SpaceX Stock Breaks Below $135 IPO Price
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- SpaceX shares dipped to $132.15 before closing at $135.27 on Wednesday, slipping under the $135 IPO price set during the record $75 billion offering on June 11 — a 33% tumble from the post-IPO record close.
- SpaceX made less than 5% of its shares available at IPO, valuing the company at $2.1 trillion on day one; the stock still commands a 49x price-to-expected-sales multiple versus Tesla's 15x, even after the selloff.
- 911.5 million shares (~$123 billion) become eligible for sale on the second trading day after SpaceX's first earnings report, expected in early August — eclipsing the $86 billion currently trading on the Nasdaq.
- An additional 455.8 million shares unlock if SpaceX trades above $175.50 for five of ten consecutive sessions through the earnings date, and by December 8 the tradable float will reach 40% of the company, with Musk's stake locked until mid-2027.
- Wall Street sentiment remains overwhelmingly bullish, with 27 of 32 analysts rating the stock a buy, one a sell, and four neutral — though the company reported a nearly $5 billion net loss last year.
- A Reuters analysis of 50 high-profile U.S. IPOs since 2010 found that the 21 stocks that fell below their IPO price within two months posted a median 61% gain since debut, versus 112% for the 29 that held up.
Why it matters: The August earnings release is the immediate trigger: a single flood of 911.5 million shares (~70% larger than today's entire public float) hitting the market while the stock sits below its IPO price could test the 27-bullish-analyst thesis and determine whether the June-to-July drop is a buying opportunity or the start of a deeper slide.
