TLDR
- SPCX hit a new all-time low of $132.75 on Wednesday, dipping below its $135 IPO price before closing at $135.27
- The stock is down over 30% from its all-time high of $225.64 and around 12% year to date
- 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 is set to attempt the 13th Starship test flight Thursday night, with earnings expected in mid-August
SpaceX (SPCX) stock breached its IPO price on Wednesday, touching a new all-time low of $132.75 before recovering slightly to close at $135.27.
Space Exploration Technologies Corp., SPCX
The stock debuted at $150 on June 12 and quickly surged to an all-time high of $225.64 on June 16. Since then, it has been in steady decline.
SPCX is now down more than 30% from that peak and roughly 12% year to date. For investors who bought in at or near the IPO price of $135, Wednesday’s dip put them briefly in the red.
On the day, SPCX fell more than 2%, compared to just a 0.2% decline on the wider Nasdaq.
The drop came without a single clear trigger. Steve Sosnick, chief market analyst at Interactive Brokers, told Reuters: “There hasn’t been anything lately to remind people of some of the catalysts for why they bought SpaceX.”
Despite the slide, Wall Street remains broadly bullish. Of 31 analysts covering the stock, 27 rate it a Buy or Strong Buy. The average price target sits at $242 — nearly 79% above Wednesday’s close.
Needham was the most recent to weigh in, keeping its Buy rating and lifting its price target to $250 from $200.
Starship Test Flight Looms
A near-term catalyst could arrive as soon as Thursday night. SpaceX is scheduled to attempt the 13th test flight of its Starship rocket, the largest and most powerful ever built.
This will be the second launch of Starship’s Version 3 design, which debuted less than two months ago. The previous launch in May ended with the Super Heavy booster lost after heat damage during separation caused some engines to fail on the return attempt.
Evercore ISI analyst Kutgun Maral, broadly bullish on the stock, noted that Starship has yet to prove it can scale — and with the first operational payload launch planned for the second half of this year, that pressure is building.
Earnings and AI Angle
SpaceX is expected to release its first public earnings report in mid-August. It will be the company’s first quarterly update since going public, and investors are watching closely.
The stock took an 8% hit earlier after Starlink announced price cuts in the Memphis, Tennessee area following concerns over a local data center project.
AI Business in Focus
Following its acquisition of Musk’s xAI — now rebranded SpaceXAI — the company has expanded into leasing data center capacity to other tech companies. That AI angle drew early investor excitement at the IPO but has since cooled.
Sosnick put it plainly: “The fact that a stock has fallen a couple of dollars below its IPO price in itself is not a tragedy, but SpaceX is heavily watched and has an important role in investor psyche.”
SpaceX did not respond to a request for comment. Pre-market trading on Thursday showed SPCX down an additional 0.07% to $135.17.
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