SpaceX Stock Slides Below IPO Price to $148 Following Nasdaq-100 Inclusion

Last updated: July 9, 2026 7:33 am

3 weeks ago

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SpaceX shares have dipped below their initial public offering price, closing at $148 on Wednesday, marking a second consecutive day below the $150 debut. This decline follows the aerospace firm’s rapid inclusion in the Nasdaq-100 index, which prompted mandatory share purchases by linked funds. Despite mostly bullish analyst ratings, the stock’s recent performance raises questions after a record-setting IPO that raised $85.7 billion.

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SpaceX, the high-profile aerospace and defense contractor led by Elon Musk, has seen its stock price fall below its initial public offering (IPO) valuation for a second consecutive day. Closing at $148 on Wednesday, the shares now trade beneath their debut price of $150, just weeks after its highly anticipated market entry.

This decline comes swiftly after SpaceX’s inclusion in the widely tracked Nasdaq-100 index on Tuesday. This rapid addition, facilitated by revised exchange rules for new public companies, prompted index funds and exchange-traded funds (ETFs) tied to the benchmark to acquire SpaceX shares.

SpaceX Stock Slides Below IPO Price to 8 Following Nasdaq-100 Inclusion

VIDEO: Morgan Stanley's Adam Jonas lays out his bull case for SpaceX

The company's record-setting IPO in June initially raised $85.7 billion, a figure boosted after underwriters exercised the "greenshoe" overallotment, allowing for the issuance of additional shares due to strong demand. SpaceX first offered 555.6 million shares at $135 each.

Following its June 12 debut, the stock initially soared, reaching a closing high of $201.80 on June 16, a promising start that quickly gained investor attention.

Most analysts who initiated coverage after the Nasdaq-100 inclusion offered bullish outlooks:

Morgan Stanley assigned an "overweight" rating with an ambitious price target of $300.
Bernstein initiated coverage with an "outperform" rating and a price target of $239.
RBC also started with an "outperform" rating, setting a price target of $225.
UBS issued a "buy" rating, targeting $210 per share within 12 months.

The bull case for SpaceX often highlights its pioneering advancements in reusable rocket technology and launch services, the expansive reach of its Starlink satellite internet service, and the potential for improving margins across these businesses. Future growth drivers, according to analysts, include SpaceX's foray into artificial intelligence (AI), developing products and services like agentic coding tools designed to compete with offerings from companies such as Anthropic (Claude) and OpenAI (Codex), as well as the development of orbital data centers.

However, a minority of analysts remain cautious. MoffettNathanson initiated coverage with a "neutral" rating, while CFRA recommended selling the shares, indicating a more skeptical view on the stock's immediate prospects.