Binance Cancels SpaceX IPO Subscription, Refunds USDC and Offers $1 Million Token Payout

SpaceX listed on Nasdaq on June 12, 2026, amid strong retail demand for IPO allocations. Binance Wallet responded by offering subscriptions through the tokenized SPCXx product, attracting about $557 million in USDC from nearly 27,700 on-chain addresses. At the heart of the episode is whether such products can secure and deliver actual shares, determining whether investors receive equity or merely price exposure.

Binance said on June 12, 2026, that it had canceled the SPCXx subscription because external factors, including xStocks' failure to deliver enough actual SpaceX shares, prevented the offering from proceeding. All locked USDC was to be returned automatically and in full through the original payment route, with completion expected the same day. Binance also said it would airdrop $1 million worth of SPCXB to participants' spot accounts by June 18 and that each token was backed 1:1 by SpaceX shares.