SpaceX shares fell to a record low Monday, even after Starship completed its strongest test flight. The stock fell below $109 before closing 1.4% lower at $113.50, extending its decline since its June listing.
Investors are now tracking more than launch results. They are also watching whether Starship can fly often, return safely, and support SpaceX’s broader plans at a workable cost.
Starship lifted off from Starbase, Texas, on Friday during its 13th test flight. The mission deployed 20 next-generation Starlink V3 satellites, completed an engine relight in space, and ended with the upper stage making a splashdown in the Indian Ocean.
SpaceX spokesperson Dan Huot said he was ‘a little over the moon’ during the livestream and called the mission ‘lucky number 13.’ The spacecraft remained intact after landing, giving engineers data on its heat shield after reentry.
However, the Super Heavy booster did not complete its planned landing sequence. Five engines failed to restart during the landing burn, causing the booster to strike the Gulf of Mexico harder than planned. SpaceX did not intend to recover either vehicle.
The mission followed an engine-ignition abort on July 16 and a weather delay on July 23. Elon Musk said SpaceX may attempt to catch the Starship upper stage with its launch tower during Flight 14, provided the company finds no problems during its data review.
SpaceX stock closed at $115.07 on Friday before the launch, after falling 2.7% during the session and 7.2% over the week. Monday’s decline pushed the shares farther below the company’s $135 initial public offering price.
The stock has lost nearly half its value since reaching a post-IPO high above $225 in June. Short sellers have built positions during the decline, while investors continue to question the company’s valuation and spending plans.
Alex Morris, chief executive of F/m Investments, said the shares could move into ‘double digits.’ He also said SpaceX has a strong product and few direct rivals. He linked part of the volatility to the company’s growing focus on artificial intelligence.
SpaceX plans to report second-quarter results on August 4. The release will give investors their first detailed look at quarterly revenue, costs, cash use, Starlink growth, and spending across its space and artificial intelligence operations.
SpaceX is shifting more of its launch strategy toward Starship and away from Falcon 9. Reports say the company has turned away some satellite operators seeking dedicated Falcon 9 launches after 2028 and stopped taking new rideshare reservations for later missions.
The company has also reduced production of some non-reusable Falcon components. That shift makes Starship’s reliability, reuse, and launch rate central to operations, as Falcon 9 supports commercial launches and much of the Starlink deployment schedule.
Investors are watching the cost of repairing Starship after reentry and the time needed between flights. SpaceX aims to raise the launch rate sharply, but each test still carries technical risk and can face hardware or weather delays.
SpaceX has not confirmed a date for Flight 14. Any tower-catch attempt depends on the company’s review of Flight 13 data, including engine performance, reentry conditions, heat-shield results, and splashdown control before approving Flight 14.
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