TL;DR：破纪录的 IPO：SpaceX 于 2026 年 6 月 12 日在纳斯达克成功上市（股票代码：SPCX），发行价为每股 135 美元。它在历史上最大的 IPO 之一中筹集了约 750 亿美元。该股首日交易收盘上涨约 19%，至 160.95 美元，使埃隆·马斯克 (Elon Musk) 成为世界上第一位万亿富翁。 代币化 Pre-IPO 炒作与现实：多个加密平台（包括 Kraken、Bybit、Binance 和 Bitget）利用 xStocks 提供代币化 IPO 认购。他们提倡低门槛参与，吸引了大量资本。但上市当日，由于传统投行严格限制配售，导致用户获得的资金远低于预期，出现了大面积资金短缺。 核心问题——加密渠道受限：尽管平台采用1:1锚定实股的方式，但最终的配售量仍受到高盛、摩根士丹利等传统承销商的严格把控。因此，散户投资者和加密货币平台实际获得的股票远远低于其促销目标。 平台迅速响应和用户保护：平台迅速采取行动保护用户。 Kraken 提供了瓜尔豆
预先支付最低小额分配并全额退款； Bybit提供全额退款以及年化收益率补偿；币安空投了价值约 100 万美元的 SPCXB；等平台提供了多种形式的补偿。截至6月14日，退款已基本完成。 未来展望：平台表示，未来将继续探索xStocks框架下的代币化IPO服务。尽管这一事件凸显了代币化模式在确保主流IPO分配方面的局限性，但它仍然为散户用户打开了参与渠道，用户资金得到了高度安全。 2026年6月12日，SpaceX正式在纳斯达克上市，股票代码为SPCX。该公司以每股 135 美元的价格发行了约 5.556 亿股股票，
TL;DR:
Record-Breaking IPO: SpaceX successfully went public on Nasdaq on June 12, 2026 (Ticker: SPCX), priced at $135 per share. It raised approximately $75 billion in one of the largest IPOs in history. The stock closed up about 19% at $160.95 on its first day of trading, making Elon Musk the world’s first trillionaire.
The Tokenized Pre-IPO Hype & Reality: Multiple crypto platforms (including Kraken, Bybit, Binance, and Bitget) leveraged xStocks to offer tokenized IPO subscriptions. They promoted low-barrier participation, which attracted massive capital. However, on the listing day, widespread shortfalls occurred because traditional investment banks severely limited allocations, resulting in users receiving far less than anticipated.
The Core Issue — Restricted Crypto Channels: Despite platforms adopting a 1:1 peg to real shares, the final allocations remained tightly controlled by traditional underwriters like Goldman Sachs and Morgan Stanley. Consequently, the actual shares secured by retail investors and crypto platforms fell drastically short of their promotional targets.
Swift Platform Responses & User Protection: Platforms acted quickly to protect users. Kraken provided a guaranteed minimum small allocation alongside a full refund; Bybit offered full refunds with annualized yield compensation; Binance airdropped approximately $1 million worth of SPCXB; and other platforms provided various forms of compensation. As of June 14, refunds have largely been completed.
Future Outlook: The platforms stated that they will continue to explore tokenized IPO services under the xStocks framework in the future. While this incident highlighted the limitations of tokenized models in securing mainstream IPO allocations, it still opened participation channels for retail users, and user funds were kept highly secure.
On June 12, 2026, SpaceX officially listed on the Nasdaq under the ticker symbol SPCX. Priced at $135 per share, the company issued approximately 555.6 million shares, aiming to raise around $75 billion in what became one of the largest IPOs in history. On its first day of trading, SPCX opened at around $150, reached an intraday high of nearly $176, and closed at approximately $160.95, marking a first-day surge of about 19%.
This IPO propelled Elon Musk to become the world’s first trillionaire. Prior to the listing, several cryptocurrency exchanges had launched tokenized IPO subscription campaigns. These events attracted a massive number of users who participated using stablecoins like USDC. While platforms heavily promoted the opportunity for users to participate in the largest IPO in history with a low barrier to entry, listing day saw severe allocation shortfalls across multiple platforms, ultimately resulting in full refunds or various forms of compensation.
SpaceX IPO Overview
SpaceX finalized its IPO pricing at $135 per share on the evening of June 11, 2026. According to multiple media reports, subscription demand from retail and individual investors exceeded $100 billion, with overall demand far outpacing supply. The underwriters included traditional investment banks such as Goldman Sachs and Morgan Stanley. The raised capital is primarily earmarked for the construction of the Starlink satellite network and future business expansion. SpaceX’s 2025 revenue reached $18.67 billion, and Starlink users surpassed 10 million. Post-listing, the company’s market capitalization rapidly exceeded $2 trillion.
