SpaceX stock plunged below its $135 IPO price for the first time since going public in June 2026, hitting a 52-week low and erasing roughly $1 trillion in market value from its mid-June peak. The shares fell 5.4% to $123.99 on July 18, 2026, marking a sharp reversal from the record-breaking initial offering that had valued the company at $1.77 trillion and made it the seventh-largest U.S. company by market capitalization.

The decline reflects two separate pressures on SpaceX shares. The first is a cooling of post-IPO enthusiasm as investors digest the company’s valuation and move past the initial excitement of the June listing. Some analysts attributed the dropoff to “sputtering demand” as the market reality set in…