SpaceX stock dips to $135 as Starship launch looms

SpaceX’s stock price fell to roughly $135 on Wednesday, the same price set for its blockbuster June 12 IPO that raised nearly $86 billion. The shares spent much of the day below that IPO level, dipping under $133 before closing at $135.27. The decline continues a month-long slide from an initial post-IPO peak above $200, which briefly valued SpaceX near Amazon and Microsoft. Volatility is fueled by the fact that only 4% of total shares are publicly traded on the Nasdaq, creating a thin “float” that amplifies price swings amid intense media attention. Market sentiment has also cooled on CEO Elon Musk’s grand vision for the company, mirroring a broader tech stock pullback.

The price drop comes just ahead of Thursday’s Starship test flight, the first since the IPO and since a booster failure in May. SpaceX is using its characteristic “fly, fail, fix” approach — both the booster and upper stage will simulate landings in the Gulf of Mexico, meaning the rocket will be destroyed regardless of success. This risky test could further pressure the stock. A prolonged downturn matters beyond SpaceX: its IPO has set the stage for Anthropic and OpenAI’s confidential IPO filings, making SpaceX’s trading a bellwether for those upcoming offerings.