Falling below $125 per share today, Space Exploration Technologies (NASDAQ: SPCX) stock is officially a broken IPO now — trading $10 below the point at which it priced its IPO last month.
Investors who missed out on the IPO, therefore, can count themselves lucky they didn’t lose money
But why is SpaceX down at all? And specifically, why is it down 4.7% through 12:10 p.m. ET today?
Scrub one launch The most obvious catalyst is that SpaceX was forced to scrub a planned Starship test flight last night after at least two Raptor engines on the Starship’s Super Heavy booster failed to ignite. CEO Elon Musk says those engines will need to be replaced, delaying Starship’s “lucky” 13th test flight until early next week. What it means for SpaceX stock As reasons for a sell-off go, this one’s kind of weak.