SpaceX Stock Falls Below $150 IPO Price for Second Day
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- SpaceX stock closed at $148 on Wednesday, below its $150 debut price for a second straight day, following its addition to the Nasdaq-100 index on Tuesday.
- SpaceX launched its public-market debut on June 12, pricing 555.6 million shares at $135 and ultimately raising $85.7 billion after underwriters exercised the greenshoe overallotment.
- SpaceX shares rallied to a closing high of $201.80 on June 16 before reversing into the current two-day slide below the offering price.
- Morgan Stanley initiated coverage at "overweight" with a $300 price target, while Bernstein rated SpaceX "outperform" with a $239 target, RBC set an "outperform" at $225, and UBS assigned a "buy" with a 12-month target of $210.
- MoffettNathanson initiated at "neutral" and CFRA recommended selling shares, making them the more skeptical voices on Wall Street.
- Bulls cited SpaceX's lead in reusable rocket technology, the Starlink satellite-internet business, growth in AI products that could rival Anthropic's Claude or OpenAI's Codex, and orbital data centers as long-term catalysts.
Why it matters: Index funds and ETFs tracking the Nasdaq-100 were required to buy SpaceX shares upon inclusion, yet the stock has already surrendered its $201.80 June 16 peak and now sits 1.3% below the $150 offer price. The gap between Morgan Stanley's $300 target and CFRA's sell call signals that conviction on the post-IPO trade is anything but unanimous.
