Test

<h3 id="key-takeaways">Key Takeaways</h3><ul><li>SPCX shares declined 0.5% to $114.60 on Monday following a successful Starship test flight on Friday</li><li>The stock has tumbled approximately 38% across three weeks and now trades beneath its $135 debut price</li><li>HSBC launched coverage with a Hold recommendation and $115 target, factoring in a 2x “innovation premium” yet still pricing below market</li><li>The investment bank forecasts approximately $106 billion in cumulative cash consumption before positive free cash flow emerges circa 2030</li><li>Critical August milestones include Q1 financial results on Aug. 4 and a substantial lock-up release on Aug. 6 potentially expanding tradable shares significantly</li></ul>Shares of SpaceX (SPCX) dipped 0.5% to $114.60 during Monday morning trading, despite the aerospace manufacturer executing a largely successful 13th Starship test mission Friday night. The decline occurred while broader equity markets advanced — S&amp;P 500 futures gained 0.9% and Dow futures added 1.1% — highlighting the stock’s divergent performance.<a href="https://knockoutstocks.com/stock/SPCX" rel="noopener noreferrer nofollow"> <img src="https://knockoutstocks.com/api/stocks/SPCX/embed" alt="SPCX Stock Card"> Space Exploration Technologies Corp., SPCX </a>SPCX has experienced three consecutive weeks of losses, shedding approximately 38% during this period. The current price represents a decline from its $135 initial public offering level in June and trades more than 40% beneath its peak closing price of $201.80.The Friday Starship mission accomplished the majority of its objectives. The spacecraft’s upper stage successfully deployed 20 Starlink V3 satellites, executed an engine restart in space’s vacuum, and completed a controlled splashdown in the Indian Ocean. While the booster failed to achieve its targeted soft landing, KeyBanc analyst Michael Leshock characterized the mission as “near perfection” and a “meaningful success.”The company anticipates Flight 14 within weeks. CEO Elon Musk indicated that <a href="https://coincentral.com/cathie-wood-buys-21-million-of-spacex-stock-after-45-drop-from-record-high/" rel="noopener noreferrer nofollow">SpaceX</a> intends to attempt capturing the upper stage using the launch tower’s mechanical arms — a maneuver previously accomplished only with the booster component.<h3 id="investment-bank-questions-current-valuation">Investment Bank Questions Current Valuation</h3>HSBC emerged as the first major financial institution to publish SPCX coverage on July 25, assigning a Hold rating with a $115 price objective — beneath the prevailing $118.24 market price. The bank constructed its valuation by assessing each business division independently and incorporating a 2x “innovation premium” reflecting Musk’s execution history. Despite this favorable adjustment, HSBC’s target remained below market levels.The firm’s baseline projections anticipate revenue expanding to $38.2 billion in 2026 from $18.7 billion in 2025. However, HSBC expects GAAP profitability to remain elusive through 2027, with free cash flow generation delayed until approximately 2030, necessitating cumulative cash consumption of roughly $106 billion.Under HSBC’s optimistic scenario, SPCX could reach $293 per share — contingent upon Starship commercialization success, accelerated Starlink user adoption, and earlier-than-expected AI revenue materialization.<h3 id="ai-division-generates-substantial-losses">AI Division Generates Substantial Losses</h3><a href="https://coincentral.com/spacex-spcx-stock-what-happened-during-starships-latest-test-flight/" rel="noopener noreferrer nofollow">SpaceX’s</a> Q1 2026 financial disclosure revealed $4.69 billion in total revenue alongside a $1.94 billion operating deficit. Starlink dominated performance with $3.26 billion in sales and $1.19 billion in operating profit. Conversely, the AI division generated $818 million in revenue while incurring a $2.47 billion operating loss.Total capital expenditures reached $10.1 billion during Q1, with $7.7 billion allocated to AI infrastructure — the competitive segment HSBC considers most challenging given formidable rivals including Amazon, Microsoft, and Google.Starlink demonstrated robust subscriber expansion, achieving 10.3 million users by Q1’s conclusion, compared to 5 million twelve months prior. However, average monthly revenue per customer contracted to $66 from $86 as the company penetrated lower-priced international markets.The company will release its inaugural public quarterly results following market close on Aug. 4. Subsequently, on Aug. 6, the initial lock-up period expires, potentially releasing 911.5 million shares for trading — increasing the public float from approximately 4.9% to roughly 12%.Short sellers have accumulated approximately $15.5 billion in unrealized profits since the IPO, with short interest representing nearly 31% of available tradable shares.The post <a href="https://blockonomi.com/spacex-spcx-stock-struggles-despite-successful-test-flight-as-hsbc-issues-cautious-rating/" rel="noopener noreferrer nofollow">SpaceX (SPCX) Stock Struggles Despite Successful Test Flight as HSBC Issues Cautious Rating</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

SpaceX (SPCX) Stock Struggles Despite Successful Test Flight as HSBC Issues Cautious Rating

Table of Contents

Blockonomi

Other articles published on Jul 27, 2026

Hoskinson says Bitcoin's crown is at risk if governance fails the quantum test

Lorenzo Protocol (BANK) Added to KRW Market

InterLink Says ITLG Will Shape The Next Phase Of Growth

India's finance panel backs self-regulation as a bridge to crypto law

Sam Altman's World raises $52.5M to scale proof-of-human ID

EU adds Justin Sun's HTX to Russia sanctions list

Join our free newsletter for daily crypto updates!