SpaceX (NASDAQ: SPCX) stock fell below its initial public offering (IPO) price of $135 for the first time on Wednesday, July 15.
The stock dropped as low as $132.28 during the session as investors reassessed the company’s valuation, before it recovered slightly to close at $135.27.
At the current price, SpaceX shares are more or less back at the IPO price. However, they are down roughly 16% from their closing price of $160 on June 12, when the space company went public, and about 36% from the record price of around $211 on June 16.
Now, the company has a market cap of $1.78 trillion, marking a notable retreat from the $2.9 trillion recorded just four days after the IPO.
SpaceX stock price continues to decline
The decline highlights how quickly investor enthusiasm can fade, even for a company backed by Elon Musk and involved with key growth narratives such as artificial intelligence (AI). Primarily, the selloff comes as investors reassess SpaceX’s valuation and financial outlook as the first earnings date in August draws near.
Among the key concerns is SpaceX’s $4.9 billion net loss in 2025 as heavy investment in AI infrastructure and Starship development weighed on its bottom line. The stock’s inclusion in the NASDAQ 100 failed to reverse the decline, with shares down about 13% since joining the index.
Analysts expect SpaceX’s revenue to reach between $34 billion and $43 billion this year (versus $18.7 billion in 2025), supported by continued Starlink subscriber growth and expanding AI computing contracts.
However, investors are also preparing for a potential increase in selling pressure in late 2026. Notably, insider share unlocks expected after the company reports its second-quarter results in August could significantly increase the public float, allowing eligible employees and early investors to sell portions of their holdings.
Still, SpaceX remains among the top ten largest publicly traded companies in the world.
Featured image via Shutterstock
