SpaceX Class A common stock fell below its $135.00 IPO price for the first time on July 15, 2026, touching an intraday low of $132.15 before recovering to close at $135.27, down 0.6% on the session (Reuters; Business Insider). The breach of the offer price marks a sharp reversal for a deal that raised $75 billion at a $1.75 trillion implied valuation just over a month ago.

The decline did not materialize in a single session. On July 14, SpaceX shares had already closed at $136.08, just one dollar above the IPO price, after declining 2.2% that day (Bloomberg). The slide deepened the following morning, with the stock falling more than 2.5% intraday on July 15 before a late-session recovery lifted the close back to $135.27 (New York Times).

SpaceX announced its initial public offering on June 4, 2026, from Starbase, Texas, with shares priced at $135.00 apiece (SpaceX). Reuters had first reported the planned price on June 3, citing a source familiar with the matter (Reuters). The offering targeted $75 billion in proceeds, described at the time as a record-setting amount (Bloomberg). Share pricing had been scheduled for June 11, with the IPO closing on June 15, including full exercise of the underwriters' over-allotment option (SpaceX IR).

The stock began trading on Nasdaq under the ticker SPCX on June 12, 2026 (Forge Global). Class A shares also trade on Nasdaq Texas, reflecting the company's Starbase roots (SpaceX). The EU prospectus, dated June 5 and approved by BaFin, listed a maximum price per share of $162.00, well above the eventual $135.00 clearing price (SpaceX).

For IPO underwriters and syndicate desks, the breach of the offer price is the line that matters. When a newly listed stock trades below its IPO price, the syndicate's stabilization bid, the greenshoe over-allotment, and the price discovery process all come under scrutiny. SpaceX's underwriters exercised their full over-allotment option at the close of the offering on June 15, meaning the greenshoe was fully utilized at or near the offer price rather than being held in reserve for aftermarket stabilization support. With no remaining over-allotment ammunition, the stabilization bid that typically anchors a newly public stock near its offer price has limited capacity to absorb sustained selling pressure.

The gap between the EU prospectus maximum of $162.00 and the $135.00 clearing price is worth noting. That $27 spread implies meaningful book-building tension during the pricing process, with the final price settling 16.7% below the top of the referenced range. Whether that discount reflected demand-side caution or issuer-side discipline toward a specific valuation target is not discernible from the public filings.

The broader context here is the velocity of the round-trip. SpaceX went from pricing a $75 billion offering to trading below that price in roughly five weeks. The intraday low of $132.15 represents a 2.1% discount to the offer price, while the closing recovery to $135.27, just 20 cents above $135.00, suggests the stabilization effort on July 15 was marginal at best. The stock has now declined on consecutive sessions, with the cumulative two-day drop approaching 3% from the July 14 open.

What the verified data does not show is the cause of the selling. The sources frame the move as the unraveling of a post-debut rally rather than a response to a specific catalyst. For institutional holders who received allocation at the IPO price, the stock is now effectively flat to slightly positive depending on entry timing and fees. For those who acquired shares in the aftermarket at any premium to $135.00, the position is underwater.