SpaceX shares have fallen below their initial public offering price, dropping under $135 for the first time since the company went public. The stock has now lost 40% of its value from the post-IPO peak, a sharp reversal for a company that once commanded a premium in both traditional and tokenized markets.
Tokenized equity volumes hit $3.86 billion
While SpaceX stock struggles, the broader market for tokenized equities — digital representations of company shares traded on blockchain platforms — has seen a surge. Total volumes reached $3.86 billion, with SpaceX tokens alone accounting for 31% of that activity. That means investors are still actively trading SpaceX exposure, even as the underlying stock price slides.
What's behind the 40% decline
The drop from the post-IPO high to below the offering price suggests a shift in sentiment. No specific catalyst was cited in the data, but the magnitude of the decline — 40% from peak — points to sustained selling pressure. The stock's fall below $135 is a psychological threshold, since that was the price at which the company first sold shares to the public.
Tokenized market's growing role
The $3.86 billion in tokenized equity volume highlights how these digital instruments have become a significant part of the trading landscape. SpaceX's 31% share of that volume indicates the company remains a focal point for investors using blockchain-based platforms, even as its traditional stock price weakens. Whether the tokenized activity reflects hedging, speculation, or long-term accumulation isn't clear from the available figures.
The next milestone to watch: whether SpaceX shares can hold above the IPO price or if the decline accelerates. No earnings call or company statement has been announced to address the stock's slide.
