The Closest IPO Parallel to SpaceX Is Not Tesla But This Stock
SpaceX stock (SPCX) is now worth less than it was on day one. Shares closed near $115 last week. That is about 15% below the $135 price the company set for its June 12 debut.
Anyone buying at the listing is underwater. The obvious question is whether it comes back, and there is one good place to look for the answer.
What Just Happened to SpaceX Stock
SpaceX sold 555.6 million shares at $135 each. That raised almost $75 billion and valued the company near $1.77 trillion, according to its prospectus.
The start was strong. Shares opened at $150 and closed the first day around $161. By June 16 they hit $225.64.
Then the mood turned. The stock fell 6.7% on July 22 to $115.26. That is roughly 49% below the June high.
The company is now worth about $1.52 trillion. An earlier part of the slide had already wiped $500 billion from Musk's fortune.
Three things went wrong at once:
- Starship slipped
- Rival Blue Origin raised new money, and
- China caught a rocket booster.
That last one stung. On July 10, China landed a Long March 10B booster in a net on a sea platform. It became only the second country to bring an orbital booster home. SpaceX did it first in December 2015, so China is about a decade behind.
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