Bybit, Binance, and Bitget canceled tokenized SpaceX IPO allocations after supply shortages, while SpaceX shares surged more than 26% following their public debut.
Bybit, Binance, and Bitget all canceled their campaigns to offer customers tokenized access to the SpaceX (SPCX) initial public offering (IPO) on June 13 after xStocks, the tokenized equities platform, failed to secure allocations of the underlying shares. All three platforms issued full refunds and offered additional compensation to affected users.
The cancellations stemmed from xStocks, which had partnered with the exchanges to deliver pre-IPO tokenized SpaceX shares under the ticker SPCXx. The firm had previously disclosed that allocations were not guaranteed and that the product provided price exposure rather than direct ownership. "Due to overwhelming demand, requests to buy IPO access to SpaceX were not able to be fully fulfilled," a spokesperson for Kraken, which acquired xStocks said.
Bybit confirmed it received no allocation after xStocks failed to deliver the underlying assets. The exchange confirmed all subscription funds would be refunded automatically. It also offered eligible participants a 10% interest reward for funds held during the campaign period.
Source: Bybit
Compensation Offered Across All 3 Platforms
Bitget Wallet said xStocks had made every effort to secure the allocation but that it was ultimately unavailable. Users will receive a full refund including fees, along with future tokenized IPO whitelisting privileges and a gas fee voucher. Binance canceled its Binance Wallet SPCXx campaign, citing circumstances outside its control, and confirmed all locked USDC would be refunded. Participating users will also receive a share of a $1 million distribution of SPCXB, the SpaceX token tied to Binance's new bStocks tokenized securities product.
XStocks offers 1:1-backed synthetic stock exposure primarily for non-US users, with each tokenized share backed by a real share. Moving shares on-chain allows users to trade outside of traditional market hours. Kraken said it received a smaller allocation than expected and would refund all unfilled partial orders. Some users on X reported receiving partially filled orders totaling 4.2786 SPCX shares.
SPCX officially listed on June 12 at an opening price of $150, approximately 12% above the $135 IPO price. Shares climbed further during the session, recently trading at $172.31, representing a gain of more than 26% from the offering price. The company's market cap now exceeds $2.2 trillion. The $75 billion raise makes it the largest IPO in US history, and the listing reportedly made Elon Musk the world's first trillionaire.
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Several crypto firms had also listed pre-IPO perpetual futures ahead of the listing. Hyperliquid's SPCX perpetual contract traded as high as $183 on the morning of June 12, 35% above the IPO target price, before falling to approximately $152 closer to the official listing. Crypto exchanges were not alone in falling short of demand. Several traditional brokers also introduced lottery systems due to heavy oversubscription, despite SpaceX setting aside up to 30% of IPO shares for retail investors, above the 5-10% typically reserved.
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