegs from the underlying stock price.
-### Smart Contract Risk: Smart-Contract Exploit
-Description: SPCXon is implemented as an ERC-20 token linked to a real-world asset off-chain, and therefore carries residual smart-contract risk.
-Probability: Low
 Severity: Critical
 Compensation: 0.50%
-The probability of a major smart-contract issue appears low, but the severity could be critical if the token contract or transfer mechanics were impaired.
-Unlike a native asset, the collateral value depends on the underlying equity exposure in custody and the correct representation of the tokenized wrapper, meaning that a technical issue could lead to unbacked tokens or impaired transferability.
-### Governance Risk: Transfer restrictions / admin controls
-Description: SPCXon is a tokenized security-style asset and carries transfer, compliance, redemption, or admin-control considerations.
-Probability: Low
-Severity: Severe
 Compensation: 0.50%
-Tokenized securities generally require admin and compliance controls. These controls are not automatically disqualifying, but they introduce risk because transferability may depend on issuer-controlled compliance and pause mechanisms.
-For Frankencoin, the relevant governance risk is the possibility that transferability could be impaired for example due to a regulator request to freeze certain tokens.
-### Legal Risk: n/a
-Description: No separate legal-risk premium is assigned in the current classification.
-Probability: n/a
-Severity: n/a
-Compensation: n/a
-Legal and regulatory considerations are mainly captured through the counterparty and governance/admin-control risk categories. No additional standalone legal-risk premium is assigned to avoid double-counting.
-### Liquidity Risk: Secondary-market or redemption impairment
-Description: SPCXon liquidity depends on both token-level secondary markets and the ability of eligible participants to access Ondo’s issuance and redemption mechanics.
-Probability: Negligible
-Severity: n/a
-Compensation: 0%
-Liquidity is available through multiple independent venues. No compensation is required.
-### Contagion Risk: n/a
-Description: No separate contagion-risk premium is assigned.
-Probability: n/a
-Severity: n/a
-Compensation: 0%
-SPCXon is primarily exposed to single-name equity risk and tokenized-security infrastructure risk, not to correlated DeFi contagion. No separate contagion premium is assigned under the current classification.
 ## Conclusion
-SPCXon is a credible collateral candidate for Frankencoin.
-PCX has shown significant post-listing volatility, with a worst 48h close-to-close drawdown of 19.4%. The price history is however limited, so a retained reserve of 30% should be applied.
-The total risk premium of 2.25% compensates FPS holders for the the counterparty risk of SpaceX, the issuer risk of Ondo Finance, as well as smart-contract and governance risk.

 ## Summary
+SPCXon is an Ondo tokenized-security product referencing Space Exploration Technologies Corp. Class A common stock, listed as SPCX. It is an open-ended structured note issued by Ondo Global Markets (BVI) Limited, not a direct shareholding. Holders receive no voting, information or in-kind delivery rights in SpaceX.
+The 30% retained reserve addresses the short post-listing price history of SPCX. The main residual risks arise from the issuer and redemption structure, the broker and custody chain, the smart-contract stack and central compliance and administrative controls.
+## Asset Overview
+SpaceX is a space-infrastructure company focused on reusable rockets, satellite connectivity, crew and cargo spacecraft, and government and commercial launch services. Its Class A common stock trades as SPCX on Nasdaq Global Select Market and Nasdaq Texas. As a single-name equity exposure, it remains sensitive to company-specific events including major operational disruption, failed launches, regulatory intervention and changes in investor confidence.
+SPCXon is designed to track the total return of SPCX. It initially tracks one share per token, but net dividend reinvestment can result in one token tracking more than one share. The issuer is Ondo Global Markets (BVI) Limited, a BVI bankruptcy-remote special-purpose vehicle. Ondo Finance Inc. provides tokenization and platform services.
