SpaceX, new: Why is the circle of coins being buried
TL; DR:
• SpaceX was successfully listed in Nazdaq on 12 June 2026 (code SPCX), pricing $135/equity, raising approximately $75 billion, one of the largest IPOs in history; the first day saw an increase of about 19 per cent to $1 160.95, making Elon Mask the world's first trillion-dollar rich man。
• Many encryption platforms (Kraken, Bybit, Dinan, Bitget, etc.) borrowed xStocks to introduce monetization IPOs to promote low-threshold subscriptions and attract large sums of money, but the market was significantly short of the traditional investment bank quotas and was allocated much less than expected。
• The restricted access to encryption is a central reality: despite the Platform's 1:1 anchoring of real shares model, the final quota is still dominated by traditional vendors such as Goldman Sachs and Morgan Stanley, and the actual share of retail and encryption platforms is far below the promotional target。
• Platform rapid response user protection: Kraken's “sunlight light” small quota + full refund, Bybit full refund + annualized compensation with a total value of approximately $1 million SPCXB airdrops and various forms of compensation for the rest of the platform, which was largely completed as of 14 June。
• The Platform indicated that it would continue to explore future tokenized IPO services in the framework of xStocks, which, while exposing the limitations of the monetization model on access to mainstream IPO quotas, provided opportunities for retail users to participate and better secure user funds。
On June 12, 2026, SpaceX officially listed in NASDAQ with the stock code SPCX. The company, which is priced at $135 per share, issues approximately 555.6 million shares and plans to raise approximately $75 billion, one of the largest IPOs in history. On the first day on the market, SPCX opened approximately $150, with a maximum of close to $176, closing about $160.95 and an increase of about 19 per cent on the first day。
THIS IPO MAKES ELON MASK THE WORLD ' S FIRST TRILLION-DOLLAR RICH MAN. MANY ENCRYPTED MONEY EXCHANGES HAVE PREVIOUSLY INTRODUCED TOKENIZATION IPOS TO NEW ACTIVITIES. THESE ACTIVITIES ATTRACTED A LARGE NUMBER OF USERS TO PARTICIPATE IN SUBSCRIPTIONS IN STABLE CURRENCIES SUCH AS USDC. THE PLATFORM PROMOTES THE POSSIBILITY FOR USERS TO PARTICIPATE AT A LOW THRESHOLD IN THE LARGEST IPO IN HISTORY, BUT ON THE DAY OF LISTING, THE MULTI-PLATFORM WAS SEVERELY UNDER-DISTRIBUTED, LEADING TO FULL REFUNDS OR DIFFERENT FORMS OF COMPENSATION。
SpaceX IPO Basics
SpaceX finalized the IPO price at $135 per share on the night of June 11, 2026. According to numerous media reports, retail and individual investors demand more than $100 billion in subscriptions, and the overall demand is well beyond supply. The underwriters include traditional investors such as Goldman Sachs and Morgan Stanley. This fund-raising was mainly for the construction of the Starlink satellite network and the future expansion of operations. SpaceX 2025 earned $18.87 billion and Starlink users over 10 million. The market value after listing quickly exceeded $2 trillion。
According to CNBC, SpaceX's original target retail quota for this time IPO was 30 per cent, higher than the typical IPO's 5-10 per cent, but the actual final distribution was still dominated by traditional investment banks, and the actual retail distribution fell to a low 20 per cent range, ultimately with a limited share allocated to encryption platforms。
Kraken and xStocks launch IPO Access
Around June 5, 2026, Kraken first launched SpaceX IPO Access。
Kraken Bulletin states that, through xStocks, eligible customers may submit non-binding offers of subscription and will be allocated with the SPCXX token, which is a 1:1 anchored SpacX proxy. XStocks is a monetized equity platform launched by Kraken parent company Payward. The tokens issued by xStocks are the bottom real shares held by the regulated entity at 1:1 anchor, providing price exposure. The service covers more than 110 countries and territories, including the European Economic Area, but does not apply to users in parts of the United States, the United Kingdom, Canada, Australia, etc。
According to Kraken, this is intended to bring one of the world ' s most expected listings to a wider audience. Users submit subscriptions through Kraken App, and the distribution depends on the final vendor quota. Kraken support page makes it clear that distribution is not guaranteed and that the actual acquisition of shares depends on the distribution by the underwriter. Kraken has repeatedly emphasized in the bulletin that the subscriber's intention is non-binding and that the final distribution will be based on the available quota。
Multiplatforms such as Bybit, Minan, etc
On June 7, 2026, Bybit launched the IPO Express service as the first IPO proxy product in cooperation with xStocks. Bybit bulletins state that we work with Payward ' s xStocks platform to provide retail investors with the opportunity to participate in IPO monetization at issue prices. The subscription period is from 7 to 11 June and distribution and spot transactions are expected to take place on 12 June. Bybit sets associated costs for VIP and Pro users。
