SpaceX Stock Update: SPCX Is Down 44% From Its IPO Week Peak, and Tonight Is the First Real Test

Seven weeks ago SpaceX pulled off the largest listing in stock market history. Today the stock trades below the price its own IPO investors paid, and the chart tells the story more clearly than any headline has.

$SPCX changed hands around $118.21 on Tuesday morning. That is roughly 44% below the closing record of $211 set on 16 June, about 12% under the $135 offer price, and it comes two sessions after the stock printed an all time low of $104.83. The company reports its first quarterly results as a public company after the closing bell tonight, and its first insider lockup tranche expires on Thursday.

Two events, two days apart, on a stock that has spent seven weeks going one direction.

What actually happened at the IPO?

The deal itself was a success by every conventional measure.

SpaceX priced at $135 per share on 11 June and began trading on the Nasdaq on 12 June, raising $85.7 billion in total. The order book ran more than twice oversubscribed, with roughly $150 billion of demand chasing the raise, and around 30% of the allocation was reserved for retail investors, an unusually large share for a deal of this size. The retail tranche was exhausted before pricing closed, and many investors who applied through Robinhood, Fidelity, SoFi, Schwab, or E*TRADE received partial fills or nothing at all.

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