Test

Starlink

Elon Musk

SpaceX shares closed at $139.14 on Monday, down 4.4% for the session and 38.3% from the $225.64 intraday high reached after its June market debut.
SPCX <a href="https://www.google.com/finance/beta/quote/SPCX:NASDAQ?sa=X&amp;ved=2ahUKEwiH94jcqNGVAxVVVfEDHffMLEEQ3ecFKAN6BAgyEAQ" rel="noopener noreferrer nofollow">traded</a> as low as $136.80, leaving the stock less than 2% above its $135 IPO price before recovering slightly into the close. SpaceX’s market value has fallen to about $1.8 trillion from nearly $3 trillion at the top of the post-listing rally.
The decline extends a pullback that had already <a href="https://cryptoadventure.com/spcx-slides-back-near-150-opening-price-as-spacex-ipo-rally-fades/" rel="noopener noreferrer nofollow">taken SPCX back toward its $150 opening price</a> by late June. Nasdaq-100 inclusion on July 7 failed to stop the retreat, with SpaceX falling during its first session inside the index.
SpaceX remains above the IPO allocation price but has erased the entire premium from its $150 opening trade and most of the gain from its $160.95 first-day close.
<h2 id="valuation-stays-near-100-times-revenue">Valuation Stays Near 100 Times Revenue</h2>
SpaceX generated $18.67 billion in revenue during 2025 and recorded a $4.94 billion net loss. The current valuation remains close to 97 times last year’s sales despite the stock’s decline.
Capital expenditures <a href="https://cryptoadventure.com/spacex-lines-up-20b-bond-sale-as-post-ipo-ai-spending-test-grows/" rel="noopener noreferrer nofollow">reached</a> $20.73 billion in 2025 as SpaceX funded Starlink expansion, Starship development and artificial intelligence infrastructure. First-quarter spending climbed to $10.1 billion, including $7.72 billion tied to AI.
The connectivity division produced $11.4 billion in 2025 revenue and $4.4 billion in operating income, making Starlink the strongest part of the business. The AI segment generated $3.2 billion in revenue but recorded a $6.36 billion operating loss.
Wall Street price targets remain widely dispersed. MoffettNathanson placed its target at $131, below Monday’s close, while J.P. Morgan set a $225 target and Raymond James reached $800.
<h2 id="135-becomes-the-immediate-price-test">$135 Becomes The Immediate Price Test</h2>
SpaceX initially sold 555.56 million shares at $135, raising $75 billion. Underwriters later exercised their full option for another 83.33 million shares, taking the <a href="https://ir.spacex.com/updates/releases-details/2026/Space-Exploration-Technologies-Corp--Announces-Closing-of-Initial-Public-Offering-Including-Full-Exercise-of-Underwriters-Option-to-Purchase-Additional-Shares-2026-RgoR-Y1Vwh/default.aspx" rel="noopener noreferrer nofollow">final IPO proceeds to $85.7 billion</a>.
The record listing <a href="https://cryptoadventure.com/spcx-starts-trading-on-nasdaq-after-spacexs-record-75b-ipo/" rel="noopener noreferrer nofollow">opened SPCX trading on Nasdaq</a> on June 12 and left a large portion of insider and employee shares subject to staggered lock-up restrictions.
Some shares can become eligible for sale following post-earnings windows, while broader restrictions extend into December. Elon Musk and other major holders face longer lock-ups running into 2027.
SPCX finished Monday $4.14 above the IPO price after touching $136.80 during the session.
The post <a href="https://cryptoadventure.com/spacex-shares-fall-38-from-peak-as-spcx-nears-ipo-price/" rel="noopener noreferrer nofollow">SpaceX Shares Fall 38% From Peak As SPCX Nears IPO Price</a> appeared first on <a href="https://cryptoadventure.com" rel="noopener noreferrer nofollow">Crypto Adventure</a>.

SpaceX Shares Fall 38% From Peak As SPCX Nears IPO Price

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