SpaceX stock rebounded in early trading.
Shares of Elon Musk’s rocket and AI company were up 2% in early trading, after trading as low as $104.83, a new all-time low. The S&P 500 and Dow Jones Industrial Average were up about 1.1% and 1.2%, respectively.
Coming into Monday trading, SpaceX stock was down about 20% from its $135 IPO price, down about 46% from a record closing high of $201.80, and down 52% from its all-time intraday high of $225.64.
Through Friday trading, shares had dropped for three consecutive days and 17 of the 22 trading days in July. Shares didn’t have back-to-back gains last month. Shares lost 34% in July and ended the month on a four-week losing streak.
The stock’s intraday high valued SpaceX at roughly $3 trillion. The recent price values the company at about $1.4 trillion. A couple of things have weighed on investor sentiment. For starters, there is valuation. Current prices still value SpaceX stock at about 35 times estimated 2026 sales. That is pricey. Alphabet stock is valued at about 9 times sales. SpaceX, of course, is expected to grow faster than Alphabet.
There is also the post-IPO share lockup to consider. More stock held by early investors and insiders becomes available to trade over the coming weeks. About 912 million shares become available to trade later this week. That potential selling has helped investors on the sidelines, and when there are no buyers, prices for things, including SpaceX stock, tend to fall.
SpaceX reports second-quarter earnings on Tuesday, Aug. 4. A strong report could turn the tide. Investors will have to wait to see how things turn out.
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