SpaceX Shares Slide Below IPO Price as Starship Test Flight Looms

When SpaceX’s shares slipped below the very price that once marked its market debut, a hush fell over the trading floor. On Wednesday, the ticker SPCX dipped to $132.75, falling under the $135 IPO price set on June 12, 2026. By the close, the stock hovered at $135.27—a price that sits 30 % below the peak of $225.64 reached just four days earlier, and about 12 % lower than its all‑time high.

The slide came after a night of brisk trading on the Blue Ocean ATS, an after‑hours venue that runs from 8 p.m. to 4 a.m. ET. It follows a period of dramatic swings: the stock opened at $150, leapt to $225, and has now fallen to its lowest point yet. Yet, the market’s reaction has left many analysts still bullish.

Yahoo Finance’s analyst insights show that 27 of 31 experts rate SpaceX as Buy or Strong Buy, with an average target price of $242. Needham, a research firm, recently lifted its target to $250 from $200 while keeping a Buy recommendation. The gap between Wall Street optimism and the current market price is stark. Investors who entered at the IPO price are now facing a sizeable loss, while analysts point to the company’s diversified business mix as a source of upside.

SpaceX is split into three core divisions: Space, which conducts orbital launches; Connectivity, which runs the Starlink satellite broadband network; and Artificial Intelligence, which develops AI products and data‑center infrastructure. Each segment adds a layer of resilience to the company’s valuation.

The next big event on the horizon is the 13th test flight of Starship, scheduled for Thursday night. The launch will feature Starship Version 3, a larger and more powerful design that debuted less than two months ago. The previous May launch suffered heat damage during separation, causing the Super Heavy booster to fail. Since 2023, SpaceX has been refining Starship, a platform central to its plans for heavy‑lift launches, satellite deployment, and future missions to the Moon and Mars.

Evercore ISI analyst Kutgun Maral has cautioned that Starship has yet to demonstrate the ability to scale reliably. The company’s first operational payload launch is expected in the second half of the year, and any delay could dampen investor sentiment.

SpaceX’s IPO was the largest in history, raising $86 billion and valuing the company at $1.77 trillion. The IPO also gave Elon Musk a stake that made him the first U.S. dollar trillionaire. Since going public, the company has continued to grow its launch cadence; as of May 27, 2026, Starship had flown 12 times, with 7 successes and 5 failures.

The upcoming earnings report, slated for mid‑August, will shed light on the company’s financial health. Analysts will be watching how the earnings data align with the ambitious launch schedule and the performance of its Starlink and AI businesses.

In short, SpaceX shares have slipped below the IPO price and hit a new all‑time low, even as analysts maintain bullish expectations and the company’s diversified model. The forthcoming Starship test flight and the mid‑August earnings report are likely to be the key drivers of investor sentiment in the coming weeks.