Space Exploration Technologies (NASDAQ: SPCX) stock is a falling star, and by some accounts, a broken IPO.
Elon Musk’s famous space company went public at an official IPO price of $135 on June 12, but the first price at which most investors could buy it was $150, where the shares opened on that first day
The stock proceeded to take its investors on a rollercoaster ride over the next month, climbing as high as $225 intraday on its third day as a public company before falling, then recovering, and plunging once again. On Friday, however, SpaceX stock closed at $145.30 — below its opening price on its IPO day. So what does this mean for investors?
Once more, with feeling SpaceX stock has come full circle, returning one month after its IPO to almost exactly where it began — and there are two ways to look at this. From one perspective, investors who failed to buy SpaceX before its big move to $225 now have a chance to erase that mistake and get in on the ground floor for SpaceX’s second world tour. That’s one way of looking at it.