SpaceX's stock has fallen below its initial public offering price of $135 for the first time since the company's Nasdaq debut, wiping out all gains made in the weeks following the largest IPO in history. On July 9, shares of SPCX hit an intraday low of $145.20, closing at $149.29, but the breach of the IPO level signals mounting pressure on the rocket company.
From $200 to reality check
SpaceX began trading on June 12, with shares quickly surging past $200 in the opening days. The IPO raised approximately $75 billion, giving the company an initial valuation between $1.75 trillion and $1.8 trillion. For context, a December 2025 tender offer had valued SpaceX shares at roughly $421 each, placing the company at around $800 billion. The IPO structure diluted that per-share figure while expanding the float available to retail and institutional investors.
Analysts have pointed to relatively thin trading volumes against a large number of available shares, creating significant price swings. Competition concerns from Blue Origin and broader market pressures have also weighed on the stock. The stock's multiples look elevated relative to the company's revenue and profitability metrics, raising questions about its valuation.
The crypto ripple effect
Before the IPO, perpetual contracts tied to SPCX were trading on platforms like Hyperliquid, with cumulative volume exceeding $2.7 billion. Multiple crypto platforms had planned to offer tokenized versions of SpaceX shares, but those plans were scrapped after the IPO when platforms could not secure enough share allocations to back the products. Participants were refunded instead.
For crypto investors, a $75 billion IPO pulling money into traditional equities means less capital flowing into Bitcoin, Ethereum, or other digital assets. If SPCX continues to wobble, some of that capital could rotate back toward risk assets, including crypto. The failed tokenized share offerings also reveal a structural limitation for crypto platforms trying to bridge into traditional equities, exposing how dependent these products are on cooperation from traditional financial intermediaries.