SpaceX, the company that literally sends rockets to space, is having trouble maintaining altitude on Wall Street. Shares of SPCX fell below their $135 IPO price on July 15, marking the first time the stock has dipped below the level where investors bought in during the historic June 12 listing.
The decline represents a drop of more than 30% from the stock’s post-debut peak of roughly $225 to $226. For context, that peak came just days after the IPO. The entire arc from euphoria to underwater happened in about a month.
From record-breaking debut to below water
SpaceX’s IPO was, by any measure, a landmark event. The company raised $75 billion at $135 per share, making it the largest initial public offering ever recorded. The listing valued Elon Musk’s rocket and satellite venture at approximately $1.8 trillion.
Early trading looked like a victory lap. Shares opened on Nasdaq between $150 and $162, then climbed to around $225 in the days that followed. Investors who got in at the IPO price were sitting on gains north of 60%.
The stock began sliding from those highs, eventually piercing the $135 level and hitting lows around $139.
SpaceX was added to the Nasdaq-100 index on July 7, just eight days before the stock broke below its offering price.
The crypto angle is bigger than you think
As of March 31, 2026, SpaceX held 18,712 BTC on its balance sheet.
Then there’s the tokenized equity market, where SpaceX has become the single biggest story of 2026. Tokenized equity trading hit a record $3.86 billion in volume during June, and SpaceX tokens alone accounted for $1.19 billion of that total. In English: roughly 31% of all tokenized stock trading last month was people buying and selling synthetic versions of SPCX on blockchain platforms.
When the underlying stock drops below its IPO price, those tokenized positions take the same hit. The difference is that tokenized equity markets often trade 24/7 with higher leverage and thinner liquidity, meaning the pain can be amplified.
What this means for investors
When SpaceX debuted at $1.8 trillion, it was already priced for a future where Starlink dominates global internet and Starship becomes the backbone of interplanetary travel.
For crypto-native investors, the dual exposure matters. A declining SPCX stock puts downward pressure on tokenized SpaceX products across DeFi platforms. It also introduces correlation risk for portfolios that hold both Bitcoin and SpaceX tokens, since the company’s BTC treasury creates a link between the two assets that didn’t exist before the IPO.
The tokenized equity volume numbers from June suggest there’s genuine demand for blockchain-based stock trading. If SpaceX continues to slide, expect the $3.86 billion monthly volume figure to come down with it.