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<p class="is-style-lead">SpaceX stock has fallen more than 10% in early U.S. trading after analysts initiated coverage without assigning a price target, adding to investor concerns about the company’s valuation following its record-breaking market debut.</p><div id="cn-block-summary-block_c7e477e8b60e5aea285542f363118c5b" class="cn-block-summary"><div class="cn-block-summary__nav tabs"><span class="tabs__item is-selected">Summary</span></div><div class="cn-block-summary__content"><ul class="wp-block-list"><li>SpaceX stock fell more than 10% after KeyBanc initiated coverage with a neutral rating and no price target.</li><li>KeyBanc cited balanced risk-reward despite strong growth prospects from Starlink and AI-related opportunities.</li><li>The decline coincided with SpaceX’s first bond offering as investors weighed valuation concerns after its blockbuster IPO.</li></ul></div></div><p>According to a June 22 <a href="https://www.barrons.com/articles/spacex-stock-price-bond-analyst-target-7f1393ce" rel="noopener noreferrer nofollow">report</a> from Barron’s, analysts at KeyBanc began coverage of SpaceX with a “Sector Weight” rating while declining to provide a target price for the stock.</p><p>The brokerage firm said SpaceX is likely to remain the dominant force in the space launch industry for years, but argued that much of the company’s future growth may already be reflected in its current valuation.</p><blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p>“SpaceX possesses significant disruptive growth avenues, though we believe this is reflected in current valuation and risk/reward appears balanced, in our view.”</p></blockquote><p>SPCX shares traded around $165.63 at the time of writing, extending losses after one of the most successful public offerings in market history.</p><figure class="wp-block-image size-full"><img width="1023" height="776" src="https://media.crypto.news/2026/06/Screenshot-2026-06-22-233948.webp" alt="SpaceX (SPCX) stock falls 10.47% to $165.63 during U.S. trading, extending losses throughout the session after opening near $176." class="wp-image-14468839"><figcaption class="wp-element-caption"> Source: <a href="https://finance.yahoo.com/quote/SPCX/" rel="noopener noreferrer nofollow">Yahoo Finance</a></figcaption></figure><p>The pullback has drawn attention because it follows a sharp post-listing surge that helped push SpaceX’s valuation to levels that some analysts consider difficult to justify.</p><p>You might also like: <a href="https://crypto.news/bank-of-america-sparks-bitcoin-jitters-with-three-hike-forecast/" rel="noopener noreferrer nofollow"> Bank of America sparks Bitcoin jitters with three-hike forecast </a></p><h2 class="wp-block-heading" id="analysts-point-to-valuation-concerns-despite-growth-outlook">Analysts point to valuation concerns despite growth outlook</h2><p>In its coverage note, KeyBanc identified Starlink as one of SpaceX’s most important revenue engines and said advances in artificial intelligence could support future expansion. Even so, the firm maintained a cautious position, citing what it described as a balanced risk-reward profile at current prices.</p><p>Similar concerns have emerged elsewhere. As previously reported by crypto.news, analysts at Morningstar <a href="https://crypto.news/morningstar-sounds-alarm-on-spacex-as-bulls-target-190/" rel="noopener noreferrer nofollow">estimated</a> a fair value of $63 per share and argued that SpaceX stock may be trading above levels supported by fundamentals.</p><p>The debate over valuation comes only weeks after the company’s blockbuster public debut generated enormous wealth for shareholders. Earlier <a href="https://crypto.news/spacex-creates-new-billionaires-after-elon-musk-tops-1-trillion/" rel="noopener noreferrer nofollow">reporting</a> by crypto.news noted that the IPO pushed Elon Musk’s net worth above $1 trillion while creating a new group of billionaires among early investors, executives, and institutional backers tied to the company.</p><p>Investor attention has increasingly shifted from the scale of the listing toward whether the business can deliver enough growth to support its market capitalization.</p><h2 class="wp-block-heading" id="bond-sale-adds-another-layer-to-investor-focus">Bond sale adds another layer to investor focus</h2><p>While analysts weighed valuation questions, SpaceX also entered the debt market for the first time.</p><p>Barron’s also reported that the company is issuing senior unsecured notes as part of its first bond offering. The report stated that SpaceX currently holds approximately $100.8 billion in cash and intends to use proceeds from the sale primarily to repay bridge financing, with additional funds allocated for general corporate purposes.</p><p>The debt offering arrives shortly after the company’s <a href="https://crypto.news/spacex-debut-turns-tokenized-stocks-into-cryptos-hottest-sector/" rel="noopener noreferrer nofollow">June 12 IPO</a>, which reportedly raised over $85 billion after underwriters exercised the greenshoe option.</p><p>Recent reports have also suggested that SpaceX could pursue significantly larger fundraising plans. Last week, reports indicated that the company was <a href="https://crypto.news/spacex-seeks-20b-bond-deal-as-elon-musk-faces-selloff/" rel="noopener noreferrer nofollow">exploring a bond raise</a> worth as much as $20 billion, highlighting continued demand from investors seeking exposure to Elon Musk’s space and artificial intelligence businesses.</p><p>With analysts split between long-term confidence in SpaceX’s market position and concerns over its valuation, traders are now assessing whether the stock’s latest decline represents a temporary reset after an extraordinary rally or the beginning of a longer adjustment period.</p><p>Read more: <a href="https://crypto.news/fairshake-ramps-up-election-spending-as-clarity-faces-deadline/" rel="noopener noreferrer nofollow"> Fairshake ramps up election spending as CLARITY faces deadline </a></p>

SpaceX sparks valuation fears as analysts refuse stock target

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