According to CNBC, SpaceX initially targeted a 30% retail allocation for this IPO — higher than the typical 5%–10% — but the final distribution was still dominated by traditional investment banks. The actual retail proportion dropped into the low 20% range, leaving the allocation available for crypto platform channels severely limited.
Kraken and xStocks Launch IPO Access
Around June 5, 2026, Kraken was the first to introduce the SpaceX IPO Access service.
Kraken’s announcement stated that through xStocks, eligible clients could submit non-binding indications of interest. Upon allocation, they would receive SPCXx tokens, a 1:1 tokenized representation of SpaceX equity. xStocks is a tokenized equity platform launched by Kraken’s parent company, Payward. The tokens issued by xStocks are backed 1:1 by underlying real shares custodied by regulated entities, providing price exposure. This service covered over 110 countries and regions, including the European Economic Area, but was restricted for users in certain jurisdictions, such as the US, UK, Canada, and Australia.
Kraken stated that this initiative aimed to bring one of the world’s most anticipated public listings to a broader audience. Users submitted their subscription intents via the Kraken App, with final results depending on the underwriters’ allocations. Kraken’s support page explicitly noted that allocations were not guaranteed and that the actual shares received would depend on the underwriters’ distribution. Kraken repeatedly emphasized in its announcement that the user-submitted intents were non-binding and that final distributions would be determined by the available quota.
Multiple Platforms Follow Suit: Bybit, Binance, and Others
On June 7, 2026, Bybit launched its IPO Express service, partnering with xStocks to release its first tokenized IPO product. Bybit announced, “We have partnered with Payward’s xStocks platform to offer retail investors the opportunity to participate in tokenized IPOs at the issue price.” The subscription period ran from June 7 to 11, with allocation and spot trading expected on June 12. Bybit also established specific fee structures for its VIP and Pro users.
Binance also rolled out the SPCXx IPO Campaign. According to Binance, the event attracted approximately 27,700 wallet addresses, with total USDC deposits reaching about $557 million — an 11x oversubscription. A high proportion of participants were small-scale investors. Binance co-founder CZ mentioned in a subsequent response that protecting user funds was the platform’s top priority.
Bitget Wallet opened SpaceX IPO xStock (SPCXx) subscriptions from June 9 to 11, allowing users to participate using various stablecoins like USDT and USDC. It set a minimum threshold of $10 and a maximum allocation limit of $5,000 per user. Bitget Wallet COO Alvin Kan stated in the announcement that most people have never had the opportunity to invest in such companies at their IPO prices.
Platforms like Gate also launched similar subscription campaigns. Earlier, synthetic products related to SpaceX, such as preSPAX, had emerged in the market. Issued by entities like Republic, these products attracted over 14,000 investors and roughly $177 million in total funds, with a minimum investment of $100. However, these products primarily tracked SpaceX’s performance rather than offering direct equity.
OKX did not participate in this spot IPO subscription project. OKX Founder and CEO Star Xu (@Star_OKX) released a statement explaining that OKX was one of the first exchanges to offer SpaceX Rebase futures. Over the past few months, its price discovery mechanism has operated robustly, providing a vital reference for the market pricing of this SpaceX issuance. Regarding the SpaceX spot IPO project, OKX believed there were significant discrepancies in the fulfillment capabilities of various intermediaries and channel participants. Ultimately, it tests not only the project initiators but also their integrity, sense of responsibility, and long-term commitment to users’ interests. Therefore, OKX maintained a cautious stance and opted out of this issuance.
Listing Day Allocation Results and Resolutions
Following SpaceX’s listing on June 12, severe allocation shortages emerged across multiple platforms, prompting them to announce various resolution and compensation plans:
Kraken: Regardless of the subscription size — from $1,000 to much higher amounts — users received a fixed, universal minimum allocation of approximately 4.2786 shares. The unfulfilled portion was fully refunded. Kraken’s support team explained that allocations were never guaranteed, and due to global demand drastically exceeding expectations, the quotas allocated to their partners were severely insufficient.
Bybit: Implemented a 100% full refund and provided an additional compensation of a 10% annualized yield for four days. Bybit stated that because xStocks failed to deliver enough underlying shares, they decided to issue full refunds alongside compensation.
MEXC: Processed 100% full refunds, offered a 2-day 6% APY booster voucher, and airdropped a nominal $500 SPCXUSDT position/trial fund.
Bitget Wallet: Executed a 100% full refund, issued a 10U gas fee rebate, and provided small USDT compensations.
Binance: Canceled its SPCXx IPO Campaign, processed full refunds, and distributed a total of approximately $1 million in SPCXB airdrops, averaging about 35U per user. Binance noted that due to uncontrollable factors, they were unable to complete the allocation and would return all funds. Some users reported that the platform had previously charged certain underwriting fees.
