SpaceX Stock Drops 4% As Pullback Starts to Erase IPO Gains and Slips Below Amazon Market Cap

Key Stats for SpaceX Stock

• Price change for SpaceX stock: -4%
• $SPCX Share Price as of Jun. 18: $185
• 52-Week High: $226
• $SPCX Stock Price Target: $188

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What Happened?

SpaceX – officially known as Space Exploration Technologies Corporation (SPCX) stock pulled back again on Thursday, falling another 3.6% to close at $185 per share. That follows a 5% drop on Wednesday. It was down by about 5% in pre-market trading on Monday as well.

Combined, the two-day slide has erased most of the spectacular post-IPO rally that briefly pushed SpaceX past both Amazon and Microsoft in market cap.

The numbers tell the story clearly.

• SpaceX stock peaked at over $225 intraday on Tuesday — up nearly 67% from the $135 IPO price.
• Since then, shares have retreated by about 20% from that high, bringing the stock back to where it traded on day two after the IPO.
• The five-day volume-weighted average price sits around $181, which means the average post-IPO buyer in the open market is now roughly breaking even.
• For retail investors who got allocations at the $135 IPO price through platforms like Robinhood, Fidelity, or SoFi, the math is still positive.
• Even after the pullback, those buyers are sitting on gains of around 37%. The catch is that most individual investors received only a small number of shares — in some cases, just one or a handful.

The SpaceX stock drop also pushed the company’s market cap to $2.43 trillion, slipping back below Amazon, which closed Thursday at $2.63 trillion. Just two days ago, SpaceX had briefly surpassed both Amazon and Microsoft to become one of the most valuable companies in the world.

There was some governance news in the mix too.

• SpaceX announced it has added Roelof Botha — a longtime Elon Musk ally — to its board as an independent director and audit committee member.
• Botha becomes the eighth board member at the company.
• Musk controls more than 82% of voting rights and owns shares worth over $1 trillion, which means outside shareholders have limited influence regardless of board composition.

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What the Market Is Telling Us About SpaceX Stock

SpaceX stock is going through a classic post-IPO reality check. The debut was historic. The hype was real.

But once the initial frenzy settled, investors began to ask whether a $3 trillion valuation could be justified by current fundamentals.

Musk has said the company “might be able to reach approximately” $1 trillion in revenue by 2030 — but that’s four years away and currently a projection, not a guarantee.

SpaceX stock still trades 37% above its IPO price. But the easy money from the debut week appears to be gone.

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Disclaimer:

Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!