Crypto Platforms Cancel SpaceX Tokenized IPO Amid Record Debut
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
Source: Yahoo Finance
- Cancellation Reasons: Bybit, Bitget Wallet, and Binance Wallet canceled their tokenized IPO plans for SpaceX on June 12 due to xStocks' failure to deliver underlying assets, leaving subscribers without SpaceX allocations, highlighting liquidity issues in the crypto market.
- Market Performance: Despite the cancellations, SpaceX debuted on Nasdaq at $150, quickly surpassing $160 and achieving a market capitalization exceeding $2 trillion, demonstrating strong investor interest and confidence in the company.
- User Compensation Measures: All three platforms are processing automatic full refunds, with Bybit offering a bonus based on a 10% APR, Bitget Wallet refunding a 5% handling fee and whitelisting affected wallets for future tokenized IPOs, while Binance pledged a $1 million airdrop to compensate users.
- Future Outlook: Although the cancellations negatively impacted the market, Binance noted that its U.S. equities service is now live, allowing users to place whole-share limit orders for SPCX, indicating the platform's ongoing commitment to expanding its stock trading offerings.
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Analyst Views on SPCX
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About SPCX
Space Exploration Technologies Corp. designs, manufactures, launches, and operates products and services built on technologies, including rockets and spacecraft. The Company's segments include Space, Connectivity, and artificial intelligence (AI). Its Space segment designs, manufactures, and launches reusable rockets to provide access to space. Its Connectivity segment operates broadband data and communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth orbit, delivering connectivity to consumer, enterprises, and government customers over 164 countries, territories, and other markets. In its AI segment, it operates a vertically integrated AI platform spanning its truth-seeking frontier model Grok, AI solutions for consumer and enterprise customers, X-its real-time information, entertainment, and free speech platform and AI computational infrastructure.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Reaction: Despite SpaceX's stock surging to $225 just six days post-IPO, valuing the company near $3 trillion, shares fell 4% on Thursday due to profit-taking, indicating market concerns over high valuations.
- Financial Outlook: Fitch expects SpaceX's EBITDA growth to remain within the management's leverage target of 2x-3x, supported by over $90 billion in liquidity and stable revenue from more than 12 million Starlink subscribers.
- Risk Factors: All agencies highlighted concentrated governance under Elon Musk, execution risks tied to Starship development, and the unprecedented scale of AI infrastructure buildout as potential pressures on the company's credit profile, although deeply negative free cash flow is viewed as elective growth investment rather than a structural weakness.
See More
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- Market Potential: Cursor's AI coding platform boasts over 1 million daily users and is projected to reach $6 billion in annual recurring revenue by year-end, reflecting its significance in the rapidly growing AI market.
- Technological Integration Advantage: The acquisition combines Cursor's fast-growing software business with SpaceX's computing resources and xAI platform, enhancing the company's vertical integration and allowing for greater value capture across the technology stack.
- Future Outlook: Analysts emphasize the need to monitor how Cursor integrates with xAI's infrastructure and whether it can train competitive new AI models, as these factors will be crucial in validating SpaceX's broader AI investment thesis.
See More
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- Strong IPO Performance: SpaceX's IPO valuation skyrocketed from $1.77 trillion to over $2.4 trillion, reflecting robust investor confidence in its growth prospects, which is likely to attract more capital to support its expansion plans.
- Massive Market Opportunity: With an addressable market valued at over $28 trillion, SpaceX is set to embark on a massive capital spending spree to quickly capture market share, further solidifying its leadership in the aerospace and AI sectors.
- Profitability Focus: The upcoming inaugural earnings report is expected to reveal the profitability of its Starlink internet service, which was the only profitable segment in 2025, and analysts will closely monitor its impact on overall financial health.
- Future Growth Potential: Updates on the Starship rocket and AI revenues will further validate SpaceX's long-term growth opportunities, with CEO Elon Musk expected to showcase the company's strengths during the earnings call, potentially drawing more investor interest.
See More
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- Record IPO Performance: SpaceX completed the world's largest IPO, quickly surpassing a $2.5 trillion market value, reflecting strong investor interest in its technology and space ventures, highlighted by a 40% price increase on its first trading day, despite a subsequent 5% pullback.
- Investor Enthusiasm: The company's leadership in rocket launches and satellite internet services, combined with Elon Musk's innovative reputation, has drawn significant investment, particularly with over 20% of IPO shares allocated to retail investors, well above the typical 5%-10% range.
- Future Growth Potential: Despite facing $12 billion in capital expenditures and a $4.9 billion loss, SpaceX is heavily investing in its AI business, which is expected to drive future growth, especially as it prepares to enter the Nasdaq-100 index, likely attracting more fund inflows.
- Risks and Challenges Ahead: While short-term stock fluctuations may occur as investors lock in gains, SpaceX's long-term growth hinges on new technology development and financial health, necessitating investor attention on its profitability and the challenges it faces to assess future investment risks.
See More
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- Historic IPO: SpaceX's IPO on June 12 became the largest in history, with the stock surging approximately 33% over three trading days, reflecting strong market confidence in its future growth potential.
- Investor Enthusiasm: Many investors and Elon Musk loyalists are eager to get involved with SpaceX, anticipating generational returns if the company fulfills its ambitious long-term plans, which has further driven demand and stock prices upward.
- Impact of Float Limitations: SpaceX's historically small float has led to a surge in demand for its shares; however, as insiders begin to sell their shares after lock-up periods, the market may face increased supply, potentially leading to a price correction.
- Comparison with S&P 500: Research indicates that companies like SpaceX, with a float of less than 10%, have market-adjusted returns of -5.3% over the three years post-IPO, whereas the S&P 500 is more likely to outperform in the long run, especially for investors seeking lower-risk options.
See More
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- Talks Cancelled: The Swiss Foreign Ministry announced the cancellation of U.S.-Iran peace talks originally scheduled for June 17 in Bürgenstock, as Vice President JD Vance's absence diminishes confidence in future negotiations, heightening geopolitical risks.
- Market Reaction: Although stock markets are near record highs, increased uncertainty has led to cautious investor sentiment, with expectations of volatility during the U.S. market closure potentially impacting short-term trading strategies.
- Oil Price Stabilization: Crude prices have steadied after sharp declines, with signs of recovery in shipping through the Strait of Hormuz; OPEC's Secretary General emphasized focusing on fundamentals, countering concerns of a supply glut, which reflects market confidence in supply-demand balance.
- Yen Depreciation: The yen has fallen to a 40-year low, prompting Japan's Finance Minister to indicate readiness for decisive action against speculative moves in the foreign exchange market, which may trigger a reassessment of Japan's monetary policy.
See More
