Binance, Bybit and Bitget cancel SpaceX tokenized IPO campaigns after allocation shortfall

Bybit, Binance, and Bitget canceled their SpaceX tokenized IPO campaigns after failing to receive the allocations needed to distribute exposure to users.

Bybit said subscribed users will not receive SpaceX allocations because xStocks was unable to deliver the underlying assets. The exchange said all subscription funds will be automatically refunded to users’ original funding accounts.

The exchange also said eligible participants will receive an additional reward based on a 10% APR over a fixed four day period, credited automatically to their accounts.

Bitget issued a similar update, saying it was unable to secure and distribute allocated SPCXx tokens for the IPO. The exchange said users will receive a full refund, including the 5% handling fee.

Bitget said affected wallet addresses will be automatically whitelisted for future tokenized IPO opportunities and will also receive a $10 gas fee voucher.

Binance also canceled its Binance Wallet SPCXx IPO campaign, citing circumstances outside its control. The exchange said all locked USDC will be refunded to participating users through the original payment method.

Binance said it will also distribute a $1 million airdrop of bStocks SpaceX tokens under the ticker SPCXB to users who joined the campaign.

The episode comes as major exchanges race to expand beyond crypto trading into tokenized stocks, IPO access, and broader financial products. SpaceX was supposed to be a showcase deal for that push.

SpaceX began trading Friday on Nasdaq under the ticker SPCX, opening around 11:30 a.m. ET at $150, about 12% above its $135 IPO price. Shares later climbed above $150 and were last trading near $171, putting the stock roughly 26% above its IPO price.

The debut cemented Elon Musk’s SpaceX as the sixth most valuable public company in the world and pushed Musk into trillionaire territory.

SpaceX had also traded for several weeks on pre-IPO venues, most notably Hyperliquid, where the stock has seen nearly $1 billion in 24-hour volume and more than $300 million in open interest.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.