The SpaceX share price crash has left most retail buyers nursing losses or wafer-thin gains less than two weeks after the biggest IPO in history. CNBC, citing the company’s Securities and Exchange Commission (SEC) filing, reports that Space Exploration Technologies Corp (SPCX) sold 555.6 million shares at $135 each, raising $75 billion, not the $86 billion stated in some early reports.
Shares surged to $176.52 on their first trading day before closing at $160.95. They then hit a record $225.64 on 16 June, leaving them 67.1% above the flotation price. Since then, SPCX has given back nearly all of those gains, trading at $135.27.
The SpaceX Share Price Crash in Numbers
The retreat has been swift. Buyers at the IPO price of $135 are roughly flat. Anyone who chased the stock during its early surge is sitting on heavy losses. Even those who purchased at last Wednesday’s intraday low of $132.15 hold a gain of just 2.4%.
The real beneficiaries of the flotation were insiders and pre-IPO investors. The 20-plus investment banks that managed the listing collected $500 million in total fees. Elon Musk, who owns 42% of SPCX but controls 85% of total voting rights, converted a loss-making private company into one of the largest public listings on record.
Musk’s personal wealth surged on the debut but has since fallen sharply. According to Yahoo Finance, the Bloomberg Billionaires Index now lists his net worth at $957.1 billion, down nearly $360 billion from the post-IPO peak of $1.315 trillion.
Debt Markets Flash a Warning
The bond market’s reaction has compounded pressure on the shares. The snippet cited a $75 billion bond offering; Yahoo Finance reports the actual figure was $25 billion, upsized from an initial target of $20 billion after strong demand. Those bonds now trade close to sub-investment-grade levels, and bond investors’ discomfort tends to focus equity sellers’ minds.
The SpaceX share price crash sits against a financial backdrop that gives bond markets reason for caution. CNBC, again citing the SEC EDGAR filing, reports that Q1 revenue grew 15% to $4.69 billion from $4.07 billion a year earlier. Capital expenditure in the same quarter reached $10.1 billion, more than doubling year-on-year.
Revenue growth, then, is real. The cash drain is larger still.
For the full year 2025, the combined revenues of SpaceX, Starlink, X, and xAI reached $18.7 billion. Collectively, the four businesses lost $4.9 billion. Analytics Insight, citing Reuters, reports that SpaceX generated an estimated $8 billion profit in 2024 on revenue of $15 billion to $16 billion, though Reuters said it could not independently verify the 2025 figures and SpaceX did not respond to a request for comment. Only Starlink turned a profit in 2025 among the group.
xAI adds further pressure. TradingKey reports that the artificial intelligence unit incurred $7.8 billion in expenses in the first nine months of 2025, averaging approximately $28 million per day in cash consumption.
What Comes Next for SPCX
Structural dynamics will not ease immediately. Lock-up periods prevent most insiders from selling at present, but when those restrictions expire, supply of stock will increase. Pre-IPO holders who entered at prices well below $135 face little pressure to hold on.
SpaceX is expected to release its first results as a public company in early August. That disclosure will be the first hard test of whether the market’s remaining premium can survive contact with quarterly numbers. With Q1 capex already at $10.1 billion against revenue of $4.69 billion in the same period, the cash burn trajectory will be the figure to watch.
