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SpaceX pulled off the biggest initial public offering ever recorded on June 12, listing on Nasdaq under the ticker SPCX at $135 per share and raising approximately $75 billion. The initial valuation landed somewhere between $1.75 and $1.8 trillion.
Five weeks later, shares have fallen to around $124 as of mid-July, wiping out nearly $1 trillion in market capitalization and leaving the company valued at roughly $1.63 trillion. Investors who bought the peak on June 16 are sitting on losses exceeding 25%.
The fastest trillion-dollar haircut in IPO history
The company reported revenues of under $19 billion in 2025. That means at its peak valuation, SpaceX was trading at roughly 95 times revenue.
Pre-IPO, SpaceX was valued at approximately $1.5 trillion in private markets earlier in 2026. The public listing initially pushed that figure higher by hundreds of billions.
Crypto platforms tried to ride the hype, and it went poorly
Several cryptocurrency platforms attempted to capitalize on SpaceX mania by offering tokenized versions of SPCX shares, products that would let crypto-native traders gain exposure to the stock without a traditional brokerage account. Numerous campaigns promising tokenized SpaceX shares failed to actually secure the underlying equity. The result was a wave of refunds totaling approximately $557 million across various platforms.
The problem wasn’t necessarily the technology. It was the infrastructure connecting crypto rails to traditional securities settlement. When demand spikes that quickly for a single asset, platforms that haven’t pre-arranged share allocations are essentially selling IOUs and hoping they can fill orders later.
What this means for tokenized assets and broader markets
Products like xStocks and similar offerings have been positioned as the bridge between DeFi and traditional finance. The $557 million in refunds exposed serious structural gaps in that premise.
The revenue-to-valuation disconnect at SpaceX also mirrors dynamics in parts of the crypto market where tokens trade at enormous fully diluted valuations relative to actual protocol revenue.
If SPCX stabilizes around the $115 to $124 range and builds a floor, the narrative shifts from “overvalued collapse” to “healthy correction after a historic debut.” If it keeps sliding, the questions about whether a sub-$19 billion revenue company deserves a trillion-plus valuation will only get louder.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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