SpaceX stock hit an all-time low of $145.20 in midday trade on July 9, falling below its $150 opening price after the company’s record-breaking IPO debut on June 12, according to AOL Finance. The rocket and satellite company’s shares have now surrendered nearly all gains from the initial public offering, which priced at $135 per share and opened at $150, marking an 11% first-day jump that sparked investor enthusiasm for the historic deal.
The decline accelerated in late June when SpaceX disclosed plans to raise $25 billion in debt financing, less than two weeks after going public. By June 22, the stock fell 16% to $154.60 on the debt announcement, according to KuCoin, as investors grew concerned about the company’s capital spending needs and near-term refinancing obligations.
Analysts had warned of valuation concerns even before the IPO. Morningstar estimated SpaceX’s fair value at $780 billion, roughly 48% below the $1.77 trillion valuation implied by the IPO price, according to CNBC. The research firm cited the xAI acquisition—which merged Elon Musk’s AI company with SpaceX in February 2026—as a material threat to profitability, given the subsidiary’s substantial operating losses.
SpaceX’s debt burden reflects the capital intensity of both its space operations and AI infrastructure investments. The company disclosed it had $20 billion in bridge loans outstanding as of April 2026, according to SEC filings, which the $25 billion debt sale was designed to refinance. Barron’s reported that SpaceX’s $25 billion bond offering drew heavy demand despite analyst warnings about capital spending and refinancing risks.
The stock’s slide from its post-IPO peak—which reached around $192.46 on June 15, according to Bloomberg—mirrors broader post-IPO volatility patterns. Renaissance Capital data cited by Crestwood Advisors shows that 30-day post-IPO volatility is approximately 45-50% higher for recent IPOs compared to seasoned stocks in the same sectors. SpaceX’s stock has fallen roughly 30% from its post-IPO high, according to Yahoo Finance and The Globe and Mail.
Despite the recent decline, Wall Street remains broadly bullish. Barron’s reported on July 7 that SpaceX received 14 new buy ratings from analysts, though investors have shown caution about the company’s near-term valuation. The Motley Fool noted that SpaceX won’t reach free-cash-flow positivity until 2029, raising questions about the path to profitability for a company valued at roughly $2 trillion at current trading levels.
The broader context involves SpaceX’s xAI integration. INDmoney reported that xAI burned $6.36 billion in operating losses on $12.7 billion in capital expenditures before the merger, a scale of losses that now sits within SpaceX’s consolidated financial picture. The New York Times reported that analysts cautioned before the IPO that SpaceX’s stock price would swing higher and lower in the days and weeks following the debut—a prediction that has borne out as the stock navigates post-IPO volatility and investor reassessment of its valuation.
Sources
- AOL Finance — SpaceX stock hit all-time low of $145.20 in midday trade on July 9
- Wall Street Journal — SpaceX shares opened at $150 on June 12, 11% above IPO price of $135
- NPR — SpaceX IPO priced at $135 per share, raised $75 billion, largest IPO in history
- CNBC — SpaceX raised $25 billion in debt sale less than two weeks after IPO; Morningstar fair value estimate of $780 billion
- KuCoin — SpaceX stock fell 16% to $154.60 on June 22 after debt-financing disclosures
- Barron’s — SpaceX’s $25 billion bond deal drew heavy demand but analysts warned of capital spending and refinancing risks; SpaceX received 14 new buy ratings on July 7
- Yahoo Finance — SpaceX dropped 30% from post-IPO high; stock has fallen below IPO opening price
- Bloomberg — SpaceX shares closed at $192.46 on June 15, more than 42% above IPO price
- The Motley Fool — SpaceX won’t be free-cash-flow positive until 2029
- INDmoney — xAI burned $6.36 billion in operating losses on $12.7 billion in capital expenditures
- Crestwood Advisors — 30-day post-IPO volatility is 45-50% higher for recent IPOs vs. seasoned stocks
- The New York Times — Analysts cautioned SpaceX’s stock would swing higher and lower post-IPO
- The Globe and Mail — SpaceX stock down approximately 30% from post-IPO high
