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SpaceX shares have fallen below the company’s $135 IPO price for the first time since going public, capping four consecutive days of declines that have erased the entirety of what was once a 40%-plus post-debut rally. For a company that raised $75 billion in what became the largest IPO ever recorded, the slide is a sobering reminder that even rockets come back down.
SPCX shares had soared after the June 12 listing, briefly pushing SpaceX’s fully diluted valuation above $2.5 trillion and placing it in the rarefied air of the world’s most valuable public companies. A little over a month later, that valuation premium has evaporated entirely.
From record-breaker to reality check
The SpaceX IPO was, by every measurable standard, a spectacle. Priced at $135 per share, the offering valued the company at approximately $1.8 trillion on a fully diluted basis. ARK Invest, Cathie Wood’s flagship firm, made a substantial purchase on opening day, a signal of institutional conviction that helped fuel the initial frenzy.
Shares quickly ripped higher, gaining more than 40% in the days following the debut. By July 15, SPCX had slipped below $135 for the first time, and the slide stretched across four straight trading sessions. The timing coincided with SpaceX’s 13th Starship test flight, which under normal circumstances might have served as a catalyst. Instead, investors appeared more focused on locking in profits than watching rocket launches.
The Bitcoin wildcard
SpaceX disclosed that it holds 18,712 BTC on its balance sheet, valued at approximately $1.29 billion as of March 31, 2026. That makes SpaceX one of the most significant corporate Bitcoin holders among publicly traded companies, joining the ranks of Strategy (formerly MicroStrategy) and Tesla in treating BTC as a treasury asset.
SPCX perpetual futures have launched on Hyperliquid, the decentralized exchange that has become the go-to venue for leveraged trading on assets that don’t natively live on-chain. Trading activity in SPCX perps has closely tracked the equity’s price movements, creating a real-time mirror of traditional market sentiment on crypto rails.
The Bitcoin holdings also create a feedback loop that investors should pay attention to. When BTC rallies, SpaceX’s balance sheet gets a tailwind, potentially lifting sentiment around the stock. When Bitcoin drops, the opposite is true.
What this means for investors
At a $1.8 trillion valuation, SpaceX was priced for perfection from day one. SpaceX’s 18,712 BTC position means that SPCX functions partly as a Bitcoin proxy, similar to how Tesla’s stock once moved in tandem with its crypto holdings.
The Hyperliquid perpetual futures market adds another variable. High leverage and 24/7 trading mean that SPCX perps could experience sharper moves than the underlying equity, particularly during off-hours when traditional markets are closed. Funding rates on those contracts will be worth watching as a gauge of whether leveraged traders are positioning for a bounce or bracing for further declines.
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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