SpaceX Stock Falls 9% to $174.23 After Record IPO Debut

SpaceX stock fell more than 9% on Thursday, trading at $174.23, as investors took profits following its explosive public market debut. The decline extended losses from the previous session as broader market sentiment weakened following the Federal Reserve's latest policy meeting. The pullback came days after SpaceX reached an all-time high of $212.40 during premarket trading on June 16, when the company briefly surpassed a $2.75 trillion market capitalization, making it the world's fifth most valuable publicly traded company.

Arete Analyst Initiates SpaceX Coverage with $401 Price Target

Arete analyst Andrew Beale initiated coverage of SpaceX on Thursday with a buy rating and $401 price target. The analyst joined a growing list of Wall Street firms raising price targets following the company's Nasdaq debut. SpaceX shares began trading publicly last Friday after pricing its IPO at $135 per share. The stock opened at $150 and surged more than 50% above its IPO price within days.

Retail Investors Drive SpaceX Trading Volume Post-IPO

Vanda Research data showed SpaceX ranked as the most-purchased stock among retail investors for three consecutive trading sessions following its public debut. Individual investors purchased roughly the same dollar amount of SpaceX stock over three sessions as they bought combined positions in Nvidia, Alphabet, Amazon, Microsoft, Meta Platforms, the Invesco QQQ Trust, and the SPDR S&P 500 ETF. Researchers noted that SpaceX is beginning to trade similarly to the Magnificent Seven technology stocks, where momentum and investor sentiment significantly influence short-term price action.

NASA Awards Mars Mission Contract to Relativity Space

NASA selected Relativity Space for an orbital Mars mission on Wednesday, awarding a contract to one of SpaceX's emerging rivals. The award highlights growing opportunities for alternative space companies as government agencies diversify their partnerships. SpaceX remains the dominant force in commercial launch services despite the contract award to a competitor.

FAQ

What was SpaceX's stock price on Thursday?

SpaceX stock traded at $174.23 on Thursday, down more than 9% from the previous session. The decline represented a pullback from the all-time high of $212.40 reached during premarket trading on June 16.

What price target did Arete analyst set for SpaceX?

Arete analyst Andrew Beale initiated coverage of SpaceX on Thursday with a buy rating and $401 price target. SpaceX priced its IPO at $135 per share last Friday and opened at $150.