SPCX Slides Back Near $150 Opening Price As SpaceX IPO Rally Fades

SpaceX shares have slipped back toward their $150 opening price only two weeks after the company’s record public-market debut, cutting deeply into one of the most watched IPO rallies of the year.

SPCX closed at $153.23 on Friday after trading as low as $148.57 during the session. The stock opened at $150 on its first trading day and quickly rallied after the IPO, but the latest move puts it only slightly above the level where open-market trading began.

The pullback leaves SPCX roughly 32% below its post-listing high above $225. SpaceX priced the IPO at $135 per share, opened at $150 and closed its first session near $161, giving the company one of the strongest mega-cap debut narratives in recent market history.

That early premium has now narrowed sharply. The stock briefly slipped below the $150 opening level during Friday trading before recovering into the close, while SpaceX’s market value hovered near the $2 trillion area instead of the higher levels reached during the first wave of post-IPO demand.

Post-Listing Hype Gives Way To Valuation Pressure

The SpaceX IPO brought together public-equity demand, crypto-linked trading and retail allocation pressure. The first sessions were dominated by scarcity, index speculation, tokenized exposure and the novelty of public access to one of the world’s largest private-company stories.

That setup began to weaken as investors moved from IPO excitement toward valuation, debt, AI spending and execution risk. SpaceX has already been tied to a possible $20 billion bond sale after its public listing, adding credit-market scrutiny to the equity drawdown.

The decline has also followed concerns over SpaceX’s broader capital needs. Investors are weighing launch operations, Starlink expansion, Starship development, AI infrastructure spending and large compute commitments against a market value that still sits near $2 trillion even after the pullback.

CryptoAdventure previously tracked how the SPCX pullback started testing the low-float IPO rally after SpaceX erased hundreds of billions in market value from its early high. The latest drop brings that test back to the original $150 opening area.

Crypto Rails Still Track The SpaceX Trade

The SpaceX listing also became a crypto-market event because SPCX exposure spread across tokenized stocks, onchain perps and exchange-linked products. Solana’s tokenized equity volume hit record levels as SpaceX-linked products helped turn public-equity exposure into one of the fastest-moving RWA trades onchain.

That parallel market gave crypto traders several ways to express the SpaceX view beyond Nasdaq shares. SPCX-linked products traded through Solana tokenized-stock rails, Backpack Securities, xStocks and perpetual markets, turning the IPO into a cross-market liquidity test for tokenized equities.

The latest stock decline now tests those products from the other side. Tokenized equity rails can carry demand during a hot debut, but they also mirror repricing when the underlying stock fades toward its opening range.