+Alpaca Securities LLC acts as broker and custodian, together with BitGo Trust Company, Inc. Ankura Trust Company, LLC acts as security and verification agent. The notes are stated to be fully backed with an additional collateral buffer, and tokenholders have a first-priority security interest over the relevant collateral through Ankura. Redemption is a cash or stablecoin claim against Ondo Global Markets, subject to KYC and compliance. Approved institutions may have access to an Alpaca in-kind conversion route, but this is not a general tokenholder right.
+## Free Float
 Classification: Strong
+SPCXon can be minted and redeemed through Ondo’s highly liquid primary market. It trades directly as SPCXON/USDON and has verified SPCXON/USDT markets on MEXC and Gate. It also has markets on Uniswap on Ethereum and BNB Chain, with further venues on Solana. Ondo supports off-hours trading on Ethereum, BNB Chain and Solana.
+These routes give independent challengers and auction buyers several ways to acquire and sell SPCXon. Ondo does not guarantee a secondary market or sufficient liquidity at all times, but the available trading and redemption routes support a Strong Free Float classification.
 ## Public Information
 Classification: Strong
+SPCX is a publicly listed equity with Nasdaq as the principal reference source in the SPCXon final terms. SPCXon has published final terms, base prospectus and token documentation covering the issuer, backing, custody, redemption and transfer restrictions.
+Challengers can estimate expected auction outcomes from Nasdaq reference prices and SPCXon secondary-market prices, applying the relevant token-market and redemption discount.
 ## Market Risk
+Worst 48h close-to-close drawdown observed: 19.40%
+SPCX began trading on 12 June 2026 and the observed worst decline occurred shortly after listing, when price discovery was still limited.
+The short history supports a 30% retained reserve, which is above the observed drawdown and provides additional room for challenger reward and tokenized-equity execution.
 ## Tail Risks
 ### Counterparty Risk: SpaceX
+Likelihood: Medium
+Severity: Moderate
+Compensation: 0.75%
+SPCXon ultimately references the equity value of Space Exploration Technologies Corp. The collateral is therefore exposed to company-specific tail events affecting SpaceX, including fraud, major operational disruption, failed launches, regulatory intervention and a material deterioration in investor confidence.
+These risks are not captured by ordinary short-term price volatility alone and can impair the underlying share value beyond the reserve buffer.
 ### Counterparty Risk: Ondo Finance
+Likelihood: Very Low
+Severity: Severe
 Compensation: 0.25%
+SPCXon depends on Ondo’s tokenized-asset issuance, redemption, operational and custody structure. Ondo Global Markets (BVI) Limited is the legal issuer and redemption obligor; Ondo Finance Inc. provides tokenization and platform services.
+Even if the underlying SpaceX exposure remains valuable, liquidation efficiency may be impaired if the Ondo structure fails to process minting or redemption, maintain the collateral arrangement or make the issuer claim recoverable.
+### Smart-Contract Risk: Smart-Contract Exploit
+Likelihood: Very Low
 Severity: Critical
 Compensation: 0.50%
+SPCXon is an EIP-1967 BeaconProxy using the GMToken implementation. A defect or exploit in the token, beacon, compliance stack, pause-manager or material issuance and redemption integration could impair balances, supply, transfers or settlement.
+### Governance Risk: Admin-Control
+Likelihood: Very Low
+Severity: Critical
 Compensation: 0.50%
+The token’s default admin owns the shared beacon and can replace the implementation. It can grant and revoke minting, burning and configuration roles. The active pause-manager can pause the token or all associated tokens. The live compliance stack uses global-markets and sanctions blocklists, and every mint, burn, transfer and transferFrom operation checks compliance and token-pause state.
+A blocked address cannot send, receive or use delegated transfers. The default admin can grant a burner role, replace the compliance contract or pause-manager, or upgrade the shared beacon. These powers can make pledged SPCXon untransferable or change the token’s behaviour during a liquidation.
