SpaceX Stock Plummets Toward IPO Price After $1 Trillion Loss

Shares of Space Exploration Technologies Corp. fell more than 4% on July 13, 2026, dropping below $140 and approaching the company's $135 initial public offering price. This decline follows extreme volatility after the company's June 12 market debut. Shares peaked at $225.64, briefly pushing the company's market value toward $3 trillion before a sharp correction erased nearly $1 trillion in value, leaving the company valued at approximately $2 trillion.

To stabilize and recover its valuation, the company is diversifying beyond Starlink subscriptions and government contracts through AI infrastructure partnerships with Anthropic, Alphabet's Google Cloud, and Reflection, valued at up to $82 billion. The stock has also seen unusual institutional support; Nasdaq modified its listing requirements, reducing the necessary trading period from three months to 15 days to facilitate the company's entry into the Nasdaq-100 index on July 6. SpaceX now represents 1.21% of the Invesco Nasdaq QQQ ETF.

Market sentiment remains divided. Investment banks including Morgan Stanley, RBC Capital Markets, and UBS issued bullish targets between $210 and $300, citing reusable launch technology. Conversely, MoffettNathanson and CFRA issued neutral and sell recommendations, arguing that growth expectations are overly optimistic for a stock trading at nearly 100 times its 2025 revenue of $19 billion.