SpaceX shares fall 35% from post-IPO peak after Nasdaq-100 inclusion fails to sustain rally

SpaceX shares have fallen as much as 35% from their post-IPO peak of $225.64 just days after joining the Nasdaq-100, showing that forced buying by index-tracking funds was not enough to sustain the stock’s rally. The shares closed at $148 on July 8, below their $150 debut price for a second straight session and erasing nearly all of the gains made since the company’s June 12 listing. The reversal extends the weakness seen on SpaceX’s first day in the index, when selling pressure outweighed mechanical demand from funds linked to the Nasdaq-100 despite the company’s limited public float. A similar pattern followed Palantir’s addition to the index in late 2024, when its shares fell about 25% over the following weeks. Even after the pullback, SpaceX remains valued near $1.9 trillion. The company generated about $18.7 billion in revenue in 2025, up about 33% from a year earlier, implying a valuation of roughly 100 times sales. Starlink accounted for more than $11 billion of that total, or about 61%, making the satellite internet business the main support for SpaceX’s trillion-dollar valuation. The company still reported a $4.9 billion net loss in 2025 and another $4.3 billion loss in the first quarter of 2026, as spending on its xAI artificial intelligence unit and Starship development continued to weigh on cash flow. Wall Street has largely stayed positive since the Nasdaq-100 inclusion, with Morgan Stanley, Bernstein, RBC and UBS starting coverage with buy-equivalent ratings, while MoffettNathanson was neutral and CFRA recommended selling. Investors are likely to focus on whether Starlink’s profit growth can outpace SpaceX’s rising AI and rocket-development costs.