business
SpaceX Shares Fall Below $135 IPO Price After Largest U.S. Offering
SpaceX shares traded below their June IPO price of $135 and continued toward $123 after analysts at 18 underwriter banks issued price targets in early July. The stock has declined nearly 60 percent from its post-IPO peak near $211.
Jul 18, 4:00 AM·1m read1 source
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SpaceX shares traded below their $135 IPO price for the first time and fell toward $123, Fortune reported. The Nasdaq-listed stock peaked near $211 within three days of the June offering, the largest in U.S. history, before declining nearly 60 percent.
Analysts at 18 of the 23 banks that underwrote the deal released 12-to-18-month price targets in early July. The median target stood at $225, with nine banks clustered between $200 and $225 and five between $235 and $250. Raymond James set the highest target at $800 while Stifel set the lowest at $190.
Five banks, including Santander and Barclays, issued no targets or ratings. The targets were issued when SpaceX closed at $160 on July 6. Goldman Sachs, Morgan Stanley, J.P. Morgan, Citigroup and Bank of America received roughly 85 percent of the shares sold and collected the bulk of the $500 million in underwriting fees, equal to 0.66 percent of the $75 billion raised.
SpaceX reported a net loss of $4.9 billion on revenue below $19 billion for 2025. At the IPO its valuation reached 105 times that year's revenue. University of Florida professor Jay Ritter said the analysts appear highly influenced by one another and simply add a large percentage increase to the current price.
The 17 specific targets ranged from mildly positive to extremely bullish, with no neutral or negative calls issued.
