SpaceX Sinks 35% Despite Nasdaq-100 Entry As Sellers Take Control

SpaceX shares have fallen 35% from their post-IPO peak, testing investor confidence days after the stock entered the Nasdaq-100.

SpaceX Stock

SpaceX, trading under SPCX, fell below its debut price even after joining the Nasdaq-100, a move that usually forces index funds to buy shares.

The stock closed at $148 on Jul. 8, staying below its $150 IPO price for a second session and erasing nearly all gains from its record Jun. 12 listing.

SpaceX had climbed as high as $225.64 after the IPO, but the Nasdaq-100 inclusion became a sell-the-news event as investors used forced demand to unload shares.

A similar pattern followed Palantir’s Nasdaq-100 entry in late 2024, when the stock fell about 25% in the weeks after its inclusion.

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Starlink Valuation

The decline has not removed SpaceX from the top tier of public market valuations, as the company still carries a market capitalization near $1.9 trillion.

That valuation looks demanding against reported 2025 revenue of about $18.7 billion, up 33% from a year earlier, because the stock still trades at roughly 100 times sales.

Starlink is the central reason investors continue to defend the premium, with the satellite internet unit generating more than $11 billion in 2025, or about 61% of total revenue.

The problem is that SpaceX is still losing money, with a $4.9 billion net loss in 2025 and another $4.3 billion loss in the first quarter of 2026. Spending on xAI and Starship development remains a major drag on cash flow, which means Starlink’s profit growth now matters more than revenue growth alone.

Wall Street has mostly stayed constructive, with Morgan Stanley, Bernstein, RBC and UBS starting coverage at buy-equivalent ratings, while MoffettNathanson chose neutral and CFRA recommended selling.

The recent retreat shows how quickly enthusiasm can fade after a high-profile index event. SpaceX’s post-IPO rally gave investors a fast gain, but the current pullback has shifted attention back to losses, spending and whether Starlink can support the company’s valuation.

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