Why did Bybit and Binance cancel their SpaceX IPO
Published 6/12/2026, 4:38:10 PM
Answer
Bybit — Confirmed Cancellation
Bybit canceled all SpaceX IPO subscription orders after failing to secure SpaceX shares. The exchange announced that all subscription orders were canceled and funds would be returned automatically to users.
Key reasons for the cancellation:
- Reduced Retail Allocation: SpaceX cut retail IPO allocation to the low 20% range, below earlier expectations of approximately 30% reserved for retail investors.
- High Demand vs. Limited Supply: With $100 million in allocation requests from Bybit's IPO Express platform and only ~20% going to retail, the competition for shares was extremely fierce.
- Infrastructure Limitations: Bybit's IPO Express was powered by xStocks (Payward Services), and the tokenization process requires actual shares to be held in regulated custodian accounts before tokens can be issued.
Timeline:
- Registration: June 7–11, 2026
- Subscription Window: June 7–11, 2026
- Cancellation: June 11, 2026
- SpaceX IPO Listing: June 12, 2026
Binance — No Cancellation Found
No evidence was found of Binance canceling SpaceX IPO allocations. Unlike Bybit, Binance was not offering direct tokenized IPO allocations. Instead, Binance offered:
- Pre-IPO Perpetual Futures (SPCXUSDT) — synthetic derivatives providing price exposure before the IPO
- SPCXx Tokenized Securities Subscription — a non-guaranteed subscription process for tokenized SpaceX securities
Binance's SPCXx campaign remained active as of the search date, with allocation tiers based on Alpha Points (ranging from 20,000 to 500,000 USDC quotas).
Summary Table
| Exchange | Product Type | Cancellation Status | Reason |
|---|---|---|---|
| Bybit | Tokenized IPO (xStocks) | Confirmed Canceled | Failed to secure SpaceX shares |
| Binance | Perpetual Futures / SPCXx | Not Confirmed | Different product structure — no direct IPO allocation offered |
Key Context
The SpaceX IPO on June 12, 2026 was the largest ever at $75 billion raised, with a $1.75 trillion valuation. The reduced retail allocation affected all crypto exchanges offering pre-IPO products, creating intense competition for the limited available shares.
Evidence Gaps
Claim c1 (Bybit and Binance canceled SpaceX IPO allocations) is only partially supported. Bybit's cancellation is confirmed, but no evidence was found for Binance canceling any SpaceX IPO allocation. Binance's product structure was fundamentally different — they offered perpetual futures and a non-guaranteed SPCXx subscription, not direct IPO allocations.
Claim c2 (specific reasons for cancellation) is supported for Bybit with detailed reasoning, but no direct source URLs were provided in the research output. The evidence relies on "Web search results" without linked citations.
Next Steps
- Deep dive on Binance's SPCXx: Since Binance's SPCXx campaign remained active, you may want to monitor whether allocations were ultimately filled or partially distributed after the IPO listing.
- Track post-IPO performance: With the $1.75T valuation and $75B raise being the largest ever, monitoring SPCX price discovery on secondary markets could inform future IPO tokenization strategies.