This paper presents a proof of the existence of novel bound states of the two-photon quantum Rabi model at the collapse point. The two-photon Rabi model is interesting not only for its important role on non-linear light-matter interaction, but also for the exhibition of many-energy-levels degenerating process called the "spectral collapse". The squeezing property of the two-photon annihilation and creation operators is the origin for this phenomenon which is well studied without the energy-slitting term ω 0. However, many numerical studies have pointed out that with the presence of ω 0 , some low-level isolated states exist while other high energy states collapse to E = − ω 2 , which known as incomplete spectral collapse. From the eigenvalue equation in real space, pair of second order differential equations, which are similarly to the Schrodinger equation, are derived at the collapse point. These differential equations provide explanation to the existence of isolated bound states below E = − ω 2 with the presence of the spin slitting ω 0 and better numerical method to generate those bound states.