SpaceX shares traded as low as $133 on Wednesday before closing at $135.27, essentially returning to the $135 IPO price set by the company ahead of its June 12 listing. The stock has steadily fallen from its post-IPO peaks.
The decline represents a significant comedown from the euphoric first days of trading, when shares surged well above the IPO price as investors rushed to own a piece of the rocket company. At its peak, SpaceX’s market capitalization briefly exceeded $86 billion.
The slide comes ahead of a critical Starship launch, which investors are watching closely as a barometer of technical progress. Starship is central to SpaceX’s long-term revenue story, including NASA’s Artemis lunar missions and satellite deployment for Starlink expansion.
Analysts suggest the market is sobering up to the timelines Musk laid out before and after the IPO. While SpaceX continues to dominate the commercial launch market with Falcon 9, the path to Starship reaching operational status remains uncertain.
SpaceX remains the dominant player in commercial space, with a full manifest of customer missions scheduled for 2026.
