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

The slide didn't happen in a single session. On July 14, SpaceX shares had already closed at $136.08 — barely a dollar above the IPO price — after falling 2.2% that day (Bloomberg). The decline deepened the next 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 (Germany's financial regulator), listed a maximum price per share of $162.00, well above the eventual $135.00 clearing price (SpaceX).

For IPO underwriters — the investment banks that help bring a company public — the offer price is the line that matters. When a newly listed stock trades below its IPO price, several support mechanisms come under strain. One is the stabilization bid, an order underwriters place to buy shares and shore up the price. Another is the greenshoe, or over-allotment option, which lets underwriters sell extra shares (typically up to 15% more than the original offering) and then buy them back if needed to support the stock. Think of it as a shock absorber: if the share price dips, underwriters buy back the extra shares in the open market, creating demand that helps cushion the fall.

SpaceX's underwriters exercised their full over-allotment option at the close of the offering on June 15, meaning the greenshoe was fully used up at or near the $135.00 offer price rather than held in reserve for aftermarket 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 points to meaningful tension during the pricing process — the period when underwriters gauge investor demand and settle on a final price. The final price came in 16.7% below the top of the referenced range. Whether that discount reflected caution from investors or discipline from the company toward a specific valuation target is not clear from the public filings.

The broader context here is the speed 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 is 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 describe the move as the unraveling of a post-debut rally rather than a response to a specific catalyst. For institutional holders who received shares at the IPO price, the stock is now effectively flat to slightly positive depending on entry timing and fees. For those who bought in the aftermarket at any premium above $135.00, the position is underwater — meaning the current price is below what they paid.