Binance, Bybit, Bitget Cancel SpaceX Tokenized IPO Campaigns After Allocation Shortfall

Three major cryptocurrency exchanges—Binance, Bybit, and Bitget—canceled their tokenized SpaceX IPO campaigns on Friday after failing to receive share allocations from xStocks, Kraken's tokenized equities platform. SpaceX began trading on Nasdaq on June 12 under ticker SPCX, opening at $150 (11% above the $135 IPO price) with demand exceeding supply by 4:1. The IPO raised $75 billion at a $1.77 trillion valuation, making it the largest in history. Binance's campaign attracted $557 million in commitments from 27,700 on-chain addresses. Bybit cited xStocks' inability to deliver underlying assets; Bitget cited unforeseen market circumstances; Binance cited circumstances outside its control. xStocks attributed the breakdown to overwhelming demand. Competing tokenized products like Ondo's SPCXon and Backpack's SPCX launched successfully, with $24 million in tokenized SpaceX shares circulating on-chain. Compensation packages included Bybit's 10% annualized bonus, Bitget's fee refunds and gas vouchers, and Binance's $1 million SPCXB airdrop. Binance co-founder Changpeng Zhao acknowledged the incident, posting "protect users when things don't go as planned." SpaceX shares hit an intraday high of $172.65 on debut.