SpaceX stock drops below $135 IPO price
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- SpaceX shares fell about 2% on Wednesday for a fourth straight losing session, slipping below the $135 IPO price for the first time and sitting roughly 34% below the offering price.
- SpaceX's IPO last month raised a record $86 billion and cemented founder Elon Musk as the first trillionaire, with shares initially soaring past $225 and jumping 20% on the first full trading day.
- SpaceX joined the Nasdaq-100 last week under a new rule allowing newly public companies to qualify after just 15 trading days, pulling in passive index-fund buyers — yet shares fell below the $150 first-trade price a day after the induction.
- The slide comes ahead of SpaceX's 13th Starship test flight, scheduled for Thursday, which could become a sentiment catalyst for a stock that has lost more than a third of its value in a month.
- Anthropic and OpenAI have both confidentially filed to go public with the SEC, positioning them as potential follow-on IPOs after SpaceX's blockbuster listing.
Why it matters: Passive investors who bought SpaceX through Nasdaq-100 index funds at last week's induction are already underwater — shares have dropped from a first-month peak above $225 to roughly 34% below the $135 IPO offer, and the Nasdaq-100 catalyst failed almost immediately, with the stock falling below $150 a day after inclusion. The 13th Starship test flight on Thursday now carries outsized weight for sentiment recovery.
