Every trader who bought into July's hype now has a very different Wednesday to look back on. On July 15, SpaceX shares slid for a fourth straight session, touching an intraday low of $132.75 before closing at $135.27, a hair's breadth from the exact price the company sold shares at during its June IPO. It's the first time since SpaceX started trading that the stock has actually dipped below that offering price, and the symbolism is brutal. Anyone who bought at the IPO and held is now sitting on a loss, or close enough to feel it. The company's market cap has slid to roughly $1.75 trillion, down hard from the $2.66 trillion peak it hit barely a month ago.

Rewind to June 12 and this story reads completely differently. SpaceX opened its first day of trading at $150, a 19% pop over its $135 IPO price, and kept climbing from there. By June 16 it had rocketed to an all time high of $225.64, briefly pushing its market cap toward $2.66 trillion and making Elon Musk the world's first trillionaire almost overnight. Then the air started leaking out. Shares have now fallen more than 30% from that peak, grinding lower through a string of down days that culminated in this week's dip below the offer price. Four straight red sessions is the kind of pattern that makes even patient investors start asking questions.

Underneath the price action is a company still burning enormous amounts of cash. SpaceX posted a net loss of $4.9 billion in 2025, and that bled into an additional $4.28 billion loss in the first quarter of 2026 alone. In late June, just weeks after pulling in tens of billions from its IPO, the company turned around and announced a $20 billion debt raise, a move that unsettled investors who had assumed the fresh IPO cash would cover the runway for a while. Piling debt on top of an already unprofitable balance sheet is exactly the kind of detail that turns a hype stock into a show me story, and Wall Street is now demanding proof.

Tonight adds another variable nobody can fully price in. SpaceX is set to attempt the 13th test flight of Starship, the largest rocket ever built, and the second launch of its upgraded Version 3 design. The last attempt in May did not go smoothly, with the Super Heavy booster suffering heat damage during separation and getting lost when several engines failed to reignite for the return. A clean flight tonight could hand the stock a much needed reset in sentiment. A repeat failure could pour gasoline on a selloff that's already four days deep. Layer on top of that the looming expiration of the first lockup restrictions on insider and early investor shares, expected once the company reports its first quarterly results as a public company, and this is a stock bracing for a genuinely volatile stretch.

With 20 years of investment expertise, Caleb Gan is a seasoned professional in stock trading. The hard work and dedication were recognized when his partner and him were featured on Singapore TV Channel 9's MoneyWeek, a prominent financial program. He's also had the privilege to share insights on radio stations like 93.8Live, Capital 95.8FM, and 96.3FM through live interviews about stock market investments. Beyond that, he's also the co-founder of NDU System, where he continues to help others navigate the world of trading.

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