Overview
- Shares have retreated to about the $135 IPO price in mid‑July, wiping out hundreds of billions of dollars of market value since the June peak.
- A tiny tradable float and mechanical index and ETF buying magnified early momentum and made the stock unusually volatile in the weeks after the June 12 debut.
- SpaceX’s quick follow‑up financing — large note sales to refinance bridge loans — and an all‑stock purchase of xAI have left investors worrying about near‑term dilution and capital needs.
- Major banks began public coverage after the quiet period with sharply different forecasts, including Morgan Stanley’s $300 target and Evercore’s $230 target, reflecting wide gaps in long‑term models.
- Immediate catalysts that could reprice the shares are the FAA‑cleared Starship test scheduled for July 16, the company’s first public quarterly report expected in early August, and staged lockup expirations later this year.