SpaceX stock defies latest Wall Street forecasts

SpaceX (SPCX) went public a month ago as the biggest IPO in history. Today, it trades below its opening price.

Shares of Space Exploration Technologies slipped to a record low near $139 on Monday, even as the company cleared a Starship mishap probe ahead of its next test flight, according to Reuters .

That's down more than 38% from the $225 peak it reached on June 16 .

The drop puts the stock close to its $135 IPO price and well under the $150 it opened at on June 12 .

What makes this fall interesting is the division on Wall Street . Raymond James sees SpaceX shares nearly sextupling , while the market keeps marking the stock down.

For everyday investors trying to read the signal, that difference is worth noting.

The drop looks like a regular positioning reset, and not a signal that something is wrong with the business itself.

Traders are rotating out of high-growth names and into safer stocks, and SPCX sits right in the middle.

Benzinga reported that Monday's drop looked more like traders cashing out of a stock that had run up too fast.

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A record low also puts SPCX buyers in a tougher spot. That old floor now acts as a ceiling, and buyers need to step in with real conviction to push the stock back above it.

There's also a news trigger. Days before the fall, Chinese state media showed a Long March 10B booster being caught in a net at sea on its first flight.

It was the first time any country other than the U.S. has recovered an orbital-class rocket .

SpaceX is no longer a launch company that Wall Street can price on rockets alone.

The business runs on three engines: reusable launch , the Starlink satellite internet network , and, since the February 2026 purchase, xAI .

Related: Bank of America sets alarming SpaceX stock price target