SpaceX completed the largest IPO in history on June 12 on the Nasdaq, listing under ticker SPCX at $135 per share, raising approximately $75 billion and reaching an initial valuation between $1.75 and $1.8 trillion. Five weeks later, in mid-July, the stock had fallen to around $124, wiping out nearly $1 trillion in market capitalization and bringing the valuation to roughly $1.63 trillion. With 2025 revenues under $19 billion, SpaceX was trading at its peak at approximately 95 times revenue. Several crypto platforms attempted to offer tokenized versions of SPCX shares, but these campaigns failed to secure underlying equity, resulting in approximately $557 million in refunds.
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