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U.S. Small Business Administrator Kelly Loeffler speaks during a Small Business Summit in the East Room at the White House in Washington, D.C., U.S., May 4, 2026. REUTERS/Kylie Cooper Purchase Licensing Rights, opens new tab

SummaryCompaniesLoeffler disclosed two separate SpaceX and xAI investments of $1 million to $5 million eachHer second investment was worth $2.2 million to $25.4 million at the IPO, PitchBook saysAt least 10 Trump administration officials reported SpaceX or xAI holdings on 2025 disclosure formsWASHINGTON, July 17 (Reuters) - U.S. Small Business ​Administration head Kelly Loeffler multiplied the value of her investment in Elon Musk's SpaceX after she was nominated for the ‌job, earning millions of dollars from the company's record initial public offering, a Reuters review of her financial disclosures showed.

Loeffler invested between $1 million and $5 million as of January 3, 2025, in xAI, Musk’s AI and social media firm that has since merged with SpaceX (SPCX.O), opens new tab, according to a required financial disclosure submitted before she became SBA’s administrator.

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Later ​in 2025, Loeffler invested again in SpaceX and xAI between $1 million and $5 million, according to a separate financial disclosure covering her ​investments for all of 2025 that she signed on May 14, 2026. Reuters obtained the form from the ⁠SBA on June 12.

Loeffler's second investment has not been previously reported. Two independent government ethics attorneys agreed with Reuters' assessment of Loeffler’s disclosure.

Cabinet ​members use ranges to declare the value of their assets on their required financial disclosure forms, and they do not disclose the dates of ​their investments before taking office.

SpaceX is a military contractor for the U.S. government. Federal law, opens new tab prohibits cabinet members from participating in decisions involving a company in which they have a financial interest. Public records do not show a financial relationship between SBA and xAI or SpaceX. xAI was not included on the public list of AI tools, opens new tab ​used by SBA employees in 2025.

Loeffler and her team did not respond to multiple requests for comment about her SpaceX investment.

VALUE OF SPACEX INVESTMENT ​SOARSLoeffler’s bet on SpaceX paid off. The company priced the biggest-ever U.S. IPO on June 12, valuing the space, satellite and AI provider at $1.77 trillion.

Her first investment ‌in xAI ⁠would have been worth between $7 million and $2.6 billion on the day of the IPO, depending on the exact amount she invested and the date she made it, said Franco Granda, analyst at data provider PitchBook. The second investment would have been worth between $2.2 million and $25.4 million that day, he said.

The earlier the investment, the more it would have been worth at the IPO, he said. xAI's valuation increased by more than 7,000% ​between its first investment round and ​January 5, 2025. SpaceX's valuation ⁠more than doubled in 2025.

At least 10 Trump administration officials listed investments in SpaceX or xAI on their 2025 financial disclosure forms. None of those officials works for the Defense Department.

Billionaire Musk, a former Trump adviser, ​is the founder and CEO of SpaceX.

Loeffler initially invested in xAI via a private placement, according to ​her disclosure form. ⁠Private placements are typically open to select individuals and institutions with significant financial resources.

Loeffler is a wealthy businesswoman. She was the founding chief executive at Bakkt, a bitcoin trading platform, and spent 16 years working at Intercontinental Exchange, the firm that owns the New York Stock Exchange, according to her ⁠LinkedIn profile. ​She is married to Intercontinental Exchange CEO Jeffrey Sprecher. Loeffler briefly represented Georgia in ​the Senate.

The SBA helps entrepreneurs start and build their small businesses, according to the agency website. It connects business owners with lenders and funding to help them recover from natural ​disasters, among other responsibilities. The Senate confirmed Loeffler as SBA administrator on February 19, 2025.

Reporting by Courtney Rozen Editing by Chris Sanders and Rod Nickel

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Courtney Rozen reports on the world's largest technology companies from Washington, D.C., focusing on the relationship between the tech industry and the U.S. government. She reported on DOGE and the federal workforce during the first year of U.S. President Donald Trump’s second term. Prior to joining Reuters, she was a White House correspondent at Bloomberg Government. She graduated from American University with a master's degree in journalism. Contact: [email protected]

SpaceX's stock fell further on Friday, a day after it aborted a test flight for its Starship rocket at the last second, and amid choppy post-IPO trading.

The aerospace giant was expected to launch its Starship mega rocket within a 90-minute window at 5:45 p.m. in Texas on Thursday, but an engine ignition failure forced SpaceX to scrub the launch.

"Some of the engines didn't start, triggering an automatic launch abort," billionaire founder Elon Musk said in a post on X. "Now offloading propellant. Next launch attempt hopefully in a few days."

SpaceX was last seen down 3.5% in premarket trading, after falling more than 3% in after hours trading.

Musk later added in a post that 2 Raptors will be removed and replaced, and that a launch is planned again for early next week.

Investors are watching the company's rocket tests more closely after it raised a record $85.7 billion in the biggest initial public offering ever in June, pricing shares at $135. SpaceX's shares have soared and dipped since its stock market debut.

SpaceX's stock since it went public in June.

This was SpaceX's first test flight of Starship V3 since its blockbuster IPO. A previous attempt in May failed after sending the Starship upper stage toward the Indian Ocean. The Super Heavy booster failed to make a controlled landing in the Gulf of Mexico after five of its 33 Raptor engines failed to reignite.

The U.S. Federal Aviation Administration ordered an investigation into the mishap and on Monday cleared the company so it could continue its test trials.

SpaceX shares fell in after-hours trading after closing below their IPO price for the first time on Thursday.

The decline came after the company's 13th Starship test flight was aborted less than a second before liftoff.

The setback added to investor concerns as bearish bets against the stock continue to rise.