 ## Conclusion
+The 30% retained reserve is above the 19.40% worst 48h close-to-close drawdown observed for SPCX and provides a buffer for challenger reward and tokenized-equity execution. The 2.00% effective interest rate compensates SpaceX counterparty risk, Ondo Finance issuer and redemption risk, smart-contract risk and admin-control risk. The 2,000,000 ZCHF global minting limit restricts the maximum withdrawable amount to 1,400,000 ZCHF and contains the Medium SpaceX counterparty risk. SPCXon’s Strong Free Float supports a 24 hour auction duration, and a maturity of 2 years is appropriate before reassessment.

assessments/draft/{SPCXon.md@18ecc29 → SPCXon.md@51074a9} RENAMED Viewed

@@ -2,148 +2,90 @@
 ## Summary
-SPCXon is a tokenized representation of Space Exploration Technologies Corp. issued through Ondo’s tokenized-stock infrastructure. It gives holders economic exposure to SpaceX in ERC-20 form.
+SPCXon is an Ondo tokenized-security product referencing Space Exploration Technologies Corp. Class A common stock, listed as SPCX. It is an open-ended structured note issued by Ondo Global Markets (BVI) Limited, not a direct shareholding. Holders receive no voting, information or in-kind delivery rights in SpaceX.
-The main risks are not only the exposure to a stock with limited price history itself, but the tokenized-security structure: issuer dependency, admin controls, and residual smart-contract risk.
+The 30% retained reserve addresses the short post-listing price history of SPCX. The main residual risks arise from the issuer and redemption structure, the broker and custody chain, the smart-contract stack and central compliance and administrative controls.
-## Introduction
+## Asset Overview
-SPCXon represents tokenized exposure to Space Exploration Technologies Corp. SpaceX is one of the largest and most widely followed technology companies globally, with exposure to launch services, satellite infrastructure, and broader space-related infrastructure.
+SpaceX is a space-infrastructure company focused on reusable rockets, satellite connectivity, crew and cargo spacecraft, and government and commercial launch services. Its Class A common stock trades as SPCX on Nasdaq Global Select Market and Nasdaq Texas. As a single-name equity exposure, it remains sensitive to company-specific events including major operational disruption, failed launches, regulatory intervention and changes in investor confidence.
-The tokenized version introduces an additional RWA/security-token layer. The token is not only exposed to the ordinary price movement of the underlying equity exposure, but also to the mechanics of the Ondo tokenized asset wrapper.
+SPCXon is designed to track the total return of SPCX. It initially tracks one share per token, but net dividend reinvestment can result in one token tracking more than one share. The issuer is Ondo Global Markets (BVI) Limited, a BVI bankruptcy-remote special-purpose vehicle. Ondo Finance Inc. provides tokenization and platform services.
-## Free Float/Liquidity
+Alpaca Securities LLC acts as broker and custodian, together with BitGo Trust Company, Inc. Ankura Trust Company, LLC acts as security and verification agent. The notes are stated to be fully backed with an additional collateral buffer, and tokenholders have a first-priority security interest over the relevant collateral through Ankura. Redemption is a cash or stablecoin claim against Ondo Global Markets, subject to KYC and compliance. Approved institutions may have access to an Alpaca in-kind conversion route, but this is not a general tokenholder right.
+## Free Float
 Classification: Strong
-SPCXon has strong public market visibility since listing and is supported by Ondo’s tokenized-stock infrastructure, and Ondo's own interface taps directly into traditional market liquidity. Besides Ondo's market place, the token is also listed on several venues like Binance, Gate, MEXC, BingX, and Uniswap.
+SPCXon can be minted and redeemed through Ondo’s highly liquid primary market. It trades directly as SPCXON/USDON and has verified SPCXON/USDT markets on MEXC and Gate. It also has markets on Uniswap on Ethereum and BNB Chain, with further venues on Solana. Ondo supports off-hours trading on Ethereum, BNB Chain and Solana.
+These routes give independent challengers and auction buyers several ways to acquire and sell SPCXon. Ondo does not guarantee a secondary market or sufficient liquidity at all times, but the available trading and redemption routes support a Strong Free Float classification.
 ## Public Information
 Classification: Strong
-SPCXon is pegged to SPCX, which has a highly liquid secondary market, meaning potential auction outcomes can be assessed using both tokenised and traditional secondary market data.
