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SpaceX stock slipped below its IPO opening price this week as the company faced fresh selling pressure after its NASDAQ-100 entry. The decline came while rival Blue Origin moved to raise new outside capital, adding a new point of focus for investors watching the space launch and satellite market.
SpaceX shares closed at $148 on Wednesday, below the $150 opening price from its market debut. The stock also touched an all-time low of $145.20 in midday trading before trimming part of the loss by the closing bell.
The move extended a two-day slide after SpaceX entered the NASDAQ-100 on Tuesday. Index inclusion usually brings demand from funds that track the benchmark. However, the stock dropped 7% that day as traders sold into the event.
Some market strategists said the NASDAQ-100 addition may have already been priced into the shares. Recent weakness in the NASDAQ also added pressure on newly listed growth stocks.
Analyst coverage also arrived this week, with most ratings staying bullish. Several firms issued Buy or equivalent calls, while price targets mostly sat above $200. Morgan Stanley rated the stock overweight with a $300 target, while Bernstein, RBC, and UBS also started coverage with positive ratings.
SpaceX raised $85.7 billion in its June IPO after underwriters used the greenshoe option. The company first offered 555.6 million shares at $135 each. The stock later opened at $150 and reached a closing high of $201.80 on June 16.
Analysts pointed to SpaceX’s position in reusable rockets, launch services, and Starlink satellite internet. They also cited possible growth from AI tools, orbital data centers, and wider space infrastructure.
Morgan Stanley analyst Adam Jonas framed SpaceX as more than a rocket company. He said the firm could connect launch economics, satellite networks, and AI infrastructure into one business model.
Jonas said SpaceX could turn energy into intelligence through ‘data centers using solar power.’ He also pointed to ‘near-monopoly launch economics, the world’s largest LEO network, and a fast-scaling AI infrastructure business.’
Still, the stock has struggled to return above $200 since June 16. The pullback places SpaceX in what some market watchers describe as a post-IPO adjustment phase, where early demand cools and investors test valuation support.
Meanwhile, Blue Origin is seeking outside funding at a reported $130 billion valuation. The Jeff Bezos-backed company is raising $10 billion, including $4 billion from Coatue Management, $4 billion from other large investors, and $2 billion from Bezos.
The raise marks a shift for Blue Origin, which Bezos has funded for about 25 years. The company is raising money after a difficult period that included a New Glenn rocket explosion as a static engine test damaged its only launch pad.
Bezos recently said Blue Origin had reached a point where outside funding made more sense. “We finally have enough visibility into our future and our financial success,” Bezos told CNBC in May. “It’s a good time actually to start thinking about the future and bring on some other outside investors,” he further added.
Blue Origin also plans to operate TeraWave, an enterprise satellite connectivity service. Its New Glenn rockets are expected to launch satellites into medium Earth orbit and low Earth orbit.
Amazon is also preparing its own satellite internet service, Amazon LEO, which would compete with Starlink in consumer connectivity. TeraWave, however, targets large business customers.
The funding effort signals Blue Origin’s push to strengthen its capital base as competition grows in launch services and satellite internet. SpaceX still leads in satellites already in orbit, but Blue Origin is working to build a stronger position across rockets and connectivity.
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