SpaceX shares dropped below their $135 initial public offering price for the first time on Wednesday, July 15, 2026, hitting an all-time low of $132.75. The decline follows a period of volatile trading for the aerospace company, which saw its stock price surge to over $225 within its first month of public trading.
Market Performance and the $135 IPO Threshold
Investors saw SpaceX shares fall for a fourth-straight session on Wednesday, marking a significant shift for the company since its blockbuster debut last month. The stock, which debuted at $150 on June 12, had previously experienced a rapid climb, reaching an all-time high of $225.64 on June 16, according to Yahoo Finance. As of midday trade on Wednesday, the share price dipped to a new low of $132.75.
The company’s market capitalization, calculated using publicly traded shares, sits at approximately $1.8 trillion, though market observers at The Fool note that this figure does not include unlisted or dual-class non-traded shares. The recent downward pressure places the stock about 34% below its IPO price and marks a departure from the enthusiasm that characterized its initial public offering, which raised a record $86 billion.
For more on this story, see Rocket Lab (RKLB) Stock Analysis: Why Shares Are Moving.
Starship Test Flight and Operational Milestones
Market analysts are currently weighing the stock’s performance against upcoming operational milestones. SpaceX is preparing for the 13th test flight of its Starship spacecraft, which is tentatively scheduled for Thursday night in Starbase, Texas. This mission involves the Super Heavy v3 booster, a design that Yahoo Finance reports is central to the company’s long-term goals for heavy-lift launches and satellite deployment.
Despite the recent stock slide, Wall Street sentiment remains largely optimistic regarding the company’s broader business model. According to analyst insights, 27 of 31 surveyed analysts maintain a Buy or Strong Buy rating on the stock, with an average price target of $242. Needham was the latest to weigh in, maintaining its Buy rating on the stock but boosting its price target to $250 from $200,
the outlet reported.
This follows our earlier report, SpaceX Financial Reporting Changes: What Investors Need to Know.
Insider Lockup Schedules and Future Equity Issuance
As the company moves further from its IPO date, investors are closely monitoring the upcoming lockup expiration schedule. The Fool highlights that from late July through August, up to 20% of insider shares could become eligible for sale. This percentage is tied to performance metrics: the threshold for selling increases by 10% if the company’s share price closes at least 30% above the $135 IPO price for five of 10 consecutive trading days ending on the second-quarter earnings announcement.
Furthermore, the company has signaled potential changes to its capital structure. In a recent filing, SpaceX noted, We may issue a significant amount of equity in connection with future transactions.
This statement has fueled ongoing market speculation regarding the company’s future development strategies and potential business combinations.
Read also: Nasdaq and S&P 500 Futures Drop Amid Global AI Chip Sell-Off.
Index Inclusion and Market Sentiment
SpaceX’s recent induction into the Nasdaq-100 index provided a brief window of exposure to index-tracking funds, facilitated by a rule change that reduced the eligibility period for newly public companies to 15 trading days. However, the stock struggled to maintain momentum following this inclusion, slumping below its first trade price of $150 shortly thereafter. For investors, the current price environment represents a disconnect between Wall Street’s long-term valuations and the immediate market pressure, as the company enters its next phase of public reporting and operational testing.
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