SpaceX stock closes below debut price at $148 in two-day slide after Nasdaq 100 inclusion
Funds tracking the Nasdaq-100 were forced to buy billions of dollars in shares, but broader selling pushed the stock below its June 12 opening price.
- On Wednesday, SpaceX shares closed at $148, marking a second consecutive session below the company's June 12 opening price of $150 despite its rapid addition to the Nasdaq 100 index earlier this week.
- Shares initially surged to $201.80 on June 16 following the largest U.S. initial public offering in history, which raised $85.7 billion after underwriters exercised the "greenshoe" option. The stock has since surrendered significant gains.
- Nasdaq updated eligibility rules to allow SpaceX's rapid entry less than a month after its debut, triggering required purchases by index-tracking funds. Yet the anticipated demand failed to offset broader selling pressure this week.
- Analysts remain divided on valuation. Morgan Stanley assigned an "overweight" rating with a $300 price target, while CFRA and MoffettNathanson recommended caution, arguing much of SpaceX's growth is already reflected in the current share price.
- Long-Term growth potential centers on Starlink's global expansion and AI product development, with some analysts expecting SpaceX to compete against Anthropic and OpenAI using its orbital computing infrastructure.
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Last month's SpaceX IPO was the largest in history. The stock rose in the first few days, but has since fallen.
If You Thought SpaceX Stock Was Doing Badly Before, Now It's Really Tanking
Shares of Elon Musk’s SpaceX took a beating on Wednesday, less than 24 hours after the company made its debut in the Nasdaq-100, a key stock market index made up of 100 of the exchange’s largest non-financial companies. The stock slid to a record low of just over $145 by late afternoon on Wednesday — below its IPO opening price of $150 — a disappointing outcome for investors, who were hoping the Nasdaq-100 inclusion could boost values instead, a…
SpaceX Shares Sink Below Its Opening Price After Nasdaq 100 Entry As Momentum Falters
SpaceX shares extended their recent decline on Wednesday, closing at $148, marking the second consecutive trading session below the company's June 12 opening price of $150 per share.
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