+SPCX is a publicly listed equity with Nasdaq as the principal reference source in the SPCXon final terms. SPCXon has published final terms, base prospectus and token documentation covering the issuer, backing, custody, redemption and transfer restrictions.
+Challengers can estimate expected auction outcomes from Nasdaq reference prices and SPCXon secondary-market prices, applying the relevant token-market and redemption discount.
 ## Market Risk
-Maximum Drawdown, 48h close-to-close: 19.40%
+Worst 48h close-to-close drawdown observed: 19.40%
-Using Yahoo Finance daily OHLC data for SPCX from its first trading day on 12 June 2026 to 24 September 2026:
+SPCX began trading on 12 June 2026 and the observed worst decline occurred shortly after listing, when price discovery was still limited.
-Current price: $148.03
+The short history supports a 30% retained reserve, which is above the observed drawdown and provides additional room for challenger reward and tokenized-equity execution.
-Listing/reference price: $150.00
-First trading-day close: $160.95, after an intraday high of $176.52
-Highest observed intraday price: $225.64 on 16 June 2026
-Lowest observed intraday price: $104.83 on 3 August 2026
-Worst 24h close-to-close drawdown: -16.4% from 18 June to 22 June 2026
-Worst 48h close-to-close drawdown: -19.4% from 17 June to 22 June 2026
-The first weeks after a public listing are usually the most volatile, as the market is still finding an appropriate price. This is visible in SPCX: the strongest upside move and the worst close-to-close drawdown both occurred shortly after trading began. The asset moved from a first-day close of $160.95 to an intraday high of $225.64 only two trading days later, before falling sharply to $154.60 by 22 June.
-This means a retained reserve of 30% should be applied as the maximum drawdown is based on a very limited trading history. This way, it should cover market volatility under normal circumstances and account for the challenger reward.
 ## Tail Risks
 ### Counterparty Risk: SpaceX
-Description: SPCXon ultimately references the equity value of Space Exploration Technologies Corp. The collateral is therefore exposed to company-specific tail events affecting SpaceX.
+Likelihood: Medium
-Probability: Medium
+Severity: Moderate
-Severity: Severe
+Compensation: 0.75%
-Compensation: 1.00%
+SPCXon ultimately references the equity value of Space Exploration Technologies Corp. The collateral is therefore exposed to company-specific tail events affecting SpaceX, including fraud, major operational disruption, failed launches, regulatory intervention and a material deterioration in investor confidence.
-SpaceX is a large and strategically important publicly listed company. Severe tail scenarios could materially impair the equity value, including fraud, governance failure, major operational disruption, a failed launch with significant financial or reputational consequences, regulatory intervention, loss of key contracts, or a material deterioration in investor confidence.
+These risks are not captured by ordinary short-term price volatility alone and can impair the underlying share value beyond the reserve buffer.
-These risks are not captured by ordinary short-term price volatility alone. A 1.00% compensation is therefore assigned to account for the single-company counterparty and business-risk exposure of the underlying asset.
 ### Counterparty Risk: Ondo Finance
-Description: SPCXon depends on Ondo’s tokenized-asset issuance, redemption, operational, and custody structure.
+Likelihood: Very Low
-Probability: Low
+Severity: Severe
-Severity: Moderate
 Compensation: 0.25%
-Even if the underlying SpaceX exposure remains valuable, liquidation efficiency may be impaired if Ondo fails in its duties as an issuer, leading to depegs from the underlying stock price.
+SPCXon depends on Ondo’s tokenized-asset issuance, redemption, operational and custody structure. Ondo Global Markets (BVI) Limited is the legal issuer and redemption obligor; Ondo Finance Inc. provides tokenization and platform services.
-### Smart Contract Risk: Smart-Contract Exploit
+Even if the underlying SpaceX exposure remains valuable, liquidation efficiency may be impaired if the Ondo structure fails to process minting or redemption, maintain the collateral arrangement or make the issuer claim recoverable.
