SpaceX closed Wednesday at $148, below the $150 it opened at on its first day of trading. It was the second session in a row under that line, and it came one day after the Nasdaq-100 added the company to its roster.
The index move was quick. SpaceX went public on June 12, so it had been listed for less than a month. The Nasdaq-100 normally asks companies to wait 12 months, but a recent rule change lets newly listed firms in early if their market value clears a set threshold. SpaceX’s valuation topped $250 billion at the IPO. Index funds and ETFs that track the benchmark then had to buy the stock.
From $135 to $201.80 and back
The IPO itself set a record. SpaceX sold 555.6 million shares at a fixed $135 and raised $85.7 billion once underwriters exercised the “greenshoe” option, which lets a company issue extra shares when demand outruns the original supply. The stock climbed fast. It hit a closing high of $201.80 on June 16.
That peak now looks distant. Some investors are uneasy about the drop below $150, and the pullback may be plain profit-taking after a sharp rally, along with broader choppiness in aerospace shares.
Wall Street’s split verdict
Most analysts turned positive once the index news landed. Morgan Stanley started coverage at “overweight” with a $300 price target, the highest on the Street. Bernstein came in at “outperform” with $239, RBC at “outperform” with $225, and UBS at “buy” with a 12-month target of $210.
The bulls cite SpaceX’s lead in reusable rockets and launch operations, the reach of its Starlink satellite internet network, and room to widen profit margins in both. For growth beyond that, they point to artificial intelligence products, such as agentic coding tools that could compete with Anthropic’s Claude or OpenAI’s Codex, and to orbital data centers.
Not everyone agrees. MoffettNathanson began with a neutral rating. CFRA told clients to sell.
The spread between $210 and $300 in the price targets shows how little consensus there is on what the stock is worth.
The next event traders are watching is a planned Starship orbital test flight, which analysts believe could further show off the company’s technology.
