SpaceX Shares Fall Below IPO Price After Volatile Trading

SpaceX shares fell more than 2% on Friday, trading around $148 and dipping below the $150 IPO listing price after volatile sessions that followed the company’s market debut. The stock had briefly closed at a record $201.80 on June 16.

Wall Street published an initial round of research on the newly public company, and analysts offered differing assessments of long-term value for SpaceX’s mix of satellite, launch and AI businesses. Veteran investor Jeremy Grantham called the IPO “a potential landmark market bubble,” arguing much of the company’s valuation rests on aggressive assumptions about artificial intelligence. Grantham questioned projections for orbital AI infrastructure and other space-related opportunities in the prospectus as highly speculative. He added that the stock could continue rising short term because of strong investor demand and index-related buying, but that the valuation would ultimately have to be supported by fundamentals.

Elon Musk wrote on X that SpaceX could eventually become “worth more than the rest of Earth” if it reaches its stated goals. Analysts modeling optimistic outcomes point to potential revenue from Starlink satellite internet, reusable launch systems and future AI infrastructure. Raymond James has one of the highest published price targets at $800 per share, while a Citi bull case values the company at roughly $12 trillion. Other analysts flagged technological hurdles, execution risk and the difficulty of combining satellite, launch and AI operations into a single public valuation.

Competition in reusable-rocket technology has increased. China successfully landed the booster of its reusable Long March-10B rocket this week, marking the country’s first recovery of an orbital-class reusable booster. The achievement places China’s Aerospace Science and Technology Corp. among a small group of organizations that have demonstrated reusable booster landings.

SpaceX’s brief public trading history has produced large swings. The stock surged more than 30% in its first trading sessions after the IPO and then reversed sharply. With Wall Street coverage still developing, analysts continue to assess how to value the company’s satellite, launch and AI businesses together, and trading has reflected those shifting assessments.