SpaceX shares rise for second day, nearing $135 IPO price

SpaceX went public in June with the kind of fanfare reserved for moon landings. Two months later, the stock is fighting to get back to where it started.

Shares in Elon Musk’s rocket and satellite company rose for a second consecutive session in early August, edging back toward the $135 IPO price after a bruising stretch that sent the stock well below its offering level.

From the stratosphere to the basement, and back

The IPO itself, priced on June 11, 2026, was a genuine landmark. SpaceX raised between $75 billion and $85.7 billion at $135 per share, landing a valuation of roughly $1.77 trillion at the open. That made it the largest US IPO by proceeds at the time of its completion, eclipsing every previous record holder in the history of American equity markets.

The first day of trading delivered exactly the kind of pop investors had spent months dreaming about. Shares surged above $225 intraday, a gain of nearly 67% from the offering price.

By mid-July, the stock had reversed the entire post-IPO gain and slipped below $135. Intraday prints in the $123 to $132 range captured the mood of a market that had gone from euphoric to skeptical in roughly six weeks.

Lockup expirations and the supply flood

SpaceX’s lockup release in July did exactly that. The stock absorbed a meaningful increase in tradeable supply just as the initial enthusiasm was already cooling, which amplified the downward move.

The modest two-day recovery in early August suggests the market is starting to digest that supply. SpaceX’s initial valuation at IPO included references to its AI ambitions, with the xAI subsidiary factoring into how analysts framed the company’s long-term potential.

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