SpaceX Shares Slip Below IPO Level as Market Confidence Wavers

SpaceX shares have fallen below their $135 IPO benchmark for the first time since the historic June 8 offering, underscoring investors’ growing wariness of AI‑driven growth narratives.

Spaceflight Stocks Face Reality Check: SpaceX Below IPO

Around 12:45 p.m. EDT the stock slipped 2.1% to roughly $133, and even after a modest rebound by 1:30 p.m. it failed to reclaim the $135 threshold. Since debut, the share price is down about 11%.

AI‑Heavy Capex Casts a Long Shadow

First‑quarter AI‑related capital expenditures totalled $7.7 billion, representing 75% of total capex, heightening investor concerns over future cash‑flow sustainability.

Valuation, Analyst Consensus and Risk Signals

The consensus price target sits at $247, with 80% of the 21 surveyed analysts rating the stock Buy or Overweight. Yet, Matthew Maley of Miller Tabak warned that the breach of the IPO price “raises the narrative that the stock is up on fluff, on speculation, on froth, and not on real fundamentals.”

■2.1% decline to $133, $2 under the IPO level.

■11% loss since IPO; $85 billion raised in the offering.

■$7.7 billion AI capex, 75% of total spending.

■Analyst target $247, 80% positive recommendations.

Markets are scrutinizing SpaceX’s AI‑centric spend; short‑term volatility is expected, but long‑term upside hinges on its orbital data‑center strategy and strategic AI partnerships with Google, Anthropic and Nvidia. ECB rate policy and global tariff dynamics will be pivotal in shaping risk appetite across Europe.