Other platforms handled the situation similarly. Furthermore, some mainland Chinese users who did manage to receive small allocations faced trading or withdrawal restrictions.
As of June 14, 2026, refund and compensation processing across platforms is largely complete or rapidly advancing. Multiple platforms confirmed that full refunds were automatically returned to user balances, and additional compensations are being distributed or will arrive within promised timeframes (e.g., Binance’s SPCXB airdrop is scheduled for completion by June 18). Users’ principal funds have been well protected.
Traditional IPO Mechanisms vs. Crypto Platform Models
Traditional IPO allocations are determined by investment banks based on institutional orders, long-term relationships, and other factors. The crypto platforms’ tokenized model, while strictly pegged 1:1 to real shares, relies on platforms like xStocks to acquire shares from underwriters. xStocks representatives stated that while tokens are 1:1 backed by regulated custodians, final distributions are still constrained by the underwriters’ overall quotas. Multiple platforms attributed the shortfall primarily to excessive global demand and insufficient partner allocations. Kraken and Bybit stated they still plan to offer future IPO services under the xStocks framework.
Kraken repeatedly emphasized that user funds for the unallocated portion would automatically return to available balances. In practice, after users submit their subscription intents, platforms must coordinate with underwriters and xStocks, with the final share allocation only becoming clear on the listing day. Although some platforms highlighted the “non-guaranteed allocation” clause during the campaigns, user enthusiasm remained extraordinarily high. The condensed campaign cycle — from Kraken’s initiation to rapid follow-ups by Bybit, Bitget Wallet, Gate, and others — attracted a massive influx of small and medium-tier users.
Reasons for the Allocation Shortfall
According to reports from CNBC and The Information, traditional IPO allocations prioritize institutional orders and established relationships. The tokenized model relies on intermediaries like xStocks to secure shares, which remain subject to overall quota limits. With exceedingly high global demand, the shares secured through the xStocks channel fell vastly short of the aggregated subscription amounts across all platforms.
Coinpedia and others noted that users were highly enthusiastic after seeing the promoted low entry barriers and 1:1 pegging. However, the reality remains that the proportion of crypto channels within the traditional investment bank allocation system is extremely limited.
Latest Official Responses and Developments
As of June 14, 2026, most platforms have either completed or are actively processing refunds and compensations. Representatives from xStocks have not yet announced any further increases in allocation quotas. According to Yahoo Finance, Kraken, Bybit, and several other platforms have expressed their intention to continue exploring future tokenized product services.
Reactions from the Crypto Community
Following the incident, the crypto community engaged in vibrant discussions on social media platforms like X. Many users shared their subscription experiences and refund progress, detailing when they submitted intents, their subscription amounts, and the actual shares received.
Hedging Losses: Some users mentioned executing hedging operations when they saw futures or pre-market prices rise. However, the failure to receive spot allocations resulted in realized losses, leaving them to bear the hedging costs themselves.
Compensation Comparisons: Users meticulously compared platform responses — from Kraken’s fixed minimum allocation to Bybit’s annualized yield, MEXC’s vouchers, Bitget Wallet’s gas rebates, and Binance’s airdrops.
Debating RWA Limitations: OKX’s statement regarding its non-participation sparked significant discussion. Some users shared insights on the reality of Real-World Asset (RWA) tokenization, noting that despite the advertised low barriers, these products remain heavily bottlenecked by traditional financial allocation limits.
Overall, user feedback centered on fund security and post-event services, while some mainland Chinese users highlighted inconveniences caused by withdrawal and trading restrictions.
Event Background and Impact
This incident unfolded against the backdrop of explosive demand for the SpaceX IPO. Platforms launched their products in rapid succession within a tight timeframe, starting with Kraken on June 5, Bybit on June 7, and others shortly after. User enthusiasm was unprecedented, with subscription amounts and participating addresses far exceeding expectations. However, limited actual supply meant that the final allocation fell drastically short of users’ initial hopes.
Binance attracted about 27,700 wallet addresses with $557 million deposited; platforms like Bitget Wallet drew in massive numbers of small-scale investors due to low minimums; Kraken saw highly active intent submissions globally. Meanwhile, OKX opted out of the spot IPO entirely, sticking to Rebase futures. Platform compensation details varied but were largely built on full refunds supplemented by extra perks to maintain user relations.
As of June 14, 2026, users’ principal funds have been securely refunded. SpaceX closed up about 19% on its first trading day at approximately $160.95. The user experience provided by crypto platforms during this IPO subscription event has become a major focal point in the market. The situation continues to evolve, with more user feedback and final resolution details likely to emerge.
(This article is compiled based on support pages and announcements from platforms including Kraken, Bybit, Binance, Gate, MEXC, Bitget, and OKX (@Star_OKX), as well as public reports and information from the X platform. Event details will be updated as the situation develops.)
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