SpaceX wipes out post IPO gains as shares fall below $135

Less than a month after SpaceX pulled off the largest initial public offering in history, its stock has officially entered uncomfortable territory. Shares of SPCX dropped below the $135 IPO price for the first time since the company’s Nasdaq debut.

On July 9, SpaceX hit an intraday low of $145.20 before closing at $149.29. While that closing price technically remains above the IPO level, the intraday breach sent a clear signal: gravity applies to rocket companies too.

From $200 to reality check

When SpaceX began trading on June 12, shares quickly climbed past $200 in the opening days. The IPO raised approximately $75 billion and handed the company an initial valuation somewhere between $1.75 trillion and $1.8 trillion.

For context, a December 2025 tender offer had valued SpaceX shares at roughly $421 each, putting the company at around $800 billion. The IPO structure clearly diluted that per-share figure substantially while expanding the overall float available to retail and institutional investors.

Analysts have pointed to relatively thin trading volumes against a large number of available shares, creating the kind of price swings that make portfolio managers reach for the antacids. Competition concerns from Blue Origin and broader market pressures haven’t helped either.

The crypto ripple effect

Before the IPO even happened, perpetual contracts tied to SPCX were trading on platforms like Hyperliquid. The cumulative volume on those pre-IPO perp contracts exceeded $2.7 billion.

Multiple crypto platforms had been planning to offer tokenized versions of SpaceX shares, essentially digital tokens backed by or pegged to SPCX equity. Those plans were scrapped after the IPO when platforms couldn’t secure enough share allocations to back the products. Participants were refunded instead.

What this means for investors

Analysts have flagged that SpaceX’s stock multiples look elevated relative to the company’s revenue and profitability metrics. For crypto investors specifically, when a $75 billion IPO pulls money into traditional equities, that’s money not flowing into Bitcoin, Ethereum, or anything else in the digital asset universe. If SPCX continues to wobble, some of that capital could rotate back toward risk assets, including crypto.

The failed tokenized share offerings reveal a structural limitation for crypto platforms trying to bridge into traditional equities. When the hottest stock in the market can’t be properly tokenized because allocation demand outstrips supply, it exposes how dependent these products are on cooperation from traditional financial intermediaries.

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