SpaceX Drops Below $150 Debut Price After Nasdaq-100 Addition
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- SpaceX stock closed at $148 on Wednesday, its second consecutive session below the $150 debut price, following the company's Tuesday addition to the Nasdaq-100.
- Nasdaq's revised rules fast-tracked SpaceX into the benchmark less than a month after its June 12 debut, forcing index funds and ETFs tied to the index to buy shares.
- SpaceX's record IPO raised $85.7 billion after underwriters exercised the greenshoe overallotment, with the stock having soared to a $201.80 closing high on June 16 from its $135 offer price.
- Morgan Stanley initiated coverage at "overweight" with a $300 price target, joining Bernstein ($239 outperform), RBC ($225 outperform), and UBS ($210 buy) in the bullish analyst camp.
- CFRA recommended selling while MoffettNathanson initiated at "neutral," rounding out a small skeptical minority against an otherwise bullish Street consensus.
Why it matters: With mandatory index and ETF buying now behind it and the stock closing below $150 for a second session, SpaceX faces active-investor price discovery for the first time since debut. The Street remains split — four bullish price targets top $210 against CFRA's sell rating, creating roughly $90 of target dispersion on a stock five weeks past its IPO.
