SpaceX IPO: Bybit Refunds 100% of Subscription Funds After xStocks Underallocation
Highlights
- Bybit announced that it will refund 100% of the subscription funds.
- This follows xStock's failure to deliver
Crypto exchange Bybit has refunded the subscription funds for the SpaceX IPO after it failed to receive the underlying assets from xStocks. Binance also canceled a campaign related to the IPO due to circumstances “outside of their control.”
Bybit Refunds Subscription Funds For SpaceX IPO
In an X post, the crypto exchange announced it will refund 100% of the subscription funds to users’ original funding accounts as it failed to receive any allocations for the SpaceX IPO due to xStocks’ inability to deliver the underlying assets. As a result, users were unable to receive any allocations, which prompted the refund.
“No action is required. Refund details will be available on the IPO Express page,” Bybit said. The exchange also announced that eligible participants will receive an additional reward based on a 10% APR over a fixed 4-day period, which they will credit automatically to users’ accounts.
This comes as the SpaceX IPO was reportedly oversubscribed by more than 4 times, signaling massive demand for the stock. The SpaceX stock has already debuted on Nasdaq, opening at $150 per share, representing an 11% increase over its IPO price of $135.
The IPO is notably the largest in U.S. history, while SpaceX is now the seventh-largest company in the world, with a market cap of just over $2 trillion. Meanwhile, the company’s founder, Elon Musk, has become the world’s first trillionaire following the public listing.
Binance Cancels SPCXX IPO Campaign
Binance announced in a blog post that it had canceled the SpaceX IPO campaign due to circumstances outside of its control. Similar to Bybit’s move, the exchange announced a full refund of USDC to all participating users’ Binance wallets.
The top crypto exchange also announced that, as a token of appreciation to these users, it will distribute a total of $1 million of bStocks SpaceX tokens to all users who participated in the campaign. The exchange plans to credit all participating users by June 18. As CoinGape reported, the Binance Wallet’s SpaceX IPO subscription had attracted $557 million in funding.
Binance Founder Changpeng “CZ” Zhao also commented on the cancellation of the SpaceX IPO Campaign. In an X post, he said, “Protect users when things don’t go as planned.” However, Binance didn’t reveal if it also failed to receive any allocations from xStocks.
Protect users when things don’t go as planned.
👋
https://t.co/MkJofALzmv— CZ 🔶 BNB (@cz_binance) June 12, 2026
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