SpaceX shares dipped below their $135 IPO offering price on July 7, 2026, the same day the company joined the Nasdaq-100 index, before recovering 2.4% intraday, according to Al Jazeera. That move briefly erased roughly $600 billion of market value. The inclusion came just 15 trading days after SpaceX's Nasdaq debut — the fastest addition to the index in its history, per a Fox Business report.

The price swings have defined SpaceX's public life from the opening bell. The company raised $85.7 billion through its offering, a record according to Nasdaq's newsroom, with shares initially set to price at $162 per unit under terms disclosed in the company's EU prospectus, approved by Germany's Bafin on June 5, 2026. The S-1 filing, submitted June 4, set trading to open June 12 on Nasdaq under the ticker SPCX.

The actual offering priced at $135 a share, per Reuters. On the first day of trading, the stock rose 19% and closed near $161, with over 510 million shares worth roughly $84 billion changing hands. That trading volume alone exceeded the gross proceeds of most large-cap IPOs on record, Reuters noted. By day's end, SpaceX's market capitalization stood at $2.1 trillion, placing it among the largest publicly traded companies in the world.

What followed was a compressed boom-and-bust cycle unusual even by growth-stock standards. Shares climbed as much as 67% from the first-day close before falling 35% off that peak, according to a Reuters analysis published June 23. On that same date, SPCX briefly fell below a $2 trillion market cap for the first time since listing, as the broader Nasdaq-100 shed over $1 trillion in a tech selloff. A week earlier, Bloomberg had flagged the stock's first down day following its three-day post-IPO rally. By June 18, shares were down 6.5% at $178.50 — still more than 30% above the offering price — after a near-5% decline the prior session, per Reuters.

The scale of these price swings matters for anyone monitoring portfolio positions or studying options markets rather than following headlines alone. A stock that moves from a $135 offering to a 67% gain, then sheds more than a third of that gain, then trades back near its IPO price all within a quarter is generating volatility levels — measured by what traders call implied volatility — that far exceed what you'd see in a typical large-cap company debut. When an index fund adds a stock to its holdings, it creates additional buying pressure. JPMorgan estimated that Nasdaq-100 inclusion could draw over $4 billion into SpaceX stock from passive and index-tracking funds, per Reuters. Large automatic purchases of that size landing on a stock already prone to double-digit daily swings create the exact pattern seen on inclusion day: an initial dip, followed by a same-day bounce.

SpaceX was unprofitable at the time of its debut, per Reuters. Valuing an unprofitable company at over $2 trillion is not unusual in growth-equity markets, but it does mean the stock trades on forward expectations and investor flows rather than on profit multiples — the exact setup that produces the kind of volatility SPCX has shown since June 12.

For fund managers, the Nasdaq-100 inclusion changes how they approach the stock. Passive index funds and ETFs that track the index must now buy SpaceX shares regardless of what they think the company is worth. The speed of inclusion — 15 trading days, unprecedented for this index — compressed the time that funds normally get to build positions gradually before an effective date. Mechanical buying of that magnitude, hitting a stock already known for outsized daily moves, explains both the initial slide below the debut price and the same-day 2.4% recovery. Options traders will be watching whether that pattern of overshoot-and-recovery becomes the stock's normal trading signature or settles down as volumes normalize after inclusion.

None of this tells you whether SpaceX stock is fairly priced today. What the record does show is a listing whose scale — the largest capital raise on record, per Nasdaq — has brought volatility to match, and an index-inclusion event that arrived faster than any predecessor, layering fresh flow dynamics onto a stock still finding its footing barely a month after debut.