Crypto Exchanges Cancel Tokenized SpaceX IPO Offering Due to Shortage

Key Insights

• Binance, Bitget Wallet, and Bybit all canceled the tokenized SpaceX IPO offering after xStocks received a reduced allocation.
• The exchanges are now refunding users and offering other bonuses as compensation.
• SpaceX’s IPO sees massive demand on launch day, sending SPCX up 24% on the first day of trading.

Several crypto exchanges have canceled plans to distribute tokenized SpaceX IPO shares after receiving smaller-than-expected allocations from xStocks, the infrastructure provider behind the offerings.

The SpaceX IPO allocation shortage affected Binance, Bybit, and Bitget, all of which informed users that subscription requests could not be fulfilled. The development highlights the challenges tokenized platforms face when demand exceeds the supply of underlying shares.

SpaceX IPO Allocation Shortage Forces Exchange Cancellations

Following the exchanges’ cancellation of the tokenized SPCX IPO, they have now begun offering refunds. Bybit stated that 100% of the subscription funds will be automatically returned to the user’s account.

Binance and Bitget Wallet also confirmed similar refunds to users. According to Binance, it is processing refunds in batches and plans to complete them by June 12, 2026.

Interestingly, the exchanges are also offering rewards to compensate users for missing out on the biggest public offering ever.

Bitget Wallet stated that all affected addresses will now be whitelisted for future tokenized IPO opportunities. It is also offering a $10 gas fee voucher to users.

Bybit stated that affected users will receive an additional 10% APR over a fixed 4-day period, in addition to their refunds.

Binance has also promised to airdrop $1 million in SPCXB to users who participated in this campaign. SPCXB is bStocks SPCX, Binance’s own tokenized version of SpaceX stock, offered through Alpaca.

According to the exchange, the upcoming bStocks token will be available for trading soon. The exchange stated that the airdrop will be automatically credited to users’ spot accounts by 18 June 2026.

Meanwhile, SPCX stocks are already available for trading onchain and on crypto exchanges. Binance and Kraken have both said that users can start trading the stock or its tokenized version on their platforms.

Brokerage firm Backpack Securities stated that SPCX is now available on the Solana network through Sunrise decentralized exchange.

SpaceX IPO Sees Massive Demand From Retail and Institutions

While crypto exchanges’ cancellations have raised concerns about tokenization’s efficiency, experts believe this is only due to demand for the SpaceX IPO.

According to reports, the debut of SPCX on Nasdaq today was met with strong investor demand. Priced at $135 on debut and expected to raise $75 billion, reports claim that over 1,000 institutional investors submitted orders for the stock.

BlackRock reportedly placed orders for $5 billion in SPCX, while the Saudi Public Investment Fund reportedly wants $1 billion.

Demand is even higher among retail investors. Despite SpaceX setting aside an unusually large 20% of its offering for retail investors, Bloomberg reported that the IPO attracted over $100 billion in retail orders.

So far, the demand has translated into improved price performance on debut. SPCX is up 25% on its first day and currently trades around $169 after rising as high as $173.

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