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FollowingSpaceX\'s share price fell 35% from its post-IPO peak, testing investor confidence.
Key points
SpaceX closed at $148 on July 8, below its $150 offering price for the second consecutive trading day.
The stock is down 35% from a post-IPO high of $225.64.
Despite the widening overall losses, Star Chain is still the main pillar supporting its valuation of nearly US$1.9 trillion.
SpaceX Stock News
SpaceX, trading with the symbol SPCX, still fell below its offering price after being included in the Nasdaq-100 Index-an inclusion that usually means index funds will be forced to buy the stock. The stock closed at $148 on July 8, its IPO price below $150 for the second consecutive session, recouping almost all of its gains since its record listing on June 12.
SpaceX once climbed to US$225.64 after its IPO, but its inclusion in the Nasdaq-100 index turned out to be a \"sell-off event when the news came down.\" Investors took advantage of the passive buying demand of index funds to reduce their holdings. A similar pattern appeared when Palantir was included in the Nasdaq-100 index at the end of 2024, and the stock fell about 25% in the weeks after selection.
Star Chain Valuation Analysis
This round of decline did not exclude SpaceX from the first tier of open market valuations, and the company\'s market value is still close to US$1.9 trillion. Faced with revenue of approximately US$18.7 billion in 2025 (a year-on-year increase of 33%), this valuation pressure is significant-the stock price remains at a level of approximately 100 times the P/P ratio.
Star Chain is the core reason why investors insist on premium valuations. The satellite Internet division\'s revenue in 2025 will exceed US$11 billion, accounting for approximately 61% of the company\'s total revenue. The problem is that SpaceX is still losing money: a net loss of $4.9 billion in 2025 and another $4.3 billion in the first quarter of 2026. Continued investment in xAI and starship projects has severely dragged on cash flow, which means that Star Chain\'s profit growth is now more critical than pure revenue growth.
Wall Street generally maintained a constructive attitude. Morgan Stanley, Bernstein, Royal Bank of Canada and UBS all gave buy ratings, while MoffettNathanson opted for neutrality and the CFRA recommended selling. The recent correction suggests that market enthusiasm may quickly fade after the high-profile index inclusion event. SpaceX\'s post-IPO rally has brought rapid gains to investors, but the current pullback has shifted the focus back to core issues such as losses, spending and whether Star Chain can support the company\'s valuation.
