SpaceX shares closed only $1.08 above their initial public offering price after a third straight daily decline. The stock fell 2.2% on Tuesday, July 14, to $136.08, its lowest closing level since the June 12 market debut. Buyers paid $135 per share during the record offering, which raised about $75 billion and valued the company near $1.77 trillion.
The decline places the IPO price back at the center of market attention. SpaceX opened at $150 and closed its first session at $160.95. The shares later reached a post-listing peak of $225.64 before losing about one-third of their value.
Bloomberg estimates the pullback has erased nearly $850 billion from the rocket, satellite and artificial intelligence company’s market value.
A move below the $135 offer price would place initial buyers in a losing position. Market participants often use the offer price to measure demand for a newly listed company. The current level also shows how quickly SpaceX’s early trading gains have faded after its record-setting debut and strong first-week demand.
Reuters reported that retail buyers received about 20% of the IPO allocation. A fall below the offer price could therefore affect a broad group of individual shareholders.
The stock already trades below its $150 opening price and its $160.95 first-day close, despite joining the NASDAQ-100 through fast-entry rules last week.
SpaceX trades at an estimated forward price-to-sales ratio above 30 times, according to Bloomberg. That multiple ranks among the highest in the NASDAQ-100 and sits slightly below Palantir’s level. The valuation has drawn closer attention as technology shares face wider questions over high growth expectations and future earnings.
The company also faces a long lock-up schedule that will release insider shares in stages over the coming months. Ken Mahoney, chief executive of Mahoney Asset Management, said, “We still don’t think SpaceX has found its low.” He added that new supply will require enough market demand as more shares become available.
Wall Street analysts still show broad support for SpaceX. More than a dozen banks, including Morgan Stanley, JPMorgan and Goldman Sachs, started coverage with buy-equivalent ratings. Over 80% of analysts covering the stock recommend buying it, while the average target stands at $236.25.
That target sits more than 70% above Tuesday’s close. Still, early volatility is common among large technology listings. A Truist Wealth review of 30 major technology IPOs over 15 years found an average maximum first-year decline of 55%.
SpaceX also reflects a weaker pattern among major 2026 listings. Six of the year’s 10 largest IPOs trade below their first-day closing prices, according to Bloomberg data. The weighted average return for US IPOs, excluding blank-check companies, fell to 5.3% through July 13.
Some buyers may view the $135 area as a lower entry point after missing the IPO allocation. Talley Leger, chief market strategist at Wealth Consulting Group, said he may consider buying shares if the decline extends.
Market attention now centers on whether demand holds near the offer price as insider supply approaches. Upcoming sessions will test whether the offer price attracts enough fresh market demand.
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