On July 13, SpaceX declined 4.02% in regular trading, with shares dropping to approximately $139.17, marking yet another post-IPO low. The stock has now fallen over 38% from its June 16 all-time high of $225.64, slipping well below the first-day opening price of $150.
The continued sell-off reflects mounting investor anxiety over impending lock-up expirations and extreme valuation disagreements among analysts. SpaceX launched with less than 5% of shares in actual free float, artificially creating scarcity. However, following the release of Q2 earnings, phased insider unlocks could make up to 44% of total shares available for sale by early September. Veteran investor George Noble reiterated his bearish stance, warning the stock is worth only $30 per share and calling it the most severe large-cap valuation bubble he has ever seen.
Notably, positive catalysts — including the FAA clearing Starship Flight 13 for launch this week and ARK Invest's continued accumulation — failed to reverse bearish sentiment. Wall Street target prices range from $131 to $900, with the consensus at $236, underscoring unprecedented disagreement on the company's fair value amid continued annual losses near $5 billion.
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