SpaceX (SPCX) Shares Sink Below $135 IPO as $1.25T Value Wiped
SpaceX (SPCX) stock fell below its $135 IPO price for the first time, extending a sharp post-listing decline. Shares were down about 1.7% to around $134 and later hovered near $132.6 during Wednesday trading.
The drop came after the stock surged from an IPO debut of $150 (June 12) to a record high of $225.64 (June 16). Since then, the selloff has pushed the stock more than 30% below its all-time high. Coinpaper estimates the move has erased nearly $1.25 trillion in market value over 29 days, leaving IPO buyers at the $135 price in losses.
SpaceX’s next catalyst is its 13th Starship test flight, scheduled no earlier than Thursday from Starbase near Boca Chica, Texas (window expected to open 6:45 p.m. EDT). The flight will use the upgraded Version 3 Starship configuration. The US Federal Aviation Administration closed the Flight 12 anomaly review on July 13, clearing the way for the attempt.
Investors are also waiting for SpaceX’s first post-IPO results, expected via the company website and X.
Despite the selloff, Wall Street sentiment remains broadly positive: 27 of 31 analysts rate the stock Buy or Strong Buy, with an average price target near $242. Needham lifted its target to $250 from $200.
The article also notes Elon Musk’s paper wealth fell after the decline, from roughly $1.45 trillion at the peak to around $850 billion after SPCX slipped below $135.
Bearish
This is not a direct crypto catalyst, but it can affect broader risk sentiment. SpaceX (SPCX) breaking below its $135 IPO price signals a sharp valuation reset after hype-driven early trading. Similar post-IPO drawdowns in traditional tech have often coincided with near-term “risk-off” behavior among investors, which can spill over into crypto as liquidity rotates away from high-beta assets.
In the short term, the steep market-cap loss and the gap between analyst targets and the current price can increase volatility in risk appetite. Traders may interpret this as evidence that post-listing demand was weaker than expected, leading to more cautious positioning. In the longer term, outcomes from the next Starship test flight and the first post-IPO results could stabilize expectations; if results surprise positively, sentiment could improve.
For crypto traders, the main watch item is not SpaceX fundamentals themselves, but whether this kind of equity drawdown coincides with weakening market liquidity and widening spreads—conditions that have historically pressured crypto prices.