Dialectic plans SpaceX DeFi vault that lets holders borrow without selling

According to a post on X by the investment firm Dialectic on August 31, their Starloop vault is set to launch in September 2026, providing holders of tokenized SpaceX exposure the opportunity to utilize credit to earn yield via DeFi without having to sell the tokens.

With the ongoing search for real-world assets in crypto that can serve as collateral, this project may serve as an example of whether tokenized equities can integrate easily into the realm of DeFi lending just days after Coinbase introduced stock tokens on Base.

Borrow against the position instead of selling it

Dialectic described the process in a memo made available August 28 via Substack. A depositor gives a tokenized SpaceX position to the vault, which uses it as collateral in blockchain lending marketplaces.

The vault then borrows stablecoins, adhering to predetermined loan-to-value ratios, before deploying those funds into different strategies expected to yield higher returns than the loans’ interests. The positions are tracked and adjusted based on fluctuations in collateral value, rates, and yield availability.

The vault operation uses Makina’s non-custodial system, with authorized actions and risk settings established on the blockchain. Base, Coinbase’s Layer-2, provides the execution layer while Dialectic’s Meccanico division oversees the strategy.

Dialectic has likened its model to SpaceX’s approach to vertical integration to a portfolio; namely, an asset is used as collateral, collateral serves as liquidity and liquidity generates profit.

Why Dialectic is betting on SpaceX now

The thesis is based on SpaceX’s initial public quarter. The memo from Dialectic quotes a 92% increase year over year for Q2 revenue at $7.8 billion and a nearly tripled adjusted EBITDA figure of $3.5 billion, plus 12 million Starlink subscribers and 1.4GW of nominal computing capabilities, and $100 billion cash and marketable securities at the close of the quarter.

By comparison, Dialectic puts a blended fair value calculation of $286 per share on SpaceX, which is about twice times more than its latest closing price of $143.69 on August 31. The gap between these two numbers is the crux of Dialectic’s argument.

Dialectic claims that the market treats SpaceX as a collection of separate concepts instead of a whole company. In addition, the firm reveals its custodial relationship with both SpaceX and Tesla and says that borrowing costs can be greater than the returns from investments.

Tokenized stocks arrive as crypto looks for real collateral

The timing coincides with the tokenized stocks launch by Coinbase on August 24 on Base using its B20 standard. The tokens represents actual shares and are supported by a regulated custodian, can circulate across Base DeFi apps, and can be used as collateral in Aave. Thus, for onchain lenders, the collateral possibilities may go beyond just crypto-related assets.

Nevertheless, liquidity remains low. According to Galaxy Research, Coinbase was launched with a circulating supply only in NVIDIA, Meta, Apple, and Alphabet with a combined market capitalization of approximately $7.5 million.

Coinbase has also created a SpaceX contract called SPCX among 13 tokens, which did not have circulating supply at the time of launch. Furthermore, these tokens have also been banned for U.S. users while the market waits for the SEC’s “innovation exemption” for on-chain stock trading.

The ownership question hanging over the trade

Galaxy’s Alex Thorn flagged a legal wrinkle. Coinbase’s tokens use a “third-party issuer” structure, while Coinbase described them as:

“a real share that you actually own”— Coinbase/Base

Coinbase also said holders get:

“a direct claim on the share.”— Coinbase/Base

Thorn’s response was:

“Which is it? A real share, or a claim on a share?”— Alex Thorn, Galaxy Research

With the use of these systems, the legal relationship of the tokenholder is with the special purpose vehicle rather than SpaceX itself, and the rights of shareholders depend on the terms set by the issuer.

The demand for exposure to SpaceX seems pretty clear. When SpaceX went public in June, Cryptopolitan reported that crypto-traders generated more than $1.2 billion in Hyperliquid perpetual-futures volume in their attempts to price the stock, although those contracts never provided anyone with the shareholding rights.

Starloop offers a different path towards satisfying the stated demand. The main question now is whether meaningful, verifiable collateral will be available onchain once the vault opens.