SpaceX stock has officially crossed into uncomfortable territory. Shares of Elon Musk’s aerospace juggernaut slipped below their $135 IPO price for the first time on July 15, trading as low as $132.15, just five weeks after the company’s record-shattering public debut.
The stock peaked at an intraday high of $225.64 shortly after its June 12 listing, meaning investors who chased the momentum at the wrong moment are now staring at a decline of more than 40%. Nearly $1.4 trillion in market cap has been wiped out since that peak.
The biggest IPO ever meets gravity
SpaceX raised approximately $86 billion in what became the largest IPO in market history. The $135 per share pricing reflected a company that had seen its private valuation balloon from $350 billion in December 2024 to an estimated $800 billion by December 2025, propelled by its Starlink satellite internet business and growing role in AI infrastructure.
The initial post-IPO rally saw the stock surge more than 67% above its listing price within days. Then came the reversal. A broader technology sell-off created downward pressure across the sector, and the stock didn’t just correct — it cratered through its IPO floor.
