SpaceX slides six days, nearly $1 trillion off its peak
SpaceX shares have fallen for six straight days and erased almost $1 trillion in market value from their post-IPO peak, according to CNBC's Fast Money. The space company's stock slipped below its $135 IPO price after soaring near $211, handing Wall Street a painful timing lesson as bullish targets still pile up.
Key Takeaways
- CNBC's Fast Money flagged a six-day losing streak and nearly $1 trillion wiped from SpaceX's peak market cap.
- Fortune reports shares tumbled below the $135 IPO price toward about $123 after peaking near $211.
- Seventeen underwriter banks issued bullish 12-to-18-month targets; the median sat at $225.
- Investor Jeremy Grantham called SpaceX the "craziest IPO in the history of man."
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Why has SpaceX stock fallen so hard?
CNBC reported the stock was down for six straight days and had lost almost $1 trillion in market capitalization since its peak. Fortune's Shawn Tully wrote that the June Nasdaq debut was the largest IPO in U.S. history, raising $75 billion, before the rally reversed.
Shares that peaked near $211 within three days of trading have shed nearly 60% of their value, Fortune said. The stock fell below the $135 IPO price for the first time, then kept sliding toward $125, with a recent print around $123.
Did Wall Street analysts see this coming?
Not according to Fortune. Days after analysts at more than a dozen banks rolled out almost uniformly bullish price targets, the shares sank. Eighteen banks that handled the IPO issued outlooks; seventeen forecast specific 12-to-18-month prices.
Raymond James set the high call at $800. Stifel was lowest at $190. Morgan Stanley's $300 target topped most of the pack, while the median across banks that set numbers was $225. Bank of America credited Elon Musk's creation with "paving the superhighway to the stars," Fortune reported.
University of Florida IPO expert Jay Ritter told Fortune the clustered forecasts look mechanical: take the current price and tack on a big increase similar to everyone else's. When most targets landed, SpaceX's valuation was already about $2 trillion; hitting the median $225 implied a move toward a $3 trillion market cap.
What are skeptics saying about the SpaceX IPO?
GMO founder Jeremy Grantham told Morningstar, via Yahoo Finance, that SpaceX is the "craziest IPO in the history of man." He argued that in 50 years people will quote the prospectus "and you will be laughing at it."
Fortune noted SpaceX lost $4.9 billion on revenues of less than $19 billion in 2025, leaving a valuation that was roughly 105 times sales when banks published their notes. Grantham also criticized AI ambitions tied to the franchise, while conceding index demand after Nasdaq-100 inclusion could still push the stock higher in the short term.
Bulls still point to deals and ratings. Yahoo Finance cited Goldman Sachs, JPMorgan, and Bernstein buy targets of $205, $225, and $239, plus a CNBC-reported Alphabet computing-power rental deal of nearly $1 billion a month. For the full Wall Street timing critique, see Fortune's analysis.
The bottom line for investors: a historic space IPO has already delivered a historic drawdown, and the gap between florid analyst language and a six-day slide is now the story.