SpaceX shares closed Wednesday at $135.27, just above the $135 floor set for its June 12 initial public offering.
The stock traded below that level for most of the session, dipping past $133 before climbing back. This movement followed a month-long slide since the listing, which initially saw the price rise above $200. Those early gains gave the firm a valuation comparable to Amazon and Microsoft. Since then, the value has fallen almost every week.
Moving markets
Only 4% of the company’s total shares are available to the public on the Nasdaq. This limited float, combined with constant scrutiny, has caused wild price swings during the first month of trading.
Investors seem to be cooling on CEO Elon Musk’s long-term plans for the firm. This reflects a wider drop in tech stock values over the last month. SpaceX’s shares have fallen, and so have the bonds the company sold after the IPO.
A continued decline could affect wider markets. The stock price signals how investors view Musk’s promises about space travel. SpaceX’s listing also set the stage for other major firms like Anthropic and OpenAI to go public. Both have filed confidentially for listings. Neither has set a date, but traders are watching SpaceX’s performance to gauge potential success.
Starship test imminent
SpaceX faces another early test of its stock price on Thursday. The company will attempt to launch its Starship rocket for the first time since the IPO. The vehicle remains in development, making it prone to failure under the “fly, fail, fix” approach.
This will be the first flight since a booster failure in May. The company does not plan to recover the booster or upper stage. Instead, both parts will simulate a landing in the Gulf of Mexico. That means both sections will explode regardless of whether the flight plan runs without issues.
