SpaceX stock slides after its IPO: early investors are still up big

SpaceX went public on Nasdaq as SPCX on 12 June 2026, and the stock’s sharp drop after the IPO has already started to harden into the wrong story. The shares are down about a third from their high, but that doesn’t mean longtime backers are the ones taking the worst hit. The heaviest losses are landing on people who bought after the IPO, some late private investors, and employees whose exposure is heavily tied up in the stock.

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The company came to market on 12 June 2026 at 135 a share, raising roughly 75 billion to 86 billion at a 1.77 trillion valuation. For a moment, SpaceX pushed past 2 trillion. Then the move reversed: the stock fell about one-third from its high, erased nearly 850 billion in value, and by mid-July had settled back to roughly 135 to 139 a share.

That matters because SpaceX was valued at about 137 billion in early 2023, 208 billion in August 2024, and 800 billion by December 2025. Anyone who got in years ago is still sitting on enormous paper gains. The real pain is somewhere else, with post-IPO buyers, some late private investors, and employees carrying concentrated exposure.

More than 80% of analysts still rate SpaceX a buy. Most price targets sit around 236 to 239, and Raymond James has one all the way up at 800. Critics, though, keep coming back to the same two points: a forward price-to-sales ratio above 30, and no sustained profitability expected until 2027.

SPCX is easy enough to follow on Nasdaq, where SpaceX has already made its way into the Nasdaq-100. Attention is also building around Terafab, SpaceX’s Tesla chip venture focused on vehicles and orbital data centers.