SpaceX stock hits an all-time low below IPO price, what it means for its 18,712 BTC

Elon Musk's SpaceX went public on June 12 at $135 a share. It briefly touched $225.64 on June 16, a 40% surge in four days that made it one of the most explosive IPO debuts in history.

But by July 15, shares hit an all-time low of $132.75, dipping below the IPO price of $135 for the first time. The entire post-debut rally, gone in less than five weeks.

SPCX closed on July 15 at approximately $135.27, with an intraday low of $132.15, a 52-week low on a stock that had not even been public for five weeks at the time.

The Bitcoin question

Here is where it gets complicated. SpaceX disclosed holdings of 18,712 BTC on its balance sheet as of March 31, 2026, valued at approximately $1.29 billion at the time. With Bitcoin currently trading near $63,000, that position is worth roughly $1.18 billion today.

Related: Hedge fund manager calls SpaceX equivalent of Dogecoin, says investors are Musk's exit liquidity

That is not small. It makes SpaceX one of the most significant corporate Bitcoin holders in the world, sitting alongside Strategy and Tesla.

And it creates something neither of those companies had at IPO, a listed stock that functions partly as a leveraged Bitcoin proxy from day one.

Earlier this month, a dormant SpaceX Bitcoin wallet moved for the first time in months, a small test transaction that raised immediate questions on chain about whether a larger transfer was coming.

What the price action actually means

SPCX reached its all-time high of $225.64 on June 16, 2026, four days after listing. The descent since then has been steady and largely uninterrupted. Analysts remain mostly bullish with an average price target of $242, which implies significant upside from here.

But a stock losing 40% from its peak in five weeks, with a 911.5 million share lockup overhang still pending, is not a stock where the fundamentals are doing the talking right now.

The Bitcoin on SpaceX's books adds a wrinkle no other rocket company has ever had to manage. When Bitcoin moves, SpaceX's balance sheet moves with it. Right now both are going in the same direction, down.

Related: If you put $1,000 in Bitcoin today, here’s what it could turn Into by 2030 according to Cathie Wood