SpaceX shares dip below IPO price as Bitcoin holdings weigh on valuation
The aerospace firm’s 18,712 BTC balance sheet now mirrors Bitcoin’s price action, adding complexity to the company’s first month of public trading.
Shares in Elon Musk’s SpaceX have fallen below their initial public offering price for the first time, trading at an all-time low of $132.15 on July 15. The decline marks a significant reversal for the company, which opened trading on the Nasdaq on June 11 at $150 per share following a record-breaking IPO priced at $135. The stock had surged 40% to a peak of $225.64 on June 16, but has since lost approximately 40% of its peak value in less than five weeks.
The downturn coincides with a drop in the value of SpaceX’s corporate Bitcoin holdings, which total 18,712 BTC and are now valued at approximately $1.18 billion. As of March 31, 2026, these holdings were valued at $1.29 billion, with Bitcoin trading near $63,000 at that time. The company is now one of the most significant corporate Bitcoin holders globally, sitting alongside Strategy and Tesla, creating a listed stock that functions partly as a leveraged Bitcoin proxy from day one.
Market sentiment has shifted sharply since the debut, which raised $75 billion and valued the company at approximately $1.77 trillion. While analysts maintain an average price target of $242, implying significant upside, the stock’s recent performance has been driven by broader market movements rather than fundamental changes. The decline in SpaceX’s share price mirrors the downward movement of Bitcoin, creating a correlated impact on the company’s balance sheet.
Complicating the picture further, a dormant SpaceX Bitcoin wallet executed a small test transaction earlier in July, raising questions about potential larger transfers. This activity has added uncertainty to an already volatile trading period, with the stock closing on July 15 at approximately $135.27 despite the intraday low.
SpaceX faces a pending lockup overhang of 911.5 million shares, which may continue to pressure the stock price. The firm’s unique position as a major crypto holder means that when Bitcoin moves, SpaceX’s valuation moves with it. Right now, both assets are trending downward, leaving investors to navigate a complex landscape of equity and cryptocurrency risks.
