SPCX: SpaceX Stock Gravitates Toward $135 IPO Price, Closing at All-Time Low

Elon Musk’s rocket maker isn’t exactly a moon shot, at least for the time being. Could its valuation be coming down to earth?

🚀 Gravity Finally Kicks In

• SpaceX shares SPCX closed at a fresh all-time low Monday, falling another 4.2% after a 4.5% drop in the previous session.
• The stock is now hovering just above its $135 IPO price, a sharp comedown for a company that briefly looked destined for orbit.
• Since its first trade around $150, the stock has lost roughly 7%, and it's now down about 40% from its record high near $223. Turns out, even rockets occasionally need a controlled (or not so much) descent.
• One factor behind the volatility: only about 4% of SpaceX's shares are freely tradable. A limited public float can amplify both rallies and selloffs because relatively small trading volumes can move the price dramatically.

📉 IPO Fever Meets Reality

• SpaceX's blockbuster debut briefly pushed Elon Musk past the trillionaire milestone and fueled hopes that a wave of AI and technology IPOs would soon follow. The market mood has changed considerably since then.
• OpenAI and Anthropic have both confidentially filed IPO paperwork, but neither has committed to a launch date. Watching SpaceX struggle out of the gate likely isn't making the decision any easier.
• Investors have become more selective as lofty valuations collide with rising geopolitical tensions, higher oil prices and renewed questions about whether the AI boom can justify its enormous price tags.

📊 Eyes Turn to Earnings

• Last week's addition to the Nasdaq 100 forced index funds to buy SpaceX shares, bringing billions of dollars of passive investment into the stock. It wasn't enough to stop the recent slide.
• SpaceX's market value has fallen to roughly $1.9 trillion, down from a peak approaching $3 trillion. That's still an enormous valuation, even if just about all of it is forward-looking.
• The next major catalyst arrives on August 6, when SpaceX is expected to release its first quarterly financial update as a public company.
• Until then, traders will be left debating whether this is a bargain landing — or just the end of the launch countdown.