This post is part of our special coverage Global Voices 2011. According to the Currency Proclamation, the event attracted approximately 27.7 million wallet addresses, deposited in USDC for a total of about $557 million, 11 times overraised. The share of small participants is relatively high. In its follow-up response, the Co-Foundation CZ mentioned that the protection of user funds is a primary consideration of the Platform。
Bitget Wallet opened the SpaceX IPO xStock (SPCXx) subscription from 9 to 11 June, allowing users to participate in various stable currencies such as USDT, USDC, with a minimum threshold of $10 and a single allocation ceiling of $5,000. Bitget Wallet Coo Alvin Kan stated in the bulletin that most people had never had the opportunity to invest in such companies at IPO prices。
Other platforms such as Gate have launched similar new activities. Earlier, there had been the emergence of preSPAX-related synthetic products, such as SpaceX, which had been issued by Republic and others, attracting more than 14 million investors, totalling approximately $177 million, with a minimum investment threshold of $100. These products mainly track SpaceX performance rather than direct equity。
OKX is not involved in this new spot-call project. OKX founder and CEO Seo released a statement in his account number (@Star OKX) that OKX was one of the first exchanges to offer SpaceX Rebase contracts, and that the price discovery mechanism has been working well over the past few months and has provided an important reference for market pricing for this SpaceX issue. For SpaceX's new spot-to-desk project, OKX considers that the performance capacity of the intermediate and channel participants varies considerably, and that ultimately it is not just the project sponsors, but also the good faith, responsibility and long-term commitment to user interests. Therefore, OKX has always been cautious and has not been involved in this issue。
Distribution and processing of listing date
Following the listing of SpaceX on 12 June, the multiplatforms suffered from inadequate distribution and different treatment and compensation programmes were published. Whatever the amount of the subscription, Kraken users received a fixed small quota of about 4.2786 shares, i.e. 4.27 shares of Sunshine. Partial full refund was not met。
Kraken supports page and related personnel explain that distribution is not guaranteed and that the actual acquisition of shares depends on the distribution by the underwriter. As global demand is well ahead of expectations, the allocation of partners is severely inadequate。
Bybit performs 100% full refund and compensates for the extra 4 days 10% annualization. Bybit announced that, because xStocks had failed to deliver sufficient lower shares, we decided to refund the full amount and provide compensation. MEXC executes 100% full refund, provides 2 days 6% of the charger coupons and airdrops with a nominal value of $500 SPCXUSDT slot/ experience。
Bitget Wallet implements 100% full refund, a 10 U Gas discount and a small USDT compensation。
Currency is cancelled by SPCXx IPO Campaign, fully refunded and sent to SPCXB airdrops with a total value of approximately $1 million, with a per capita value of approximately 35 U. The Currency Proclamation mentions that, due to uncontrollable factors, we cannot complete the distribution and will return all funds. Some users reflect the fact that the Platform has previously charged a certain premium for its sales. Other platforms have similar treatments. Some continental users face transaction or withdrawal restrictions even if they receive a small share。
AS AT 14 JUNE 2026, THE REIMBURSEMENT AND COMPENSATION PROCESSING FOR EACH PLATFORM HAD BEEN SUBSTANTIALLY COMPLETED OR WAS PROCEEDING RAPIDLY: MULTIPLE PLATFORMS CONFIRMED THAT THE FULL REFUND HAD RETURNED TO THE USER BALANCE AUTOMATICALLY AND THAT THE COMPENSATION WAS BEING ISSUED ON AN ONGOING BASIS OR WITHIN THE PROMISED TIME PERIOD (E.G., BY JUNE 18 FOR THE SPCXB AIR DROP PLAN). THE SECURITY OF THE PRINCIPAL IS BETTER ENSURED。
TRADITIONAL IPO MECHANISM AND ENCRYPTION PLATFORM MODE
Traditional IPO quotas are allocated by the Investment Bank on the basis of agency orders, long-term partnerships, etc. The tokenization model of the encryption platform is 1:1 anchoring real shares and relying on platforms such as xStocks to obtain shares from the underwriter. xStocks-related parties indicate that the token is held by the supervised trustee at 1:1 backing, but the final distribution remains subject to the overall quota of the underwriter. Several platforms have issued announcements that are mainly due to high global demand and insufficient allocation of partners. Kraken and Bybit indicate that the service is still planned for future IPOs under the xStocks framework。
