LlamaRisk, the Aave-DAO-funded risk assessment provider that evaluated the listing, flagged several specific risk factors in its own analysis. The firm calculated SPCXc’s annualized volatility at 81 percent since the token began trading, and modeled a worst-case, once-in-ten-year off-hours price drop of 41.0 percent, while noting the token’s actual worst off-hours decline so far has been 16.4 percent, occurring on a night the underlying company reported second-quarter earnings. LlamaRisk also found that only about 21 percent of SPCXc’s total share count is currently tradable, with roughly 2.43 billion shares, or about 84 percent of the current float, scheduled to unlock in stages between October 26 and December 8, 2026, a wave of new supply that could meaningfully affect the token’s price and liquidity in the weeks ahead.
Because the proposal is a “direct-to-AIP” submission from Aave Labs itself, it can move more directly toward an onchain vote than some community-submitted proposals, though as of this report it remains a governance proposal rather than an enacted listing, meaning SPCXc is not yet live as usable collateral on Aave. Coinbase separately posted its own risk assessment thread covering its broader B20 equities-on-Base program to the same governance forum on the same day.
The token’s Base network contract address, 0xb2000000000000000000007b9fcbd005511acbd5, is tied to a dedicated Chainlink total-return price feed built specifically to track SPCXc’s value onchain. The proposal, posted on Aave’s governance forum, did not specify a target date for a final onchain vote.
This post first appeared in Aave Labs Proposes Letting Traders Borrow Against Tokenized SpaceX Equity
