SpaceX’s stock declined 2.7% in pre-market trading to $135.86, near its June 12 IPO price of $135 per share.
The decline coincides with the release of up to 319 million restricted shares under the company’s staggered lockup schedule, which became eligible for sale on Wednesday. This follows a larger unlock of approximately 911.5 million shares on August 6, both part of the post-IPO lockup period.
The stock’s 52-week range stands at $104.83 to $225.64, with a beta of 6.49, reflecting high volatility relative to the broader market. Broader equities were also weaker, with the S&P 500 down 0.5%, the Dow Jones falling 0.7%, and the Nasdaq declining 0.8% in pre-market trading.
SpaceX completed a $60 billion all-stock acquisition of AI coding platform Cursor on August 14, issuing roughly 389 million new Class A shares. Reports on Wednesday indicated the company had explored a potential acquisition of Cognition AI, valued at $26 billion in its last funding round, though those discussions are no longer active.
DZ Bank initiated coverage of SpaceX with a Sell rating and a $100 fair value, citing what it described as a "crash risk in the valuation orbit." Analyst Markus Leistner argued that the company’s future capital requirements make the current valuation unsustainable, despite its ambitious business themes.
The stock’s decline underscores investor caution amid a broader market pullback and heightened scrutiny of high-growth technology valuations.
