SpaceX fell to an all-time low of $145.20 on Wednesday and closed at $149.29, below its $150 market debut price. The stock was up 1.4% in Thursday premarket trading, but it remained below the level it set at IPO.
That drop came after SpaceX was added to the Nasdaq-100, a move that usually draws buying from index-tracking funds. Instead, the stock fell 7% on Tuesday and then slid further the next day, leaving it below the price investors first paid when it went public.
Nasdaq-100 And SpaceX
Adam Jonas of Morgan Stanley initiated SpaceX with an Overweight rating and a $300 price target, calling it "SpaceX could transform energy into intelligence — data centers using solar power" and describing "near-monopoly launch economics, the world's largest LEO (Low Earth Orbit) network, and a fast-scaling AI infrastructure business" as "one infrastructure stack." Julie Hyman noted that 12 of the 17 underwriters for SpaceX's IPO issued new coverage, and all 12 gave the stock a Buy or equivalent rating.
SpaceX last traded above $200 on June 16. The move from above $200 to $145.20 leaves a gap of more than $54 a share, even after the Nasdaq-100 inclusion that typically supports new demand from passive buyers.
Blue Origin Fundraise
Blue Origin was reportedly raising $10 billion at a $130 billion valuation, with Coatue Management backing $4 billion and other large investors backing another $4 billion. Jeff Bezos backed the remaining $2 billion, and he said in May that "We finally have enough visibility into our future and our financial success," and that "It's a good time actually to start thinking about the future and bring on some other outside investors."
Bezos had been funding Blue Origin himself over the past 25 years. The reported raise is also larger than the $85 billion SpaceX has raised, a scale difference that shows how much outside capital the rival is now bringing in as SpaceX trades back under its debut level.
SpaceX Price And Support
One of Blue Origin's New Glenn rockets exploded during a static engine test earlier this year and destroyed the company's only launch pad. Blue Origin also said its New Glenn rockets will eventually launch satellites into medium earth orbit and low earth orbit, and that it will operate an enterprise-level satellite connectivity service known as TeraWave in the future.
For SpaceX shareholders, the immediate market question is whether Thursday's premarket gain can hold once regular trading starts. If it does not, the stock stays in the same zone it entered after Tuesday's decline, with the debut price still acting as the line it has not yet reclaimed.
