The largest IPO in history is already underwater. SpaceX shares, which debuted at $135 on June 12, have slipped to around $124 as of mid-July, putting the stock roughly 8% below its offering price and a long way from the $161 high it touched on day one.

For a company that raised $75 billion in its initial offering, later expanded to $85.7 billion through a greenshoe option, that kind of reversal is not just a SpaceX story. It is a gravitational force acting on every risk asset in the market, crypto included.

What happened to the rocket fuel

SpaceX’s Nasdaq debut was, by every measure, historic. The $135-per-share pricing implied a market capitalization of approximately $1.75 trillion, placing it among the most valuable public companies on the planet from day one. Early trading saw a 19% pop to around $161.

The stock’s 52-week range already stretches from $122.12 to $225.64. A scrubbed Starship test flight added to the negative sentiment, reminding investors that SpaceX’s valuation is built partly on promises that still require successful execution. The current market cap sits at roughly $1.63 trillion, a meaningful haircut from the IPO-day peak.

The pre-IPO secondary market was already flashing warning signs. In May 2026, ask orders totaled $12.8 billion against just $1.3 billion in bids. Sellers outnumbered buyers by nearly ten to one. That imbalance has now migrated into the public market.

The lockup wall

The bigger concern is what comes next. Lockup expirations are approaching, which means early investors, employees, and insiders who have been sitting on shares since long before the IPO will soon be able to sell. When a company raises $85.7 billion and then unlocks even more supply, the math gets uncomfortable.

Given that the stock is already trading below its IPO price, the demand picture is not exactly inspiring confidence. Investors who bought at $135 are underwater. Those who chased the $161 first-day high are down roughly 23%.

Why crypto investors should care

SpaceX has no cryptocurrency token. There is no blockchain protocol involved. The IPO was conducted through traditional brokerages on a conventional stock exchange.

Because capital allocation is a zero-sum game at the margins. When the largest IPO in history vacuums up $85.7 billion in capital, that money comes from somewhere. Some of it comes from bond allocations, some from other equities, and some, inevitably, from alternative assets like crypto.

The pre-IPO secondary market data is particularly telling for anyone who tracks crypto market structure. A $12.8 billion ask wall against $1.3 billion in bids looks a lot like an altcoin order book during a distribution phase: when supply overwhelms demand, price discovery moves in one direction.

If SPCX stabilizes above $120 and absorbs the lockup supply without a major leg down, it suggests the market has enough depth to handle large new issuances. If it breaks below $122, its current 52-week low, the ripple effects will extend well beyond aerospace stocks.