SpaceX shares fell below their $135 IPO price for the first time on Wednesday, extending a sharp post-listing decline that has erased major market value from Elon Musk’s rocket and satellite company.
SpaceX Stock Drops Below IPO Price
SpaceX stock fell about 1.7% to $134 before slipping further near $132.60 during Wednesday trading. The move pushed SPCX below its $135 initial public offering price for the first time since the company went public.
The stock has now dropped for four straight sessions, adding pressure after a highly watched June listing. SpaceX debuted at $150 per share on June 12, then quickly climbed to a record high of $225.64 on June 16.
The latest decline places the stock more than 30% below its all-time high. Tracking the decline, Coinpaper has noted the slide has wiped out nearly $1.25 trillion in market value over 29 days.
The drop also means investors who bought at the $135 IPO price are now holding losses. The move has raised fresh questions over whether the company’s early market value reflected long-term business fundamentals or post-IPO demand.
Starship Test and First Results in Focus
SpaceX’s stock decline comes before the company’s 13th Starship test flight, scheduled no earlier than Thursday from Starbase near Boca Chica, Texas. The launch window is expected to open at 6:45 p.m. EDT.
The upcoming test will use the upgraded Version 3 Starship configuration. The Federal Aviation Administration closed the Flight 12 anomaly review on July 13, clearing the way for the next launch attempt.
SpaceX has continued developing Starship for heavy-lift launches, satellite deployment, lunar missions, and future Mars plans. The program remains closely watched because its progress could affect investor views of the company’s long-term growth.
Investors are also waiting for SpaceX’s first post-IPO results, expected to be released through the company’s website and X account. Those results may offer clearer details on revenue, spending, launch activity, and margins after the public listing.
Wall Street Remains Positive Despite Selloff
Despite the decline, most analysts still hold a bullish view on SpaceX. Analyst data showed 27 of 31 Wall Street analysts rate the stock as Buy or Strong Buy, with an average price target near $242.
Needham recently maintained a Buy rating and raised its price target to $250 from $200. That target remains well above the stock’s current level, showing a wide gap between analyst expectations and market pricing.
SpaceX joined the Nasdaq-100 last week after a rule change shortened the eligibility period for newly public companies. The index entry brought passive fund demand, but the stock fell below its $150 first-trade price soon after joining.
Elon Musk’s paper wealth also fell sharply after the SpaceX selloff. During the post-IPO rally, Musk’s net worth reportedly reached about $1.45 trillion as SPCX climbed to $225.64. After the stock fell below its $135 IPO price, his net worth dropped to near $850 billion, erasing roughly $500 billion to $600 billion from the earlier peak.
