Several major cryptocurrency exchanges cancel plans to allocate tokenized exposure to SpaceX’s initial public offering after the allocations do not proceed as expected. SpaceX completes its IPO on the Nasdaq on Friday, marking a major milestone for the company’s public debut. However, users who had expected to receive crypto-linked access to the IPO through participating exchanges do not receive the promised allocations. Multiple outlets report that the exchanges instead issue refunds to affected customers. The reports characterize the cancellations as resulting from the IPO allocation arrangements failing to materialize, leaving customers without the tokenized allocations they anticipated. While the exchanges do not change the underlying outcome of SpaceX’s IPO—its listing and completion on Nasdaq are still treated as completed events—customers who relied on exchange-linked token products are directed toward reimbursement. The exchanges’ refund promises are presented as the resolution to the failed allocation plans, with users expected to receive their funds back rather than receive tokenized exposure to the IPO.