SPCX: SpaceX at New All-Time Low Under IPO Price as Starship Launch Gets Scrubbed

No liftoff? New bottom.

🚀 Grounded Rocket, Grounded Stock

• SpaceX shares SPCX dropped another 3% on Thursday to close at a fresh all-time low of $131, slipping below the $135 IPO price for the first time.
• That marks five straight losing sessions — not exactly the launch trajectory investors had in mind.
• SpaceX scrubbed the 13th Starship test flight because of an issue with the booster. No new launch date has been announced, leaving traders waiting for the next countdown.

🛠️ Why Starship Matters

• Starship is central to SpaceX's long-term business case. The fully reusable launch system is designed to slash launch costs while dramatically increasing how much cargo the company can send into orbit.
• The planned mission included a full booster ascent, stage separation and landing attempt, plus deployment of 20 next-generation Starlink V3 satellites. The upper stage was also scheduled to reignite one of its Raptor engines in space before splashing down in the Indian Ocean.
• Every successful test helps prove the system works. Every delay pushes that proof a little further down the runway. Investors know breakthroughs rarely happen on schedule — but markets aren't famous for their patience.

📉 Valuation Meets Reality

• The cancelled launch adds to a growing list of concerns surrounding the stock, which has steadily retreated from its post-IPO highs as investors question whether expectations simply got ahead of execution.
• SpaceX has successfully caught a returning booster with giant mechanical arms before, though that wasn't part of this mission.
• The company ultimately wants rapid rocket reuse, a key piece of its vision for frequent, low-cost space launches.
• Test flight No. 12 was also delayed before lifting off in May. Space exploration has always rewarded persistence more than punctuality.
• The stock market, however, tends to grade every delay in real time — and this week, it handed SpaceX another red mark.