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▲ SpaceX (SPCX)/AI generated image
Even the inclusion in the Nasdaq 100 index could not stop the fall in SpaceX (SPCX) stock price. With the stock down 35% from its post-listing peak, its enterprise value nearing $2 trillion and expanding deficits are raising investor caution.
According to cryptocurrency media outlet BeInCrypto on July 9 (local time), SpaceX's stock price fell by up to 35% from its post-listing high of $225.64. The closing price on July 8 was $148, falling below the IPO price of $150 for two consecutive days, giving back most of the gains since its listing on June 12.
SpaceX's inclusion in the Nasdaq 100 index led to mandatory stock purchases by index-tracking funds, but it failed to curb selling pressure. Palantir also saw its stock price drop by about 25% for several weeks after being included in the Nasdaq 100 index at the end of 2024, highlighting the pattern of sell-offs following positive news announcements.
Despite the sharp drop in stock price, SpaceX's market capitalization stands at approximately $1.9 trillion. Its 2025 revenue is projected to be around $18.7 billion, an increase of about 33% from the previous year, but its enterprise value is about 100 times its revenue. The satellite internet division, Starlink, earned over $11 billion last year, accounting for about 61% of total revenue.
Performance concerns also remain. SpaceX recorded a net loss of $4.9 billion in 2025 and a loss of $4.3 billion in Q1 2026. While large-scale costs invested in the xAI artificial intelligence business and Starship development are pressuring cash flow, Morgan Stanley, Bernstein, RBC, and UBS initiated coverage with buy-equivalent ratings. In contrast, MoffettNathanson issued a neutral rating, and CFRA issued a sell rating.
[Key Article Summary]
-SpaceX's stock price fell by up to 35% from its post-listing high of $225.64, closing at $148 on July 8.
-SpaceX's market capitalization is approximately $1.9 trillion, but it recorded losses of $4.9 billion in 2025 and $4.3 billion in Q1 2026.
-The extent to which Starlink's increased profitability can offset rising xAI and Starship development costs is presented as a key variable for SpaceX's enterprise value.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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