13.571B SPCX shares plus 9.844B new shares issued to Tesla holders at 2.49 SPCX per TSLA, the exchange ratio their market caps imply. It is the share count a real merger would have, with SpaceX as the surviving company. Nothing can ever mint more.

Tesla and SpaceX by market cap on launch day. The vault is seeded at that ratio and every fee purchase keeps it, so one XCORP is always a slice of both companies in the proportion the merger would carry.

Robinhood Chain runs on USDG: it is what people hold there and what the stock tokens trade against, and over half of the chain's swaps happen on USDG pools. A stock bundle should be priced in dollars, and the fee-to-stock purchases are one hop. If you hold ETH, the router takes it in the same transaction.

Hooked pools get skipped by Robinhood's own router, which is where most retail flow comes from. A plain pool with the fee set to 3% is routable by everyone, and the fee lands with the locked position that Bucket's keeper collects. The pool is open, so other people can add liquidity and earn a share of that fee; at launch the locked position is the only liquidity.

Backing per token is what one XCORP redeems for today. It sits under the price, not at it: the vault starts small and grows with every trade. If the market price ever drops below it, redeeming pays more than selling, which is the floor doing its job.

Founder: 6% of the float, minted once at launch to a public wallet. Bucket: 1.5% of every trade, into the Treasury that pays BUCKET holders. XCORP holders: the other 1.5% as vault backing, plus the redeemable claim. Nobody: there is no admin, no mint, no fee switch.

The price is a market and can fall to the floor or below it before arbitrage catches up. The vault holds Robinhood's tokenized stocks, so it carries their issuer and market risk, and the pool is thin at launch, so trades move the price. This is not affiliated with Tesla, Inc. or Space Exploration Technologies Corp.