SpaceX (SPCX) Stock Plunges Nearly 50% From June Peak Amid Valuation Reassessment and Lockup Fears

SpaceX stock fell to a record closing low of $113.50 on July 27, extending a sharp reversal that began shortly after its debut on June 12. The shares have lost almost half of their value from the post-IPO high above $225 and trade well below the offering price of $135. SpaceX was the most-traded tokenized stock before and after its initial public offering on platforms such as Hyperliquid, Binance, and more.

After the SpaceX IPO, the firm briefly reached a market capitalization above $2.6 trillion. By July 27, that figure had fallen to around $1.5 trillion, erasing slightly less than 50% of its gains. The initial rally may have been driven by speculation, pricing in substantial future growth from Starlink, reusable rockets, artificial intelligence, and proposed orbital data centers. Investors have since become less willing to pay for projects that may require years of development before producing meaningful returns.

According to official SpaceX reports, the company lost $4.9 billion last year on revenue of close to $19 billion. They also raised $25 billion through the bond market to support expensive technology infrastructure, adding concerns about higher borrowing costs and debt-funded AI spending. Some analysts note that profit-taking and the unwinding of extremely bullish post-IPO positions have accelerated the decline.

The approaching expiration of SpaceX’s first post-IPO lockup period represents another concern. After the company reports its first public quarterly results, some early investors and employees will be allowed to sell part of their holdings starting August 6, two days after the report scheduled for August 4. Short sellers have also increased their positions.

All attention is now on August 4 for details on revenue, losses, AI spending, Starlink growth, and the potential supply of newly tradable shares.

Source: https://cryptopotato.com/why-spacex-spcx-stock-has-crashed-nearly-50-since-its-june-peak/