-Description: SPCXon is implemented as an ERC-20 token linked to a real-world asset off-chain, and therefore carries residual smart-contract risk.
+### Smart-Contract Risk: Smart-Contract Exploit
-Probability: Low
+Likelihood: Very Low
 Severity: Critical
 Compensation: 0.50%
-The probability of a major smart-contract issue appears low, but the severity could be critical if the token contract or transfer mechanics were impaired.
+SPCXon is an EIP-1967 BeaconProxy using the GMToken implementation. A defect or exploit in the token, beacon, compliance stack, pause-manager or material issuance and redemption integration could impair balances, supply, transfers or settlement.
-Unlike a native asset, the collateral value depends on the underlying equity exposure in custody and the correct representation of the tokenized wrapper, meaning that a technical issue could lead to unbacked tokens or impaired transferability.
+### Governance Risk: Admin-Control
-### Governance Risk: Transfer restrictions / admin controls
+Likelihood: Very Low
-Description: SPCXon is a tokenized security-style asset and carries transfer, compliance, redemption, or admin-control considerations.
+Severity: Critical
-Probability: Low
-Severity: Severe
 Compensation: 0.50%
-Tokenized securities generally require admin and compliance controls. These controls are not automatically disqualifying, but they introduce risk because transferability may depend on issuer-controlled compliance and pause mechanisms.
+The token’s default admin owns the shared beacon and can replace the implementation. It can grant and revoke minting, burning and configuration roles. The active pause-manager can pause the token or all associated tokens. The live compliance stack uses global-markets and sanctions blocklists, and every mint, burn, transfer and transferFrom operation checks compliance and token-pause state.
-For Frankencoin, the relevant governance risk is the possibility that transferability could be impaired for example due to a regulator request to freeze certain tokens.
+A blocked address cannot send, receive or use delegated transfers. The default admin can grant a burner role, replace the compliance contract or pause-manager, or upgrade the shared beacon. These powers can make pledged SPCXon untransferable or change the token’s behaviour during a liquidation.
-### Legal Risk: n/a
-Description: No separate legal-risk premium is assigned in the current classification.
-Probability: n/a
-Severity: n/a
-Compensation: n/a
-Legal and regulatory considerations are mainly captured through the counterparty and governance/admin-control risk categories. No additional standalone legal-risk premium is assigned to avoid double-counting.
-### Liquidity Risk: Secondary-market or redemption impairment
-Description: SPCXon liquidity depends on both token-level secondary markets and the ability of eligible participants to access Ondo’s issuance and redemption mechanics.
-Probability: Negligible
-Severity: n/a
-Compensation: 0%
-Liquidity is available through multiple independent venues. No compensation is required.
-### Contagion Risk: n/a
-Description: No separate contagion-risk premium is assigned.
-Probability: n/a
-Severity: n/a
-Compensation: 0%
-SPCXon is primarily exposed to single-name equity risk and tokenized-security infrastructure risk, not to correlated DeFi contagion. No separate contagion premium is assigned under the current classification.
 ## Conclusion
-SPCXon is a credible collateral candidate for Frankencoin.
-PCX has shown significant post-listing volatility, with a worst 48h close-to-close drawdown of 19.4%. The price history is however limited, so a retained reserve of 30% should be applied.
-The total risk premium of 2.25% compensates FPS holders for the the counterparty risk of SpaceX, the issuer risk of Ondo Finance, as well as smart-contract and governance risk.
+The 30% retained reserve is above the 19.40% worst 48h close-to-close drawdown observed for SPCX and provides a buffer for challenger reward and tokenized-equity execution. The 2.00% effective interest rate compensates SpaceX counterparty risk, Ondo Finance issuer and redemption risk, smart-contract risk and admin-control risk. The 2,000,000 ZCHF global minting limit restricts the maximum withdrawable amount to 1,400,000 ZCHF and contains the Medium SpaceX counterparty risk. SPCXon’s Strong Free Float supports a 24 hour auction duration, and a maturity of 2 years is appropriate before reassessment.