SpaceX (NASDAQ: SPCX) stock now ranks among the worst-performing U.S. public offerings of the past decade, meaning investments in the space company at its historic initial public offering (IPO) last month would not have been that fruitful.
Notably, a $1,000 position at the initial SpaceX IPO price of $135 per share on June 12, 2026, would be worth around $852 at the current price of $115.07 at the time of writing, July 27.
The losses follow a volatile first month of trading after the largest IPO in history. Indeed, SpaceX debuted with an initial valuation of approximately $1.77 trillion and finished its first trading day with a market capitalization exceeding $2 trillion.
Today, the shares are more than 27% below their first-day closing price, meaning SpaceX has underperformed roughly 90% of U.S. IPOs valued at $1 billion or more since July 2009. For comparison, historical data shows that many large IPOs fall between 17% and 25% during their first year on the market.
SpaceX stock erases post-IPO gains
The latest sell-off extends a dramatic reversal that began shortly after the stock’s early rally. Indeed, SpaceX shares climbed to a record $225 just days after the debut, briefly lifting the company’s market capitalization above $2.5 trillion. Since then, they have tumbled roughly 50% from that record, erasing more than $1 trillion in market value.
Early enthusiasm was fuelled in part by the company’s limited public float, which initially drove shares sharply higher. However, sentiment later shifted as investors reassessed SpaceX’s valuation, financial performance and long-term capital requirements.
Most of the pressure came from SpaceX’s performance last year. Specifically, the company generated approximately $18.7 billion in revenue during 2025 but posted a net loss of around $5 billion. At the same time, selling pressure comes from expectations that upcoming lock-up expirations will release a significant number of additional shares into the market, increasing supply and potentially weighing further on the stock.
Nonetheless, Wall Street remains relatively optimistic about SpaceX in the long term, with the current consensus being ‘Moderate Buy’ and the SpaceX price prediction 2026 target sitting at nearly $240, implying more than 100% upside potential from the current levels, as per the latest TipRanks data.
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