Space's prediction market IPO sparks controversy as team retains tens of millions of dollars in oversubscribed funds, citing a "soft cap."

The public offering of Space, a leveraged prediction market platform within the Solana ecosystem, has sparked controversy. The project, originally planned to raise $2.5 million, actually raised $20 million. The team subsequently announced it would return $7.3 million and retain the remaining oversubscribed funds, arguing that the $2.5 million was a "soft cap" rather than a "hard cap." The project further argued that "$2.5 million can only sustain operations for a few months; this amount represents only the minimum required for initial shipments and is insufficient to support the construction of leveraged prediction market infrastructure over many years."