Less than a month after SpaceX pulled off the largest initial public offering in history, its stock has officially entered uncomfortable territory. Shares of SPCX dropped below the $135 IPO price for the first time since the company’s Nasdaq debut.
On July 9, SpaceX hit an intraday low of $145.20 before closing at $149.29. While that closing price technically remains above the IPO level, the intraday breach sent a clear signal: gravity applies to rocket companies too.
From $200 to reality check
When SpaceX began trading on June 12, shares quickly climbed past $200 in the opening days. The IPO raised approximately $75 billion and handed the company an initial valuation somewhere between $1.75 trillion and $1.8 trillion.
For context, a December 2025 tender offer had valued SpaceX shares at roughly $421 each, putting the company at around $800 billion. The IPO structure clearly diluted that per-share figure substantially while expanding the overall float available to retail and institutional investors.
