Dialectic Unveils Starloop Vault for Tokenized SpaceX Exposure
Dialectic's Starloop vault is set to launch on Base in September 2026, offering holders of tokenized SpaceX exposure an opportunity to earn yield without selling their tokens.
The vault will utilize tokenized shares as collateral in DeFi lending marketplaces, borrowing stablecoins and deploying them into strategies expected to yield higher returns than the loans' interests.
Dialectic's thesis is based on SpaceX's initial public quarter, with a 92% increase year over year for Q2 revenue at $7.8 billion and a nearly tripled adjusted EBITDA figure of $3.5 billion.
The firm claims that the market treats SpaceX as a collection of separate concepts instead of a whole company, resulting in a blended fair value calculation of $286 per share, about twice its latest closing price of $143.69 on August 31.
The launch coincides with Coinbase's introduction of tokenized stocks on Base using its B20 standard, which can represent actual shares and circulate across DeFi apps as collateral in Aave.