Kraken bulletins repeatedly stress that user funds will automatically return available balances in the undistributed portion. In practice, the platform is coordinated with the underwriter and xStocks upon submission of the user ' s offer, and the distribution of shares is eventually clarified on the date of listing. Some of the platforms highlighted the terms of “unguaranteed distribution” during their activities, but user enthusiasm remained high. Many encryption platforms have launched products in a short period of time, from Kraken to Bybit, Bitget Wallet, Gate, etc., with a high frequency of activities, attracting large numbers of small and medium users。
Reasons for inadequate distribution
According to CNBC and The Information, traditional IPO quotas are allocated by the IPOs on the basis of agency orders, long-term partnerships, etc. The monetization model of the encryption platform relies on xstocks, etc., to take shares from the underwriter, but ultimately remains subject to overall quota restrictions. This time, global demand was too high, and the xStocks channel received a much lower share than the combined subscriptions of the platforms. Many platform announcements point to this。
According to Coinpedia, among others, users had previously seen the platform ' s low-threshold campaign and 1:1 anchor presentation, with a high level of enthusiasm for participation, but the actual encryption channels had a limited share of the traditional distribution system。
Update on official responses and progress
As at 14 June 2026, the platforms had mainly completed or continued to process refunds and reimbursements. xStocks-related parties do not announce any further increases in their allocation。
According to Yahoo Finance, Kraken, Bybit and others, future tokenized product services will continue to be explored。
Currency Circle Community Response
Following the incident, the community was very active in discussions on social media such as X platforms. Many users shared their own history of subscriptions and progress in refunds, including the timing of submission of offers, the amount of subscriptions and the amount of quotas eventually actually obtained. Some users mentioned that the hedging was performed when the contract or pre-discretion price increase was observed, but the non-attribution of the spot share resulted in a certain loss and the need to bear the hedge costs. Users have also compared the level of compensation for different platforms in detail, such as the fixed small quota for Kraken plus full refunds, the additional annualized compensation for Bybit, the coupons and airdrops for MEXC, the Gas fee and small compensation for Bitget Wallet, and the SPCXB airdrops for currency。
OKX ' S FAILURE TO PARTICIPATE IN NEW SPOT-CALL STATEMENTS HAS ALSO GIVEN RISE TO MORE DISCUSSION IN THE COMMUNITY, WITH USERS COMPARING THE CAUTION OF OKX WITH THE RESPONSE OF XU. SOME USERS COMMENTED ON THE REAL WORLD ASSET MONETIZATION MODEL OF RWA IN TERMS OF ACCESS TO ACTUAL IPO QUOTAS, ARGUING THAT, WHILE PROMOTING LOW THRESHOLDS, IT WAS ULTIMATELY INFLUENCED BY TRADITIONAL QUOTA RESTRICTIONS. THERE WAS BOTH RECOGNITION OF THE PLATFORM ' S RAPID RESPONSE TO REFUNDS AND DISCUSSION OF TRANSPARENCY AND EQUITY IN ALLOCATION. OVERALL, USER FEEDBACK FOCUSED ON FINANCIAL SECURITY AND FOLLOW-UP SERVICES, AND SOME CONTINENTAL USERS ALSO REFERRED TO THE INCONVENIENCE CAUSED BY LIQUIDITY AND TRANSACTION RESTRICTIONS。
Context and impact of events
This incident took place in the context of SpaceX IPO demand explosion. Many platforms quickly launched their products in a short period of time, starting with Kraken on June 5, and following up with Bybit on June 7, and opening up to platforms such as Bitget, Gate, MEXC, and so forth, with intensive activity cycles. User enthusiasm increased, and many platforms were well ahead of expectations in terms of subscriptions and participation addresses, but the actual availability was limited, resulting in final distribution outcomes well below the initial expectations of users。
In terms of participation, monetary-security activities attracted approximately 27.7 million wallet addresses, with $557 million deposited; other platforms, such as Bitget Wallet, set a low threshold and attracted a large number of small users; Kraken services covered a wide range of areas and users submitted positive submissions. OKX chooses not to participate in spot-checking, but to continue to provide related services such as the Rebase contract. The details of the Platform ' s compensation vary, mostly on the basis of a full refund, superseding different forms of additional compensation to maintain user relationships。
As of 14 June 2026, a number of platforms had been completed or were in the process of processing refunds, and the security of the principal of users had been emphasized. SpaceX rose by about 19 per cent on its first day and received about $160.95. The new experience of encryption platforms in this play has become the focus of market attention. Events are still fermenting, and more user feedback and final processing details may continue to be published。
(This document is based on platform announcements, public coverage and X platform information from Kraken support page, Bybit, Françan, Gate, MEXC, Bitget, OkX (@Star OKX), etc., and details of events will be updated
