SpaceX Stock Slides 40% From Post-IPO Peak
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- SpaceX shares fell to roughly $133 on Thursday, slightly below the $135 IPO price, after four consecutive losing sessions — a ~40% drop from the $225 peak hit in the frenzied days after its June 12 listing.
- SpaceX conducted the largest IPO of all time before ever turning a profit, with 2025 revenue of $18.7 billion (up 33% YoY) offset by a $4.9 billion loss; Starlink accounted for nearly a quarter of sales.
- Only ~5% of SpaceX shares hit the public market, and Morningstar Wealth's Dominic Pappalardo said that thin float colliding with eager demand drove the early 66% four-day pop to $225.
- The stock dropped even after SpaceX joined the Nasdaq 100 last week, with University of Arizona's David Brown telling ABC News that 'people knew these index funds were going to have to buy' — implying the demand was already priced in.
- SpaceX's 13th Starship test flight was scrubbed Thursday due to engine issues, removing a potential near-term catalyst right as the slide accelerated.
- Analysts split on outlook: Yorkville Ives & Co.'s Dan Ives called SpaceX 'a key part of the AI revolution,' while skeptics dismissed orbital data centers as 'pie-in-the-sky' initiatives.
Why it matters: Retail investors who bought SpaceX near its $225 post-IPO peak are now underwater versus the $135 offering price, crystallizing the central gamble of the largest IPO in history: paying hype-cycle multiples for a company that posted a $4.9 billion loss in 2025. Even the Nasdaq 100 inclusion failed to stem the slide, suggesting the institutional demand bulls expected was already baked in before the listing cooled.
