SpaceX Valuation Hits $2.6 Trillion, Nearly Double Bitcoin’s Market Cap

SpaceX shares plunged after the company went public, wiping more than $600 billion from its market value and undermining investor confidence in technology stocks and other high-risk assets. Because bitcoin often moves in tandem with growth stocks and speculative assets, the selloff has also put a key area of support in the cryptocurrency market to the test.

The latest market data show bitcoin has fallen more than 8% from its June high and is now approaching the key threshold of $60,000 per coin. The market is watching whether BTC can hold that level. A decisive break below it could trigger stop-loss orders and liquidations of leveraged positions, further amplifying the short-term decline.

SpaceX had long been one of the most sought-after assets in private markets. Through its SPCXx token, xStocks connected with Binance Wallet, Bybit and Bitget Wallet in an effort to give retail investors economic exposure to the shares. The IPO therefore became a critical test of whether tokenization could turn on-chain demand into ownership of actual equity, and whether perpetual contracts could price the offering in advance.

SpaceX began trading on June 12, 2026, at $135 a share, raising $75 billion at a valuation exceeding $2 trillion. Subscriptions through xStocks topped $1 billion, including more than $500 million via Binance Wallet, but the money was refunded after intermediaries failed to obtain the shares. Talos Research data from June 15 showed that the SPCX perpetual contract had a volume-weighted average price of $159.89 during the first 30 minutes before the market opened, 6.6% above the opening price.

Founded by Elon Musk, SpaceX operates rocket launches, crewed space missions and the Starlink satellite network. As its market valuation has climbed to $2.75 trillion, debate has intensified over whether its pricing and growth prospects have become detached from fundamentals. The surge has also drawn attention to the liquidity and risks of privately held shares.

As of July 20, 2026, Nobel economics laureate Paul Krugman described SpaceX in a post as a “meme stock” sustained by Musk’s appeal, drawing parallels with Bitcoin’s “Trump trade” and previous flash crashes. He warned that early shareholders could cash out at the elevated valuation, leaving later investors exposed to the risk of a bubble reversal.

SpaceX built its lofty valuation through rocket launches, the Starlink satellite network and US aerospace contracts, and holds about $1.3 billion in bitcoin. Its Nasdaq listing gives investors their first opportunity to invest directly in Elon Musk’s space business. The scale of the offering could also reshape capital allocation across technology stocks and the space industry.

SpaceX began trading under the ticker SPCX on July 12 at a valuation of about $1.77 trillion, setting a global IPO record. Its average premarket price was about $174, and the shares surged 20% on their first day, briefly pushing its market capitalization above $2 trillion. Investors are now watching for the launch of options trading, potential fast-track admission to the Nasdaq-100, the company’s first earnings report and the expiration of its lock-up period.

Elon Musk's SpaceX is built around rocket launches and the Starlink satellite network. If it goes public, investors would gain indirect exposure to Bitcoin price swings alongside the risks of its aerospace operations and capital spending, putting the company's crypto holdings at the center of questions over valuation and financial transparency.

SpaceX originally planned to file confidentially as early as March 2026 and list in June. The latest reports say the IPO is priced at $135 a share and aims to raise $75 billion, with demand nearing four times the offering at $250 billion. The company holds 8,285 Bitcoin, whose market value has fallen to about $545 million as the cryptocurrency's price declined.