This article investigates a bearingless motor with passive electrodynamic axial suspension. The axial suspension force is generated by a specific coil configuration called a figure-eight coil. Radial directions and tilting angles are stabilized by passive permanent magnet bearings. Since axial electrodynamic force increases with rotational speed, it must overcome a certain minimum threshold speed to compensate for the rotor weight and the unstable axial force caused by the permanent magnet bearing. Theoretical equations are derived for the braking torque caused by the suspension current and for the steady-state axial equilibrium position at constant rotational speed. A method based on the braking torque equation is proposed for correcting the mismatch between the magnetic center of the bearingless motor and the middle point of the axial clearance. This method sets the middle point between upper and lower touchdown positions in the same place where the motor current is minimum during passive axial suspension. Axial suspension is confirmed in the experiment with a noncontact laser sensor.