In a striking display of market turbulence following its landmark public debut, Space Exploration Technologies Corp., trading under the ticker SPCX , saw its shares plunge more than 6.7% on Wednesday, July 22, 2026. The stock closed at $115.26, marking a significant drop of $8.28 from the previous day's close of $123.54. This decline pushed the aerospace giant near its lowest levels since listing on Nasdaq in June, reflecting ongoing investor caution amid a broader wave of post-IPO profit-taking and anticipation of a massive share unlock scheduled for early August.
The day's trading was particularly active, with volume exceeding 86 million shares. SPCX opened at $123.29 but quickly faced selling pressure, dipping as low as $115.19 before a modest recovery attempt in after-hours trading, where it hovered around $115.98 to $116.05. This performance comes as the company, founded by Elon Musk, navigates its transition from a private powerhouse to a publicly traded entity valued at approximately $1.52 trillion.
SpaceX's IPO in mid-June raised $75 billion at an initial price of $135 per share. Shares initially soared, reaching a peak of $225.64 shortly after trading began, fueled by immense enthusiasm for the company's reusable rocket technology, Starlink satellite internet constellation, and ambitious plans for human spaceflight and Mars colonization. However, the euphoria proved short-lived. The rapid ascent gave way to a sharp correction, erasing nearly $1.5 trillion in market value from its highs. Analysts point to several factors: heavy short-selling activity, with estimates suggesting nearly a third of publicly tradable shares are now bet against the company, and the looming expiration of lock-up periods that will allow employees and early investors to sell up to $116 billion worth of shares starting August 6.
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