SpaceX shares fell 5.4% on Friday, July 18, 2026, closing at $123.99 and trading below the company's $135 June IPO price for the first time since its Nasdaq debut, according to Yahoo Finance market data. Volume on the session hit 83.4 million shares, far above average, signaling broad institutional participation in the selloff.
The move came after SpaceX called off its first Starship launch since going public. CEO Elon Musk cited engine issues that triggered an automatic abort at the company's Starbase facility in South Texas before the rocket left the ground. The scrub was the first public test of how investors would react to a Starship setback, and the answer was clear: a 5.4% decline on heavy volume.
What happened
SpaceX had advertised the Starbase test as confirmation that routine Starship operations would continue at pace following the IPO. When the auto-abort occurred, investors sold. The stock, which had already pulled back roughly $1 trillion from its mid-June peak near $190, extended that drawdown to more than 35% from its high, per Yahoo Finance. At Friday's close of $123.99, SpaceX carries a market capitalization of approximately $1.63 trillion.
Trading below the IPO price is psychologically significant. Shares that opened at $135 in late June and quickly rose above $190 are now below the price at which the company went public, a threshold that tends to attract fresh negative coverage and can accelerate technical selling from momentum investors.
Lockup expiration compounds the pressure
A separate concern weighing on SPCX is the upcoming employee lockup expiration. Up to 911.5 million shares held by rank-and-file employees and some early investors are expected to become eligible for sale following SpaceX's first quarterly earnings report, expected in August 2026. That volume, potentially more than 6% of total shares, represents a significant supply overhang for any stock, and the combination of a launch setback and the approaching lockup window is amplifying selling pressure.
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Lockup expirations are a standard feature of post-IPO mechanics, not a fundamental signal about the company. But in the near term they create selling pressure that can persist for several weeks around the expiration date.
What to watch next
- Starship next attempt. SpaceX typically announces a revised launch window within days of an abort. A successful Starship test would likely restore investor confidence in the program's execution timeline and could serve as a positive catalyst for shares.
- August earnings report. SpaceX's first quarterly earnings disclosure as a public company will reveal Starlink subscriber counts, Falcon 9 launch cadence, and full revenue figures. The date also opens the lockup window.
- Post-lockup trading. The scale of insider selling after the lockup expires will signal how much long-term confidence exists among employees and early investors at current price levels.
- SPCX vs. IPO price. Continued trading below $135 will keep the stock in the media spotlight. A sustained recovery above the IPO price would be required to re-establish bullish technical structure.
SpaceX (NASDAQ: SPCX) trades on the Nasdaq. Visit the full SpaceX stock guide for current price, valuation, and how to buy SPCX shares.
Not investment advice.
