SpaceX Shares Slip Toward IPO Price After Market Drop

SpaceX shares fell more than 4% on Monday to about $139, moving closer to the company’s $135 initial public offering price. The decline came as U.S. equity markets weakened after President Donald Trump’s announcement on shipping through the Strait of Hormuz. The S&P 500 fell 0.4%, the Nasdaq Composite lost 1% and the Dow traded about 56 points, or 0.1%, lower. The drop was the stock’s second straight down session.

Bernstein analyst Douglas Harned maintained a Buy rating and a $239 price target. Harned said SpaceX retains a lead in reusable rockets and launch services despite China’s successful landing of a Long March 10B booster earlier than he had expected. He noted China plans to deploy more than 200,000 low-Earth orbit satellites and is pursuing a lunar research station.

Harned highlighted a technical difference between the programs: the Long March 10 can reuse only its first-stage booster, while SpaceX’s Starship is designed for full reusability. He added that, if Starship performs as intended, it would reduce launch costs and increase launch frequency.

Other Wall Street forecasts show a wide range for SpaceX’s long-term value. Raymond James has one of the highest published price targets at $800 per share. Citigroup’s bull-case scenarios have produced valuations at the high end of the spectrum, including a figure around $12 trillion.

Market structure changes have contributed to the stock’s volatility. SpaceX joined the Nasdaq-100 within weeks of its June 12 debut after the exchange relaxed rules for newly listed companies. That inclusion prompted index-tracking funds to adjust holdings, creating passive flows that raised demand but also exposed the shares to rapid rebalancing.

Trading history for SpaceX remains short. The stock rose more than 30% in its first days of trading after the Nasdaq debut before reversing course. Limited trading data, elevated growth expectations for Starlink and reusable launch services, and recent index-driven inflows have coincided with sensitivity to broad market moves and geopolitical headlines.