SPCX Drops Below $135 IPO Price as $600M in Leveraged Bets Linger Before Share Unlock

SPCX shares cratered Wednesday. They hit a post-listing low of $132.28 — that’s below the $135 offering price. Just one month after what CryptoSlate calls the largest IPO in history, valued at a staggering $85.7 billion. The post-IPO rally? Gone. Completely unwound. And with roughly $600 million in leveraged bets still open, traders who understand forced-selling spirals are watching every tick.

For the first time since listing, SPCX trades below its offering level. Price data from Yahoo Finance confirms it. Social media snippets — unverified, not official — suggest the instrument once ran as high as $215. Then drifted to $178. Then punched through the $135 floor. The exact peak might be soft. But the direction? Brutally clear.

The Leverage Problem

This isn’t your typical post-IPO fade. The difference is leverage. About $600 million in leveraged SPCX exposure remains open, per CryptoSlate. The mechanical logic from there is brutal: price falls, margin calls go out, liquidations hit, forced selling accelerates the very move it’s supposed to absorb. Who holds these leveraged positions? Unknown. On which platform? Undisclosed. Margin thresholds? Not specified. But one thing is confirmed: a significant share unlock is imminent. Fresh supply hitting a leveraged, sub-IPO-price market — that’s the kind of confluence that compounds selling pressure, not relieves it.

The $85.7 Billion Question

That $85.7 billion IPO figure needs context. Saudi Aramco’s 2019 offering, the conventional global record, raised about $25–29 billion. A number nearly triple that almost certainly reflects a tokenized or crypto-market instrument using a non-standard definition of “IPO.” assetmarketcap.com, republishing the same report, frames it identically. Is SPCX tokenized equity? A crypto-listed derivative? Conventional stock? Unconfirmed. And that distinction matters — for regulators and for the investors staring down the drop.

Noise in the Feed

More noise in the feed, all unverified. Social media posts claim SpaceX lost over $600 billion in market value in roughly three days after a $20 billion bond sale announcement. A YouTube video says shares are down 23% from their peak. These figures come from social and video sources; no official filings or mainstream outlets have corroborated them. They might just be aggregated commentary.

A Risk-Off Backdrop

The broader crypto market offers no cushion. As of July 19, 2026, the Fear & Greed Index reads 28/100 — deep Fear. Total crypto market cap: $2,293.7 billion. BBTC$64,468.00▼0.28% dominance: 56.5%. BTC price: $64,611. That risk-off backdrop compounds pressure on any crypto-adjacent instrument already below its offering price. Especially one carrying hundreds of millions in leverage. When the market is fearful, forced sellers find fewer buyers at each level down.

Three Facts, One Setup

Three central facts. SPCX broke its IPO price. $600 million in leveraged exposure remains open. A share unlock is coming. Any one alone is manageable. Together? They describe a market where new supply is about to hit a price level already generating losses for the most exposed holders. In a broader environment where risk appetite is actively contracting.

The next pressure point is the unlock itself. Will it trigger forced selling from those open leveraged positions? Will SPCX find a floor at or below $132.28? Or keep sliding as fresh supply hits the market.