SpaceX (SPCX) shares have fallen as much as 35% from their post-IPO peak of $225.64. The drop came just days after the company joined the Nasdaq-100, as heavy selling offset forced index buying.
The stock closed at $148 on July 8, below its $150 debut price for a second straight session. That erased nearly all the gains SpaceX made since its record June 12 listing.
A Sell-The-News Pattern for SPCX
SpaceX’s Nasdaq-100 inclusion required index-tracking funds to buy shares, even though the company keeps a small public float. That mechanical demand did not stop investors from selling into the news.
This is a familiar pattern, as Palantir saw the same thing happen after it joined the Nasdaq-100 in late 2024. Its shares dropped about 25% over the following weeks.
A Trillion-Dollar Valuation Under Pressure
The pullback still leaves SpaceX with a market capitalization near $1.9 trillion. The company posted about $18.7 billion in revenue in 2025, up about 33% year over year. That puts its valuation at roughly 100 times sales.
Starlink drove much of that growth. SpaceX’s satellite internet unit generated more than $11 billion in 2025, about 61% of total revenue. It remains the main support for the company’s trillion-dollar valuation.
SpaceX still lost money last year. The company reported a $4.9 billion net loss in 2025 and $4.3 billion more in the first quarter of 2026. Heavy spending on its xAI artificial intelligence unit and on Starship development continues to weigh on cash flow.
Wall Street has largely stayed bullish since the Nasdaq-100 inclusion. Morgan Stanley, Bernstein, RBC, and UBS all initiated coverage with buy-equivalent ratings. MoffettNathanson took a neutral stance, and CFRA recommended that investors sell.
Starlink’s profit growth may determine how much further the stock can fall. Investors will likely watch whether that business can outpace SpaceX’s mounting AI and rocket-development costs.