TLDR
- SPCX hit an all-time low of $132.75 on Wednesday, falling below its $135 IPO price
- The stock is down over 30% from its all-time high of $225.64, hit just days after its June IPO
- SpaceX will attempt its 13th Starship test flight Thursday, with a launch window opening at 6:45 p.m. ET
- 27 of 31 Wall Street analysts rate SPCX a Buy or Strong Buy, with an average price target of $242
- Needham maintained its Buy rating and raised its price target to $250 from $200
SpaceX (SPCX) stock dropped to $133.23 in midday trading Wednesday, breaking below its $135 IPO price for the first time. At its lowest point, the stock touched $132.75 — a new all-time low — and was down roughly 2-3% on the day.
Space Exploration Technologies Corp., SPCX
That’s a long way from where SPCX started. The stock debuted at $150 on June 12, surged to an all-time high of $225.64 just four days later, and has been sliding ever since. It’s now down more than 30% from that peak and around 12% year to date.
The pressure on the stock comes from a mix of valuation concerns and worries that early investors could soon start selling, pushing the price lower. There simply hasn’t been enough good news to hold the line.
That could change as soon as Thursday.
Starship Test 13: What’s at Stake
SpaceX is set to launch the 13th test of its Starship rocket, with the 90-minute window opening at 6:45 p.m. ET Thursday. This will be only the second flight of Starship’s Version 3 — a larger, more powerful design than its predecessor.
The test will attempt to deploy 20 Starlink V3 satellites from the upper stage, perform an in-space relight of a single Raptor engine, and end with a controlled re-entry and splashdown in the Indian Ocean.
The 12th test, back in May, didn’t go smoothly. The Super Heavy booster suffered heat damage during separation, failed to reignite its engines on the way back down, and was lost. SpaceX will be looking to avoid a repeat.
Starship is central to SpaceX’s long-term plans — from heavy-lift launches and satellite deployment to orbital AI data centers and eventual missions to the moon and Mars. RBC analyst Ken Herbert calls it the “flywheel” that drives SpaceX’s entire value creation model.
Herbert, a veteran aerospace analyst, visited Starbase in Boca Chica, Texas, and described the facility as “mind-blowing” — comparing the scale and automation to “multiple Costcos.” His price target sits at $225.
What Wall Street Is Saying
Despite the stock’s rough stretch, Wall Street remains broadly bullish. Of 31 analysts covering SPCX, 27 rate it a Buy or Strong Buy. The average price target is $242 — nearly 80% above where the stock is trading right now.
Needham was the latest to weigh in, keeping its Buy rating and lifting its price target to $250 from $200.
Even Evercore ISI’s Kutgun Maral, a bull on the name, acknowledges that Starship has yet to prove it can scale — and that’s a real concern with the first operational payload launch expected in the second half of this year.
Earnings are expected in mid-August, giving investors another near-term event to watch. For now, Thursday’s Starship test is the most immediate catalyst on the calendar.
The stock closed Wednesday at $134.76.
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