SpaceX shares halved, wiping $600 billion from Elon Musk's net worth in one month

Author: Rich Duprey Source: Sat, July 25, 2026 at 9:03 AM PDT | 4 min read Ticker: SPCX -2.68%

Quick Read

• SpaceX surged from its $135 IPO price to $225, then crashed 50% below that peak to $113 as euphoria evaporated in weeks.
• Musk's net worth briefly hit $1.3 trillion during the IPO frenzy before shedding roughly $600 billion as SpaceX shares collapsed.
• Insider lockup expirations next month may push SpaceX even lower, warning investors to stay patient ahead of the Anthropic and OpenAI IPOs.
• Act now: The analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SpaceX didn't make the cut. Grab the names FREE today.

Few events capture Wall Street's imagination like a marquee IPO. The combination of a famous founder, limited public float, and fear of missing out can push newly public companies well beyond what fundamentals alone justify. History is filled with examples, from the dot-com boom to more recent offerings, where excitement lifted valuations before reality eventually took over.

Win McNamee / Getty Images News via Getty Images

That's exactly why experienced investors often approach blockbuster IPOs with caution. SpaceX's (NASDAQ:SPCX) public debut may have compressed that entire cycle into just one month, offering an important lesson before highly anticipated offerings from Anthropic and OpenAI arrive.

SpaceX's IPO Hype Meets Reality

The buildup to SpaceX's public debut was unlike almost anything investors have seen in years.

After pricing its IPO at $135 per share, SpaceX opened its first day of trading at $150 before enthusiasm pushed the stock as high as $225 in the days that followed. For a brief period, it seemed every investor wanted a piece of Elon Musk's latest empire.

That enthusiasm has faded just as quickly. SpaceX now trades around $113 per share — roughly 50% below its post-IPO high and 16% below its original offering price. The reversal has been swift, but it isn't unprecedented.

History shows that many high-profile IPOs struggle once the initial excitement wears off. Sometimes that adjustment happens over six months or a year. In SpaceX's case, the process unfolded in a matter of weeks.

Act now: The analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SpaceX didn't make the cut. Grab the names FREE today.

Let's also remember that the next phase may not be over. Lockup agreements that prevent insiders from selling their shares begin expiring next month. Those expirations often increase selling pressure as early investors and employees finally gain the ability to cash out. Some newly public companies don't establish lasting bottoms until months — or even several years — after their debuts as they prove they can consistently grow into lofty valuations.

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Musk's Wealth Rose Just as Fast as It Fell

The dramatic swings in SpaceX also produced one of the largest paper wealth gains — and losses — in history.

According to Bloomberg's Billionaires Index, Elon Musk's estimated net worth began the year near $630 billion before the SpaceX IPO frenzy briefly pushed his fortune above $1.3 trillion. As SpaceX retreated, that paper wealth evaporated just as quickly. By Friday, Bloomberg estimated Musk's fortune at approximately $718.8 billion, representing a decline of roughly $600 billion in about a month.

Musk himself seemed to acknowledge the reversal with characteristic humor, posting simply on X: "(Former) Trillionaire."

X.com

Of course, Musk never had $1 trillion sitting in a bank account. Like virtually every billionaire, the overwhelming majority of his wealth consists of ownership stakes whose values fluctuate every trading day.

The Bigger Lesson Isn't About Musk

No one is likely to launch a GoFundMe campaign for Elon Musk. Yet the episode illustrates how quickly headline-grabbing wealth figures can change.

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