SpaceX stock hits all-time low, dips below IPO price

SpaceX stock closed at a new low on Wednesday, finishing the session at $135.27. This result marks the first time the shares have dipped below their original IPO price of $135. Since reaching a peak of $225.64 on June 16, the stock has trended downward, losing over 30 percent of its market value in a few weeks.

The decline persists despite strong support from analysts. Currently, 27 of 31 Wall Street firms maintain a Buy or Strong Buy rating on the stock, with an average target price set at $242. This creates a significant spread between analyst projections and the current market performance.

Operational focus shifts to Thursday night, when the company plans the 13th test flight of its Starship rocket. This launch serves as a test for the Version 3 vehicle, a more powerful successor to previous designs. Success here is critical, as previous attempts faced issues with engine reignition and booster recovery.

While the company continues to advance its launch capabilities and satellite network, investors remain cautious about the timeline for scaling these services. The upcoming earnings report in mid-August will provide a clearer picture of the financial health behind these ambitious technology projects.