SpaceX IPO Leaves Crypto Investors Empty-Handed

The highly anticipated SpaceX IPO left many crypto investors disappointed and frustrated after several major platforms canceled their pre-IPO offerings due to an inability to secure shares through xStocks.

Bybit, Binance Wallet, and Bitget all canceled their pre-IPO offerings for the blockbuster SpaceX IPO, refunding customers after failing to secure shares promised through xStocks. The platforms had marketed the offering as a way for retail investors to gain access to one of the most sought-after IPOs in years through tokenized shares.

The company's initial plan was to reserve 30% of the offering for retail investors, but demand quickly overwhelmed that allocation, with Bloomberg reporting retail orders exceeded $100 billion. When underwriters finalized allocations, many requests went unfilled, leaving crypto platforms empty-handed.