Compiled by KHAO Editorial
— aggregated from 17 sources.
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Several crypto exchanges and platforms have canceled their planned allocations for tokenized shares of Elon Musk's SpaceX IPO and have begun issuing refunds after failing to secure enough underlying shares to fulfill customer subscriptions.
Key facts
SPCX officially listed at around 11:45 AM ET at an opening price of $150, about 12% above the IPO price of $135 per share
”the reporter initially committed $5,078, but due to massive oversubscription, the final allocation was only $606.50 — This is despite SpaceX setting aside up to 30% of its IPO shares for retail, above the 5%–10% typically reserved
The exchange said all locked USDC would be refunded and that participating users would receive a share of a $1 million airdrop of its upcoming bStocks SpaceX token, SPCXB
Summary
Bybit said Friday that no users would receive allocations after xStocks was unable to deliver on the underlying assets. "Due to the xStocks' inability to deliver the underlying assets, Bybit did not receive any allocation," Bybit said in a notice. Bitget Wallet announced a similar outcome, saying it was unable to secure and distribute allocated SPCtokens tied to the SpaceX IPO. "The xStocks team made every effort to secure the allocation, but it ultimately wasn't available as expected," Bitget Wallet said on X.