SpaceX: Binance, Bybit and Others Refund Users After Failing to Secure Shares

TL;DR:

• Bybit, Binance, and Bitget canceled their tokenized stock allocations for the SpaceX IPO due to lack of access to the underlying assets.
• All three platforms will issue full refunds to affected users, along with additional compensation including rewards and airdrops.
• Binance announced a $1 million airdrop of its upcoming SpaceX bStocks token (SPCXB) for participants of the canceled campaign.

Three major exchanges in the crypto industry canceled their tokenized stock allocation programs for the IPO of SpaceX, Elon Musk’s aerospace company, after the platform providing the underlying assets failed to meet its commitments. Bybit, Binance, and Bitget each reported the situation independently and announced full refunds for users who had subscribed.

Bybit was the first to communicate the issue. The exchange stated that xStocks was unable to deliver the underlying assets needed to back the committed allocations. “Due to xStocks’ inability to deliver the underlying assets, Bybit did not receive any allocation,” the platform stated in an official announcement. As compensation, the company announced an additional 10% reward for certain participants, beyond the return of subscribed funds.

Update on the SpaceX IPO Subscription

Due to xStocks’ inability to deliver the underlying assets, no SpaceX allocations were received. As a result, subscribed users will not receive SpaceX allocations.

100% of subscription funds will be automatically refunded to your original…

— Bybit (@Bybit_Official) June 12, 2026

SpaceX Scarcity Halted Three Platforms Simultaneously

Bitget confirmed an identical scenario. The platform said it was unable to secure or distribute the SPCXx tokens linked to the SpaceX IPO, and published that the xStocks team “did everything possible to guarantee the allocation, but it ultimately was not available as expected.” Users will receive a full refund covering the fees paid, along with whitelisting privileges for future tokenized IPOs and a gas fee voucher.

Binance also canceled its campaign on Binance Wallet for the SPCXx token, citing “circumstances beyond our control.” The exchange went a step further than the others in terms of compensation: it promised to return all USDC funds locked during the campaign and distribute among affected participants a $1 million airdrop in tokens from its upcoming product, SpaceX bStocks, the SPCXB.

For now, Kraken has not issued any public statement on the status of its own SpaceX IPO allocation, leaving open the question of whether the platform managed to gain access to the underlying assets or will also implement cancellations.