SpaceX: Trajectory Off Course
SpaceX shares fell to their $135 IPO price on Wednesday, a month after a record $86 billion Nasdaq float. The stock peaked above $200, then gave nearly half that gain back. Flight 13 and August earnings now decide whether this is a reentry or the start of a longer decline.
paceX closed Wednesday at $135.27, a whisker above the $135 offering price that framed its June 12 Nasdaq debut. For much of the session the stock traded below that line — TechCrunch put the print under $133; the BBC cited $132.62 — on a fourth consecutive down day. A month ago the same shares were racing past $200. From the post-float peak, the drawdown is roughly 41%. The Nasdaq itself barely blinked. That is the first public lesson of SPCX: record scale does not cancel gravity. The IPO raised about $86 billion and briefly minted Elon Musk as the world's first trillionaire. It also invited a story markets love — the idea that buying SpaceX was buying an AI platform by another name, especially after the company absorbed xAI (rebranded into the SpaceXAI stack) and…
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