SpaceX Shares Plummet Following Record $75 Billion IPO

Shares of Space Exploration Technologies Corp. have declined significantly after completing the largest initial public offering in Wall Street history, which raised $75 billion. By July 31, 2026, the stock closed at $108.37, marking a 19% decrease from its initial $135 price and nearly a 50% drop from its post-IPO peak of $201.80.

The company reported strong revenue growth, largely fueled by its Starlink connectivity segment, which generated $11.39 billion in 2025. However, the aerospace firm remains lossmaking, posting a trailing twelve-month net income of -$9.36 billion. Financial records filed with the United States Securities and Exchange Commission show that the federal government provided $5.9 billion in revenue via NASA and the Department of Defence in 2025.

Analysts warn of further downward pressure as 180-day lockups expire beginning August 6, which could allow the sale of approximately 911.5 million shares. Morningstar, Inc. estimated the company's value at less than half its IPO target price, with some experts arguing the stock remains overvalued due to an unusually small public float of only 5% of outstanding shares.