SpaceX stock is sinking toward its IPO price as the post-debut rally fades

Measured against the $150 opening-trade price, shares have shed roughly 7%, unwinding much of the run-up that followed one of the most anticipated market debuts in recent memory. Inclusion in the Nasdaq-100 last week funneled a new round of buying into the stock, as index funds rebalanced their portfolios to account for SpaceX's addition to the benchmark. That addition was itself made possible by a recent rule change at the exchange that lowered the waiting period for newly listed companies.

SpaceX stock has been turbulent since its debut. In the days after the IPO, the stock climbed more than 40% over its first two trading sessions, at one point lifting the company's valuation above those of both Amazon $AMZN and Microsoft $MSFT before a sharp reversal sent it down 16% in a single session. The stock had been trading at $162 as of July 2 — about 8% above the $150 opening price but roughly 20% below a peak closing value of $201.80 reached on June 16.

The IPO raised nearly $86 billion after underwriters exercised the greenshoe allotment, surpassing Saudi Aramco's 2019 offering to set a record. SpaceX posted a $4.9 billion net loss in 2025 and lost an additional $4.28 billion in the first quarter of 2026.

At the time of its listing, SpaceX's debut was widely seen as a potential catalyst for a string of AI-sector IPOs, with OpenAI and Anthropic among the companies that have since disclosed confidential filings with the Securities and Exchange Commission. Whether that pipeline will materialize soon remains unclear — Sam Altman said last week that a public offering for OpenAI may not happen this year.