SpaceX IPO Underperforms Despite Strong Operational Metrics

The SpaceX IPO in June 2026 was one of the largest and most highly anticipated listings in history. However, despite its impressive operational metrics, including $7.8 billion in second quarter revenue and a successful acquisition of Anysphere, the stock has underperformed. In fact, buyers who purchased shares at the IPO price are underwater, with those who bought at the peak losing nearly half their position.

Comparing SpaceX to publicly traded crypto companies like Coinbase, Marathon Digital, Riot Platforms, and MicroStrategy shows that the latter have had varying degrees of success. Coinbase has outperformed both SpaceX and bitcoin itself this year, while Marathon Digital and Riot Platforms have struggled due to rising energy costs and a decline in bitcoin prices.

A hypothetical investor with $10,000 on January 1, 2026 would have seen different results depending on their choice of investment. Buying bitcoin directly would have yielded a 4% return, while buying Coinbase stock would have resulted in an 18% gain. In contrast, investing in Marathon Digital or Riot Platforms would have led to losses of 34% and 29%, respectively.