SpaceX stock on watch after hitting all-time low, threatening to dip below IPO price

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SpaceX ( SPCX ) shares are on watch Wednesday morning after another down day for the stock, and a crucial level was almost breached.

During Tuesday's session, SpaceX shares dipped to a new all-time low of $135.52, nearly dropping below its IPO price. The stock went on to debut at $150 on June 12th, hit its all-time high of 225.64 on June 16th, and has been under pressure ever since.

SpaceX shares are now down around 33% from its all-time high, and around 8% year to date, giving something of a black eye for investors who saw the private market value of SpaceX only surge over the months before its IPO. Shares were little changed in early trade on Wednesday.

That being said, most of Wall Street is bullish on SpaceX, given its confluence of disparate businesses that flow together - rocket launch, satellite broadband, satellite to phone service, terrestrial and eventually orbital data centers, as well as AI related products.

Per Yahoo Finance analyst insights , 27 of 31 Wall Street analysts rate SpaceX either a buy or strong buy, with the average price target sitting at $242. Needham was the latest to weigh in, maintaining its buy rating on the stock but boosting its price target to $250 from $200.

Needless to say, there is a price disconnect between where Wall Street values the stock, and how the market values it at the current time.

In terms of catalysts for the stock, In addition to earnings coming up likely in mid-August, a big near term milestone for SpaceX is coming up tomorrow night.

SpaceX will attempt the 13th test flight of its Starship rocket tentatively scheduled for Thursday night. The rocket, the largest and most powerful ever built, is the second launch of Starship's Version 3, a bigger, more powerful design that debuted less than two months ago.

On the last launch, back in May, the Super Heavy booster suffered heat damage during separation, when it was pushed into an unexpected position, and then failed its return when some of its engines didn't reignite. The booster was lost.

SpaceX has been launching and refining the vehicle since 2023, and it remains key to the company's plans for heavy-lift launch, satellite deployment, and eventually travel to the moon and Mars.

But even bulls like Evercore's Kutgun Maral note that Starship has yet to prove it can scale, and that could be a problem as its first operational payload launch is coming in the second half of this year.

Pras Subramanian is Lead Transportation Reporter for Yahoo Finance. You can follow him on X and on Instagram .

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