SpaceX stock has officially crossed into uncomfortable territory. Shares of Elon Musk’s aerospace juggernaut slipped below their $135 IPO price for the first time on July 15, trading as low as $132.15, just five weeks after the company’s record-shattering public debut.

The stock peaked at an intraday high of $225.64 shortly after its June 12 listing, meaning investors who chased the momentum at the wrong moment are now staring at a decline of more than 40%. Nearly $1.4 trillion in market cap has been wiped out since that peak.

The biggest IPO ever meets gravity

SpaceX raised approximately $86 billion in what became the largest IPO in market history. The $135 per share pricing reflected a company that had seen its private valuation balloon from $350 billion in December 2024 to an estimated $800 billion by December 2025, propelled by its Starlink satellite internet business and growing role in AI infrastructure.

The initial post-IPO rally saw the stock surge more than 67% above its listing price within days. Then came the reversal. A broader technology sell-off created downward pressure across the sector, and the stock didn’t just correct — it cratered through its IPO floor.

Tokenized SpaceX shares are the real crypto story

Tokenized equities trading volume surged to $3.86 billion in June, representing a 145% increase from May. SpaceX-related tokens were the primary catalyst, accounting for $1.19 billion, or roughly 31% of all tokenized equity activity during the month.

Platforms like Backpack Securities led the charge with significant transaction volumes in its SPCX token, giving crypto-native traders access to SpaceX shares without going through traditional brokerage channels. Liquidity challenges and access restrictions created uneven experiences across platforms, with spreads widening, redemption mechanisms lagging, and price tracking drifting from the actual equity.

The contrarian case and what investors should watch

The risk for investors is that SpaceX is still trading at a massive premium to its current revenue generation. When SpaceX was private, the lack of public market scrutiny allowed valuations to climb on narrative alone. Now that it’s public, every quarterly earnings report becomes a referendum on whether the story matches the numbers.

Watch the July volume numbers closely. If tokenized SpaceX trading maintains its pace even as the underlying stock languishes below IPO price, it would signal that crypto-native traders are treating the dip as an entry point — a meaningful data point for understanding where tokenized equities fit in the broader financial ecosystem.