SpaceX Shares Hit Record Lows Amid Post-IPO Volatility
Shares of SpaceX (SPCX) fell to record lows in early trading following its mid-June IPO, closing at $113.50 with an intraday low below $109. The stock has dropped nearly 50% from its peak above $225 and is now valued just slightly higher than Tesla's (TSLA) market cap of around $1.4 trillion. Investors are awaiting SpaceX’s first quarterly financial results, expected next week, as well as potential commentary from Elon Musk. Despite the recent decline, Wall Street analysts remain optimistic about long-term prospects for the company, with an average price target over $293 and Morgan Stanley estimating a fair value of $300 per share. The drop reflects broader market caution following disappointing earnings reports in the tech sector, including Tesla’s stock falling 1.2% on Monday.