SpaceX Tumbles 40% From Peak Despite Musk's Earth Vow
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- SpaceX priced its blockbuster IPO at $135/share on June 11, raising $85.7 billion in the biggest public offering ever, with shares closing their first trading day at $160.95
- The stock hit an intraday record of $225.64 on June 16, briefly lifting market cap above $2 trillion, then lost 21% over seven straight sessions through July 20 to close at $119
- Retail investors who bought at the $135 IPO price are down about 10%, while those who bought at the June 16 peak are down around 40%
- Bloomberg-tracked analysts show over 80% still rate SpaceX a buy, with an average price target near $238 implying roughly 78% upside from current levels
- Morningstar pegged SpaceX's fair value at $780 billion before the IPO priced, and the market is still paying roughly double that figure even after the drop
- Elon Musk continues to insist that, if goals are met, the company "will be worth more than Earth"; August 4 earnings are flagged as the next potential catalyst
Why it matters: Retail buyers who jumped in at the $135 IPO are already sitting on ~10% losses within weeks, while peak buyers at $225.64 are down ~40% — yet with 80%+ of Wall Street still rating it a buy and August 4 earnings ahead, the next print could either vindicate Musk's Earth-plus vow or deepen a trillion-dollar valuation reset.
