Overview
- Three cryptocurrency exchanges have halted efforts to provide access to SpaceX's IPO.
- The firms attributed this to xStocks' failure to secure allocations for the IPO.
- SPCX shares have surged over 26% from their initial IPO price of $135.
On Friday, crypto exchanges Binance, Bybit, and Bitget refunded customers who were interested in acquiring a tokenized version of SpaceX shares (SPCX) as the company's stock experienced a significant increase in value amid widespread excitement.
The exchanges returned customer funds after xStocks, the platform for tokenized equities, was unable to obtain allocations of the actual shares, according to statements made by the firms.
“Due to xStocks’ failure to deliver the underlying assets, no SpaceX allocations were received,” Bybit announced on X.
Binance similarly noted that due to unspecified reasons beyond its control, it would need to cancel its SPCXx campaign—the pre-IPO token from xStocks.
We are unable to secure and distribute the allocated SPCXx for this IPO due to unforeseen market conditions.
The @xStocksFi team worked hard to secure the allocation, but it ultimately was not available as anticipated. We sincerely apologize for the disappointment this has caused…
— Bitget Wallet 🩵 (@BitgetWallet) June 12, 2026
Changpeng “CZ” Zhao, founder and former CEO of Binance, commented on X, emphasizing the importance of protecting users when circumstances do not unfold as expected.
In addition to issuing refunds, Binance is distributing $1 million worth of SpaceX shares through bStocks, its new tokenized securities initiative, to participants of the SpaceX pre-IPO campaign. Bybit is also providing extra interest rewards to those who held funds throughout the campaign.
A spokesperson for xStocks did not immediately reply to a request for comment from Decrypt, nor has the company made any public statements regarding the situation.
However, disclaimers shared by xStocks on X clarify that SPCXx, its pre-IPO tokenized SpaceX shares, do not guarantee an allocation.
“IPO xStocks are tokenized equities providing price exposure only—not direct ownership,” the firm stated on X.
This tokenized offering was one of several methods through which crypto investors aimed to engage with the highly-anticipated IPO.
Traders utilized decentralized perpetual exchanges like Hyperliquid to take long or short positions in SpaceX shares before they officially launched on the market. Additionally, Coinbase International provided a similar product, enabling users to influence price discovery and gain exposure to the private company ahead of its public listing.
Since beginning trading at $135, SpaceX shares have risen more than 26%, recently trading at $172.31. The company's market capitalization now exceeds $2.2 trillion, and the public offering has reportedly made Musk the world's first trillionaire.