SpaceX shares fell below their initial public offering price on Tuesday, a day after debuting on the Nasdaq-100, according to Yahoo Finance. The decline came despite a flood of buy ratings from at least 14 analysts, with one firm issuing a hold. The stock's stumble suggests the market is pricing in more caution than the bullish consensus.
The weakness arrives as the quiet period for SpaceX's lead underwriters officially ended, revealing a massive divergence in valuation expectations. Bloomberg reported that the firm's biggest bull sees the company's valuation soaring above $10 trillion, while a separate report noted a $1 trillion chasm between the two lead underwriters' price targets. That gap underscores the uncertainty surrounding the high-growth company.
One analyst, according to Barron's, issued a hold rating even as the majority went with buys. The hold stance may reflect concerns about execution risks or the lofty expectations baked into the stock's opening price. Meanwhile, MarketWatch highlighted the unusual disparity between the underwriters' views, which typically align closely during an IPO.
The stock's performance in the coming weeks will test whether the selloff is a short-term hiccup or a signal that the initial euphoria has faded. For investors, the wide range of analyst targets — from conservative to sky-high — means price discovery could remain volatile. The company's next earnings report and any updates on Starship or Starlink milestones could provide clearer direction.