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FollowingSpaceX shares fell 38% from their peak, approaching the IPO price.
On Monday, SpaceX shares closed at US$139.14, down 4.4% on the day, down 38.3% from the intraday high of US$225.64 hit after listing in June. The intraday low fell to $136.80, less than 2% above the $135 IPO price, before recovering slightly before the close. Since the peak of its post-IPO boom, SpaceX's market value has dropped from nearly $3 trillion to about $1.8 trillion.
The decline continued a correction trend that has caused SPCX to fall back to its opening price of $150 since late June. Inclusion in the Nasdaq 100 Index on July 7 failed to stop the decline, and SpaceX fell on its first trading day into the index. SpaceX shares remain above the IPO placement price, but have erased all of the premium from the $150 opening price and most of the increase in the first-day closing price of $160.95.
The valuation is still close to 100 times revenue.
SpaceX will achieve revenue of US$18.67 billion in 2025 and a net loss of US$4.94 billion. Despite the stock price decline, the current valuation is still about 97 times last year's sales. Capital expenditure in 2025 will reach US$20.73 billion, which will be used for satellite chain expansion, starship research and development and artificial intelligence infrastructure construction. Spending climbed to $10.1 billion in the first quarter, of which $7.72 billion was AI-related.
The Connected Business Unit contributed US$11.4 billion in revenue and US$4.4 billion in operating profit in 2025, making Star Chain the company's strongest business segment. The AI business achieved revenue of US$3.2 billion, but recorded an operating loss of US$6.36 billion. Wall Street price targets remain widely divided. MoffettNathanson set a target price of $131, lower than Monday's close; JPMorgan Chase set a target price of $225; and Raymond James set a target price of $800.
US$135 becomes real-time test price
SpaceX initially issued 555.56 million shares at US$135 per share, raising US$75 billion. The underwriters subsequently exercised their over-allotment option in full and issued 83.33 million additional shares, bringing the final IPO raised to US$85.7 billion. The record-setting listing began trading in SPCX on Nasdaq on June 12, but most insider and employee shareholdings face phased lock-in periods. Some shares can be eligible for sale after the window after the earnings report, while broader restrictions will extend into December. Elon Musk and other major shareholders face a longer lock-up period until 2027. SPCX closed Monday at $136.80,$4.14 above its IPO price.
