Binance, Bybit, and Kraken users received only a fraction of the SPCX shares they subscribed for, as the SpaceX IPO allocation handed to crypto platforms came in far below demand. SpaceX began trading on Nasdaq under the SPCX ticker on June 12 after raising $75 billion at a $1.75 trillion implied valuation. Kraken confirmed partial fills with all successful subscribers receiving an identical 4.2786 SPCXx, worth roughly $578 at the $135 offering price. Binance Wallet's SPCXx campaign drew about $557 million in USDC from 27,689 addresses, but the exchange canceled the campaign due to insufficient allocation. Bybit received no allocation and refunded subscribers in full. The squeeze was predictable in scale as SpaceX sold 555.6 million shares at $135 each, setting a record for IPO proceeds. All affected platforms routed through xStocks, a tokenized equities framework by Backed Assets, which Kraken acquired in December 2025. Kraken stressed that underwriters, not exchanges, decide allocations, and high demand can produce partial or zero fills. This marks the first large-scale stress test for tokenized IPO access, with demand exceeding supply but the model facing supply constraints.

Key facts

• Kraken users all received 4.2786 SPCXx regardless of subscription size.
• Binance Wallet raised $557 million USDC but canceled campaign due to allocation shortfall.
• Bybit received zero allocation and refunded all subscribers.
• SpaceX IPO raised $75 billion at $1.75 trillion valuation.
• All affected platforms used xStocks tokenized equities framework.