SpaceX Stock Falls 23% One Month After IPO, Underperforms 90% of Major U.S. Listings

According to Barron's analysis, SpaceX stock has become one of the weakest performing large-cap IPOs in the U.S. since 2009. In its first 27 trading days post-listing, the stock declined 23% from its $161 opening price to close at $118.24 on Thursday (July 23), falling below the $135 IPO pricing and ranking in the bottom 10% among 955 IPOs tracked during the same period, which averaged 0.8% returns.

The company faces added pressure as August lock-up expiration approaches. Billions of shares will become unrestricted starting in August as early investors regain selling rights, coinciding with weak market demand. However, founder Elon Musk's stake remains locked until June 2027, and Renaissance Macro notes the staggered unlock mechanism is more favorable than typical 180-day cliff expirations, though it cannot eliminate typical sell-side pressures.