The SpaceX IPO was supposed to be a landmark moment for tokenized equities. Instead, it became a stark lesson in how traditional underwriting power can crush retail access promised by crypto platforms. When trading opened on Nasdaq on June 12, 2026, under the ticker SPCX, most users who had flooded exchanges with stablecoins received only a sliver of their requested allocation—or nothing at all—according to the original report. The fallout exposed the deep mismatch between the 1:1 tokenized share model and the gatekeeping that still dominates Wall Street IPO distributions.