SPCX falls 9% from its IPO price as investors question lofty growth assumptions and execution risks in AI and space infrastructure.
SpaceX (SPCX) has retreated below its $135 IPO price, trading at $123 after peaking at $225.64. The 45% drop from its all-time high reflects cooling investor enthusiasm and skepticism over its premium valuation.
The stock trades at 45x estimated 2026 sales, far above peers, as markets weigh whether revenue can reach $178 billion by 2035. SpaceX reported $18.67 billion in 2025 sales, up 33%, with Starlink contributing 60%.
Valuation hinges on Starship reusability and dominance in satellite internet and AI infrastructure, but execution risks persist.