the new SpaceX cut in xStocks is not an understatement

SpaceX IPO is new, RWA is officially World War I, but the end is a little bit over. A lot of money-cycle users wait not for SpaceX to play new shares, but for refunds。

The new encryption platform, including Binance, would have followed the monetization route and sought a new SpaceX for users, after all, it was a epic IPO, but none of the basic platforms did. It's because there's something wrong with their supplier xstocks。

xStocks was supposed to make SpaceX IPO shares into SAPX, and received over $1 billion in customer demand, indicating that this is the demand of these trading platforms. However, by the moment of real distribution, the bottom stock available upstream was insufficient and many downstream activities had to be cancelled. But there is no good way for the platform to refund and make some effort to compensate。

Given the current position of Bitcoin in technology assets and its location in the "potential contempt chain" in the secondary market, it is easy to understand this as "WallStreet's contempt for money." Cancel if you want。

But this is not a reasonable understanding。

BECAUSE WHAT'S REALLY BROKEN HERE IS NOT A CHAIN CAST, BUT AN IPO DISTRIBUTION。

As the world's most focused SpaceX IPO, the core sellers are Goldman Sachs and Morgan Stanley, while Bank of America, Citigroom, JP Morgan is on the head list. Top luxurious team。

Another meaning of luxuries is that they have a very high degree of speech。

IPO DISTRIBUTION IS ALREADY ONE OF WALL STREET'S STRONGEST POWER INTERFACES. WHOEVER GETS HIS SHARE, WHO GETS HIS SHARE, WHO GETS HIS NOMINAL NUMBER, IS NOT "TECHNOLOGY NEUTRAL". THERE ARE MANY PRECEDENTS FOR TEMPORARY GOSSIP。

Not long ago, when Circle was on the market, a similar situation occurred on Robinwood. Because of the high demand, the last share of the Circle IPO application on the Robinhod. Robinhod is the ceiling of the American Diaspora。

The Reddit listing document also states that the shares were distributed to the owner, and the result was that the final share of the owner was not available. Because of the five times oversubscribement, the owner's share was divided。

Other capital markets, as well, Economic Times last year reported that a number of foreign investors and Indian institutions had withdrawn from Meesho’s Indian embassy on the grounds that they believed that the SBI Mutual Fund received an excessive pre-IPO share. The agencies also strangled each other。

And look at Goldman Sachs and Morgan Stanley。

In 2005, the United States SEC sued Morgan Stanley and Goldman Sachs for misallocation of IPOs in 1999 and 2000. SEC states that two companies attempted to induce institutional clients to obtain IPO ownership to continue buying shares after they were listed. The two companies did not acknowledge or deny the charges, but each agreed to pay a civil fine of $40 million。

Obviously, this is not the first time that they have temporarily changed their share。

IPO ISN'T WHO YELLS FIRST WHO GETS THE SHARE. THE UNDERWRITER RECEIVES THE OFFER, THEN LOOKS AT THE ORDER BOOK AND THEN DECIDES WITH THE ISSUER WHO WILL TAKE IT. THERE ARE TOO MANY SOFT COMMITMENTS, CHANNEL EXPECTATIONS AND SUBSCRIPTION INTENTIONS. THEY LOOK "NEW" AT THE FRONT END OF THE TRADING PLATFORM AND "POSSIBLY" AT THE BACK END OF THE INVESTMENT BANK。

So the simple reason for this new SPCX failure is that XStocks isn't capable or because the underwriter can't look at the circle is not accurate。

there is certainly a problem with front-end anticipation management in xstocks. Users see SpaceX IPO access and feel "I'm in the new game." However, if xStocks only obtains an offer, an expected channel or a non-final amount, it does not have the capacity to manufacture spaceX stocks in a vacuum. The monetization can only move assets onto the chain and not steal IPO distribution rights from Goldman Sachs and Morgan Stanley。

Encrypted KOL @cryptobraveHQ refers to the team behind xStocks, the core missions Adam Levi, Roberto Klein and Yehonatan Goldman were the previous DAOStack team, the previous project was zero, then Backed, now xStocks. The network showed that Backed launched xStocks in 2025 with Kraken, Bybit and Solana, with a product size of $150 million AUM, with cumulative transactions exceeding $10 billion。

But this time, the probability has nothing to do with the ring, more like a very traditional story. Hot IPO, demand exploded, the book was tightened and the outer channels were squeezed out. Formerly squeezed by ordinary voucher users, and corporate community users. Now it's time for xstocks and trading platform users。

It's just another bad luck round。