SpaceX Falls Below Its IPO Price, Breaking Through the $135 Mark
- Input
- 2026-07-16 02:10:55
- Updated
- 2026-07-16 02:10:55
Elon Musk's SpaceX stock fell below its IPO price on the 15th, local time.
During the session, SpaceX fell as much as 2.9% from the previous close to $132.15. After four straight losing sessions since the 10th, it also broke below the $135 IPO level.
That came about a week after SpaceX was added to the Nasdaq-100 Index on the 7th.
However, after recovering some of its losses late in the day, it barely held on to its IPO price on a closing basis. SpaceX ended trading at $135.27, down $0.81, or 0.60%, just above the IPO level.
A Downturn After the Largest IPO in History
Musk also became the world's first 'trillionaire' last month, thanks to SpaceX's historic initial public offering (IPO) on the 12th.
But SpaceX, which raised a record $86 billion through the IPO, has been on a downward path since hitting a peak on the third day of trading, when it closed at $211.39 on the 16th of last month. As of the previous day's close, it had plunged nearly 36% from that high.
SpaceX, which drew strong interest on its first day of trading as its stock jumped about 20%, has continued to weaken.
Its inclusion in the Nasdaq-100 Index on the 7th had raised hopes that institutional investors, including exchange-traded funds (ETFs) that track the index, would add SpaceX to their portfolios. Instead, the move appears to have triggered a full-scale decline.
Market Cap Erases $1 Trillion
According to the Financial Times, SpaceX's market capitalization has shrunk by more than $1 trillion amid the sharp drop in its share price.
The stock plunge also sharply reduced the value of Musk's 42% stake. His SpaceX holdings, valued at $1.2 trillion on the 16th of last month, have now shrunk to around $760 billion. In just one month, $440 billion has evaporated.
The roughly $25 billion in corporate bonds SpaceX issued late last month is also facing selling pressure. Among investment-grade bonds, these securities are posting the worst performance.
Wall Street Says Growth Potential Remains Strong
Still, investment banks on Wall Street are offering upbeat forecasts.
Raymond James even assigned a 'strong buy' rating and set a 12-month target price of $800.
Deutsche Bank AG has set a target price of $255, while JPMorgan Chase's target stands at $225.
Goldman Sachs is optimistic that SpaceX's artificial intelligence (AI) revenue will grow 100-fold by 2030.
One investment banker at the bank that underwrote SpaceX's IPO said, "It is going through a bit of a rough patch," but added, "Investors are smart people, so I am not worried."
[email protected] Song Kyung-jae Reporter