Key facts
- Bybit, Binance, and Bitget canceled tokenized SpaceX IPO campaigns.
- The cancellations were due to xStocks' inability to secure allocations of the underlying SpaceX shares.
- Exchanges refunded customer funds, with Binance also distributing $1 million in bStocks tokens.
- SpaceX shares opened trading at $150, an 11% increase from their $135 IPO price.
- SpaceX's market capitalization surpassed $2 trillion after its IPO.
Crypto exchanges Bybit, Binance, and Bitget have canceled campaigns offering tokenized access to the SpaceX IPO, citing the tokenized equity platform xStocks' inability to secure allocations of the underlying shares. Users who subscribed to these offerings have been refunded.
Bybit stated that due to xStocks' failure to deliver the assets, no SpaceX allocations were received. Binance also canceled its SpaceX pre-IPO token campaign due to unspecified circumstances outside its control. In addition to refunds, Binance is distributing $1 million worth of its bStocks token to participants in the canceled campaign. Bitget Wallet also confirmed the cancellation and refund process.
SpaceX shares began trading on Nasdaq at $150, an 11% increase from their IPO price of $135. The stock has since surged over 26% from its IPO price, reaching $172.31 and pushing the company's market capitalization above $2 trillion. Elon Musk's company reportedly raised $75 billion in the IPO, making Musk potentially the world's first trillionaire.
Traders also utilized decentralized perpetuals exchange Hyperliquid and Coinbase International to gain exposure to SpaceX before its public listing, with pre-IPO contracts amassing significant open interest and volume.