SpaceX shares closed at $139.14 on Monday, down 4.4% for the session and 38.3% from the $225.64 intraday high reached after its June market debut.
SPCX traded as low as $136.80, leaving the stock less than 2% above its $135 IPO price before recovering slightly into the close. SpaceX’s market value has fallen to about $1.8 trillion from nearly $3 trillion at the top of the post-listing rally.
The decline extends a pullback that had already taken SPCX back toward its $150 opening price by late June. Nasdaq-100 inclusion on July 7 failed to stop the retreat, with SpaceX falling during its first session inside the index.
SpaceX remains above the IPO allocation price but has erased the entire premium from its $150 opening trade and most of the gain from its $160.95 first-day close.
Valuation Stays Near 100 Times Revenue
SpaceX generated $18.67 billion in revenue during 2025 and recorded a $4.94 billion net loss. The current valuation remains close to 97 times last year’s sales despite the stock’s decline.
Capital expenditures reached $20.73 billion in 2025 as SpaceX funded Starlink expansion, Starship development and artificial intelligence infrastructure. First-quarter spending climbed to $10.1 billion, including $7.72 billion tied to AI.
The connectivity division produced $11.4 billion in 2025 revenue and $4.4 billion in operating income, making Starlink the strongest part of the business. The AI segment generated $3.2 billion in revenue but recorded a $6.36 billion operating loss.
Wall Street price targets remain widely dispersed. MoffettNathanson placed its target at $131, below Monday’s close, while J.P. Morgan set a $225 target and Raymond James reached $800.
$135 Becomes The Immediate Price Test
SpaceX initially sold 555.56 million shares at $135, raising $75 billion. Underwriters later exercised their full option for another 83.33 million shares, taking the final IPO proceeds to $85.7 billion.
The record listing opened SPCX trading on Nasdaq on June 12 and left a large portion of insider and employee shares subject to staggered lock-up restrictions.
Some shares can become eligible for sale following post-earnings windows, while broader restrictions extend into December. Elon Musk and other major holders face longer lock-ups running into 2027.
SPCX finished Monday $4.14 above the IPO price after touching $136.80 during the session.
