Crypto platforms faced allocation shortfalls during SpaceX's IPO last week, leading several exchanges to cancel tokenized offerings and issue refunds. The episode revealed differences between various tokenized products and their ability to deliver actual shares.
SpaceX priced its IPO at $135 per share on June 11 and raised $75 billion, with shares opening at $150 on Nasdaq the next morning. Retail demand exceeded available allocations, prompting platforms including Binance Wallet, Bybit, and Bitget Wallet to cancel pre-IPO tokenized campaigns on June 12.
Bybit stated that xStocks failed to deliver the underlying assets, resulting in no allocations for its users. Kraken and xStocks distributed only partial shares to customers who had placed orders, while unallocated funds were refunded. An xStocks spokesperson cited overwhelming demand as the cause.
Backpack Securities issued redeemable tokens backed by custodied shares, allowing eligible holders to redeem for actual equity. In contrast, xStocks products functioned as tracker certificates without shareholder rights, and Hyperliquid offered cash-settled perpetual futures.
Industry participants noted that the shortfall stemmed from limited share supply rather than tokenization technology itself. Tokenized SpaceX products continued trading onchain after the IPO, with about $24 million in circulation reported by Arkham data.
