SpaceX (Nasdaq: SPCX) fell 3.08% to close at $131.11 yesterday, its first finish below the $135 initial public offering (IPO) price since the rocket maker’s record June debut.
Key Takeaways
SPCX closed at $131.11 on July 16, down 3.08% and below its $135 IPO price for the first time.SpaceX raised a record $86 billion in its June 12 IPO and shares topped $225 before the slide.SpaceX holds 18,712 BTC worth about $1.19 billion, among the largest corporate bitcoin treasuries.From that peak, the stock has now shed more than 40% and analysts point to a cluster of causes, i.e. investors locking in gains after one of the most hyped debuts in memory, a reassessment of the company’s valuation, a failed launch attempt of the upgraded Starship V3, concerns about upcoming lock-up expirations that will free early holders to sell, and a broader tech selloff.
In Wall Street parlance, SPCX is now a “broken IPO,” a label that tends to pressure sentiment until a fundamental catalyst resets the narrative.
The Bitcoin AngleLooking ahead, there are a few key data points to keep an eye out for, namely the timing of lock-up expirations, Starship V3’s return to flight, and the company’s first earnings report as a public company. Whether SPCX can reclaim its $135 offering price may hinge on all three, and until it does, the world’s most valuable space company will carry Wall Street’s least wanted label.
