Space Exploration Technologies Corp. (NASDAQ:SPCX) stock fell Tuesday, extending Monday’s 16.43% decline as investors pulled back from the company’s rapid post-IPO rally and weighed a newly announced debt offering.
SpaceX Pulls Back After IPO Rally
SpaceX shares traded near $157 on Tuesday, down roughly 30% from last week’s record high of $225.
The decline followed the company’s debt offering announcement and reflected cooling enthusiasm after the historic IPO earlier this month.
Perella Weinberg advisory partner Walter Isaacson told CNBC on Monday that SpaceX’s IPO success shows Elon Musk has built “a real product,” not just a high-valuation story.
Isaacson said investors are paying for what SpaceX could become, including AI data centers in low Earth orbit, moon landers and direct internet and cell connections from satellites.
Horan Sees AI Upside But Flags Execution Risk
Oppenheimer analyst Tim Horan told CNBC on Monday that SpaceX can keep doing “incredibly creative things” as it expands into AI and uses its vertically integrated model to attack multiple markets.
He said the company has doubled its valuation in the past six months by entering the AI market and sees AI as a $25 trillion total addressable market.
Horan said SpaceX’s vertical integration gives it an edge because the company is working across satellites, solar panels, chips, data, and both physical and digital AI.
Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $152.50 (high: $190.00; low: $115.00) across 5 analysts. Recent analyst moves include:
- Keybanc: Initiated with Sector Weight (June 22)
- Oppenheimer: Outperform (Raises Forecast to $250.00) (June 18)
- CFRA: Initiated with Sell (Forecast $115.00) (June 12)
SpaceX Price Action
SPCX Stock Price Activity: SpaceX shares were trading higher by 0.62% at $155.70 during premarket trading on Tuesday, according to Benzinga Pro data.
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