Major crypto exchanges cancel SpaceX IPO allocations

Elon Musk’s SpaceX completed its landmark IPO on the Nasdaq on Friday, but crypto users seeking tokenized exposure to the IPO were left empty-handed after allocations fell through. Crypto trading platforms ByBit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns and offered refunds for users as SpaceX went public on the Nasdaq on Friday. SpaceX’s IPO, which was reported as more than [four times oversubscribed](https://cointelegraph.com/news/spacex-ipo-nears-four-times-oversubscribed-squeezing-crypto-and-tech), raised $75 billion as it became a publicly traded company. SpaceX shares opened for trading at $150 on Friday, up from its IPO price of $135. It closed the day at $161.11, valuing the company at over $2 trillion. However, major crypto platforms offering tokenized access to the IPO were unable to fulfill demand for SpaceX allocations, with several blaming [Kraken-owned](https://cointelegraph.com/news/kraken-offers-spacex-ipo-access-through-xstocks) xStocks’ inability to deliver the underlying assets. ByBit, which was[offering tokenized access to SpaceX](https://cointelegraph.com/news/bybit-launches-tokenized-ipo-access-through-xstocks-with-spacex-debut) through its new ByBit IPO Express, was one of the first to announce the cancellation. “Due to xStocks’ inability to deliver the underlying assets, no SpaceX allocations were received. As a result, subscribed users will not receive SpaceX allocations.” Binance's SpaceX tokenized IPO campaign, which [attracted over $557 million in USDC](https://cointelegraph.com/news/spacex-ipo-550m-binance-crypto-rails-front-run-wall-street-pre-ipo-price-discovery) deposits, said it was unable to proceed to the campaign due to “circumstances outside of our control.” Binance Wallet was also relying on xStocks. _**Related:**_[_**Bitcoin surfs SpaceX IPO at $64K as trader warns key BTC price support may crumble**_](https://cointelegraph.com/markets/bitcoin-surfs-spacex-ipo-iran-peace-cues-as-trader-warns-62k-may-crumble) “It’s disappointing that this didn’t work out in the end.