SpaceX stock hovers near all-time lows after a 20% drop, with investors eyeing $100 as Tesla’s earnings report looms.
SpaceX (SPCX) shares remained stagnant Wednesday, trading near an all-time closing low of $119.85 after shedding 20% since early last week. The decline followed the company’s decision to scrap a planned Starship V3 launch due to an engine issue, triggering a sell-off that pushed the stock below key support levels, including its $150 debut price and $125 IPO price.
The company has lost over $1.1 trillion in market value amid broader weakness, with analysts now watching the $100 level as the next potential floor. SpaceX’s next catalyst could come Thursday with a rescheduled Starship test, though investors are also focused on August 4, when second-quarter financials will be released. Starlink growth, AI compute deals, and spending on products like Grok will be closely scrutinized.
A significant share unlock for insiders on August 6, involving up to 900 million shares, adds another layer of uncertainty for the stock.