SpaceX went public on June 12, 2026, pricing at $135 per share and opening its first session at $150, an approximately 11% pop that pushed the company's market capitalization above $2 trillion on day one (CNBC). The IPO had been priced the night of June 11, 2026, following an S-1 registration statement filed with the SEC on May 20, 2026 (Yahoo Finance; NYC Comptroller). Shares closed that first day at $160.95, a 19.2% first-day return from the $135 offer price (Forge Global).

The pre-IPO private market told a different valuation story. SpaceX's Forge Price stood at $550 per share in early February 2026, then climbed to $604.39 as of April 15, 2026, implying a $1.03 trillion Forge Price Valuation at that point (Forge Global; Forge Global). The IPO itself valued the company at $1.77 trillion (Hiive).

The rally extended into the following week. On Friday, June 12, shares had already gained 19% from the IPO price, and on Monday, June 15, SpaceX stock surged another 20%, closing at $192.46. That two-day rally across June 12 to June 15 added $412 billion in market value (Los Angeles Times). The post-IPO intraday high of $225.64 was reached on June 16, 2026 (SmartAsset).

Then the momentum broke. SpaceX experienced its first-ever consecutive daily declines since its public trading debut, with shares falling 3.6% on a Thursday in mid-June (Barron's). That dip evolved into a three-day losing streak during which the stock lost nearly 24% of its value. The streak ended on Tuesday, June 23, 2026, with shares closing nearly 1% higher (CNBC).

By June 30, 2026, SpaceX had settled to $170.86, still a 26.6% return from the $135 IPO price (Forge Global). July 1 saw shares open near $171 and close at approximately $157.54 (NBC Bay Area / Facebook). Multiple Wall Street banks initiated bullish coverage around July 7, 2026, with at least one broker setting a $236 price target (Bloomberg). As of July 10, 2026, shares were trading close to $149 (Motley Fool).

The sell-off deepened mid-July. On July 15, 2026, SpaceX shares briefly traded below the $135 IPO price for the first time since going public, before closing at $135.27, down 0.6% on the session (Bloomberg). Two days later, on July 17, 2026, shares finished lower again during a broader tech sell-off (MarketWatch).

The trajectory from $225.64 intraday high to a close just two cents above the IPO price in roughly one month is worth examining. The valuation compression unfolded in two phases. The first, the June 18 to June 23 three-day decline of nearly 24%, appears tied to profit-taking after an extraordinary two-week run that added over $400 billion in market cap. The second phase, through early to mid-July, coincided with a broader tech sell-off that was not SpaceX-specific, though the stock's elevated post-IPO valuation left it particularly exposed.

What stands out is the gap between Wall Street's sell-side enthusiasm and the market's pricing. Banks initiating coverage on July 7 with targets as high as $236 were publishing into a tape where shares had already fallen from their $225.64 peak and were continuing to decline. The $236 target implied meaningful upside from the July 10 trading level near $149, yet the stock continued to fall for another week, dipping below the $135 IPO price on July 15 before closing marginally above it.

The private-to-public valuation transition also merits attention. The pre-IPO Forge Price of $604.39 in April implied a $1.03 trillion valuation. The IPO priced at a $1.77 trillion valuation, and the first-day close pushed the market cap above $2 trillion. For institutional participants who held private shares at the April Forge Price levels, the public market has still delivered substantial returns even at the July 15 close of $135.27, though the round-trip from the $225.64 intraday high to the $135 IPO price represents a 40% drawdown from peak in approximately one month.

For retail investors who bought at or near the June 16 high, the picture is starkly different. Shares that traded at $225.64 intraday on June 16 were changing hands near $135 just four weeks later. The $236 Wall Street price target from early July now requires a 75% gain from the July 15 close. Whether that target reflects fundamental analysis or sell-side optimism following a marquee IPO is a question the market is still pricing in.