spacex

The long-awaited public debut of SpaceX attracted enormous interest from investors worldwide. However, instead of a smooth rollout, thousands of crypto users hoping to gain exposure to SpaceX shares through special IPO-related programs were left disappointed.
The result: full refunds, canceled campaigns, and growing questions about what exactly went wrong behind the scenes.
Bybit Refunds 100% of User Funds
Crypto exchange Bybit announced that it will fully refund all users who participated in its SpaceX IPO offering.
According to the company, its partner xStocks failed to deliver the underlying assets required to allocate shares. As a result, users who had subscribed and committed funds to the program ultimately received no allocations.
Bybit has therefore decided to return all funds directly to participants’ original funding accounts.
To compensate users for the inconvenience, the exchange also announced an additional reward equivalent to a 10% annual percentage rate (APR) calculated over a four-day period. The bonus will be credited automatically to eligible users.
Demand for SpaceX Far Exceeded Supply
The situation is particularly surprising given the overwhelming demand surrounding the SpaceX IPO.
Reports indicate that the offering was oversubscribed by more than four times, highlighting the intense appetite among investors to gain exposure to Elon Musk’s aerospace giant.
When SpaceX began trading on Nasdaq, shares opened at $150, roughly 11% above the IPO price of $135 per share.
The listing quickly became one of the largest IPOs in U.S. history, while SpaceX’s market capitalization surpassed $2 trillion.
Binance Also Cancels Its Campaign
Similar issues affected Binance.
The world's largest cryptocurrency exchange announced the cancellation of its SPCXX IPO campaign and, like Bybit, confirmed that all participating users would receive full refunds of their deposited funds.
The company stated that the cancellation was caused by circumstances beyond its control.
Although Binance did not specify the exact reason, the timing of the announcement suggests a connection to the same asset-delivery issues involving xStocks.
Binance Plans a $1 Million Token Compensation
Unlike Bybit, Binance chose a different compensation strategy.
The exchange announced that it will distribute $1 million worth of bStocks SpaceX tokens among all users who participated in the campaign.
The distribution is expected to be completed by June 18 and is intended as a gesture of appreciation toward affected participants.
Investor interest was substantial. According to reports, the Binance Wallet SpaceX IPO campaign attracted more than $557 million in subscription funding, underscoring the extraordinary enthusiasm surrounding SpaceX among crypto investors.
CZ: Protecting Users Comes First
Binance founder Changpeng Zhao, better known as CZ, also commented on the situation.
In a brief statement, he emphasized that protecting users remains the company’s top priority when events do not unfold as expected.
However, Binance did not confirm whether it failed to receive allocations from xStocks, as Bybit claimed, or whether a different issue led to the campaign’s cancellation.
An Unexpected Twist in a Historic IPO
The SpaceX IPO story has therefore taken an unexpected turn. While the company’s public debut itself proved to be a massive success and attracted record-breaking investor interest, many crypto users who expected allocations through tokenized offerings were left empty-handed.
The incident also highlights the challenges involved in connecting traditional capital markets with tokenized investment products. Despite explosive demand for SpaceX shares, technical and infrastructure-related issues ultimately prevented thousands of investors from participating in one of the most closely watched IPOs in recent history.
#SpaceX #IPO #bybit #Binance #ElonMusk
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