SpaceX Stock Falls 4.2% in Back-to-Back Session, Tests $135 IPO Price

SpaceX shares fell 4.24% on Monday to close at $139.14, the second straight session of losses that has brought SPCX within 3% of its $135 IPO price, per CNBC. Volume reached 70.5 million shares as investors weighed whether the post-IPO rally had fully unwound and what support might look like at the listing-price floor.

Two sessions, two significant drops

SPCX fell 4.51% on Friday and another 4.24% on Monday, putting the stock approximately 7% below its opening trade of around $150 on June 12. The $135 IPO price has emerged as the most closely watched technical level: it represents the price at which all IPO investors purchased shares, and a sustained close beneath it would mean that everyone who bought at the offering is sitting on a loss.

SpaceX priced its shares at $135 on June 11, 2026, raising approximately $75 billion in the largest U.S. IPO by proceeds on record. The stock surged to an intraday high of $225.64 on June 16, a gain of more than 67% in just four trading days, before pulling back steadily through late June and into July.

Why the $135 level matters

The IPO price is rarely just a chart line. There are several reasons investors and analysts watch it closely:

• Institutional selling pressure: Allocatees who received shares at $135 may choose to exit when the stock approaches that level, particularly if their mandates require positive returns before reporting periods.
• Short-seller attention: A breach of the IPO price often attracts momentum short sellers who bet on continued deterioration in post-IPO names that have lost their initial enthusiasm.
• Sentiment signal: The financial press treats the IPO-price breach as a meaningful headline. Coverage of that event can itself accelerate selling from retail investors.
• Future capital raises: Companies that need to return to the equity market for secondary offerings typically prefer to do so above their IPO price. A sustained breach complicates that calculus.

The counterargument is equally real: the $135 zone attracts buyers who missed the initial allocation and have been waiting for the stock to come back to the offering price. Demand at that level, if strong enough, can create a durable floor.

What to watch next

• Close relative to $135 in the next few sessions: A close above $135 would reinforce IPO-price support and likely stabilize sentiment. A close below it would be widely covered and could extend the selling.
• SpaceX first earnings report: The company has not yet released quarterly results as a public entity. A report is expected in late Q3 2026. Revenue figures, Starlink subscriber counts, and Falcon 9 launch data will be the key metrics analysts are modeling.
• Broader technology equity environment: Large-cap technology stocks have sold off alongside SPCX in the past two sessions. If the broad market stabilizes, individual-company pressure on SPCX could ease.
• Lock-up expiration calendar: Pre-IPO shareholders and employees face lock-up restrictions that typically expire 90 to 180 days post-IPO. For SpaceX, those windows begin opening in September 2026, adding potential share supply to the market.

SpaceX's underlying business, including its Starlink subscriber base and Falcon 9 flight rate, remains unchanged from its IPO prospectus. The current price action reflects post-IPO enthusiasm normalizing toward fundamental valuation, not any disclosed change in the company's operations.

For the complete SpaceX stock guide including price history, how to buy SPCX, and IPO background, see the SpaceX stock hub. For coverage of related pre-IPO names: OpenAI and Anthropic.

Not investment advice.