The stock dropped about 4.5% in after-hours trading after the launch was scrubbed, extending losses from the regular session when it closed at $131.11, below its June IPO price of $135.

The shares are now down roughly 19% since the company's market debut last month.

The failed launch comes as investors closely monitor SpaceX's progress in advancing its reusable rocket programme, which is central to its ambitions in satellite internet, lunar exploration and future artificial intelligence infrastructure.

Industry experts noted that launch delays and test failures are common during rocket development, though the timing alongside the stock's recent decline has increased investor attention.

The Starship rocket was set to lift off from SpaceX's Starbase facility in South Texas when an automatic hold was triggered during engine ignition.

The rocket's 33 Raptor engines began firing before the system shut them down moments before launch.

"We did trigger a hold on the booster that aborted our liftoff as we were starting to light those Raptor engines," SpaceX spokesperson Dan Huot said during the company's livestream.

Chief Executive Elon Musk later confirmed that the launch had been halted because several engines failed to start properly.

"Some of the engines didn't start, triggering an automatic launch abort," Musk wrote on X.

"To be confident of a good flight, 2 Raptors will be removed & replaced. The most probable launch timing is early next week."

Thursday's mission would have marked the first flight of the upgraded Starship V3 configuration since SpaceX completed the largest IPO in US history.

The test programme remains under scrutinyThe latest setback follows another imperfect Starship test in May.

Although the rocket reached space successfully, multiple engines failed to reignite during the Super Heavy booster's landing sequence, causing it to crash into the Gulf of Mexico.

The Federal Aviation Administration subsequently ordered an investigation before clearing the vehicle for another launch earlier this week.

"The final mishap report cites the two most probable root causes for the loss of the Super Heavy booster as heat effects on propulsion system components during the ascent and erroneous engine alarm system settings," the FAA said.

SpaceX implemented four corrective measures, including software and hardware updates, before Thursday's planned launch.

The mission also aimed to deploy 20 next-generation Starlink satellites designed to test new communications capabilities before intentionally burning up during atmospheric re-entry.

The weakness in SpaceX shares has coincided with a sharp increase in bearish positioning.

According to Ortex Technologies, investors betting against the stock are sitting on approximately $8.7 billion in unrealised profits as the shares have fallen from a post-IPO high of $225.64, Reuters reported.

"SpaceX has been a rollercoaster for the short sellers, and it has ended up firmly in their favor," Ortex co-founder Peter Hillerberg said.

"Rather than take profits, the bears kept adding the whole way down."

Nearly 49% of the company's tradable shares are now on loan to short sellers, according to Ortex, creating the potential for heightened volatility.

The research firm estimates that every $1 move in SpaceX shares represents more than $300 million in gains or losses for bearish investors.

Much of the recent pressure reflects broader concerns about expensive technology valuations and debt-funded artificial intelligence investments.

Analysts remain divided on valuationThe stock's decline has prompted debate over whether the recent correction presents a buying opportunity.

Former hedge fund manager Whitney Tilson argued that valuations remain stretched despite the sell-off.

"Don't even think about bottom-fishing this one, as it still trades at 92 times trailing revenues," Tilson wrote.

"That means it's still nearly 10 times overvalued, given that I think a generous multiple for the stock would be 10 times revenues."

Piper Sandler initiated coverage of SpaceX on Thursday with a Neutral rating and a $156 price target.

The brokerage said it remains positive on the company's long-term prospects but expects near-term challenges, including staged lock-up expirations, uncertainty surrounding a potential Tesla acquisition, and the substantial capital expenditure required to develop orbital AI data centres.

The firm also noted that annual investment requirements could run into tens of billions of dollars before investors gain confidence in the company's long-term strategy.

Despite the recent weakness, Wall Street remains broadly optimistic.

According to LSEG data, 27 of the 32 analysts covering SpaceX recommend buying the stock, while four have neutral ratings and only one maintains a sell recommendation, suggesting that most analysts continue to view the recent decline as a short-term setback rather than a change in the company's longer-term growth outlook.

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SpaceX's first Starship launch since its June IPO was aborted due to engine issues at its South Texas Starbase facility. Steve Nesius/Reuters SpaceX called off its first Starship launch since its massive IPO in June.

On Thursday, SpaceX backed away from a launch attempt of its upgraded Starship rocket after an engine issue triggered an automatic abort before liftoff at the company's Starbase facility in South Texas.

CEO Elon Musk said in a post on X that "Some of the engines didn't start, triggering an automatic launch abort." He added that the company would try again, "hopefully in a few days."

Some of the engines didn’t start, triggering an automatic launch abort.

Now offloading propellant.

Next launch attempt hopefully in a few days.

— Elon Musk (@elonmusk) July 16, 2026 The launch was meant to mark Starship's return to flight weeks after the debut of the V3 vehicle in May.

Thursday's test was also the first Starship launch attempt since SpaceX's June 12 public debut, which raised more than $85 billion in what the company described as the largest IPO in history. After briefly reaching a market valuation comparable to Amazon and Microsoft, SpaceX shares have since retreated.

The stock closed Thursday below its $135 IPO price. Shares fell more than 4% in after-hours trading following the aborted launch before recovering some of those losses.

SpaceX did not immediately respond to a request for comments.

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Elon Musk SpaceX FAA More

What a short, strange trip it's been.

All eyes have been on Space Exploration Technologies (SPCX 3.07%) since its explosive initial public offering. The technology and industrial giant may have stirred up so much excitement due to its exciting mix of businesses, the leadership of the ambitious Elon Musk, and the sheer size of the operation. SpaceX raised more than $85 billion after the exercise of an overallotment option to complete the biggest IPO ever.

And the company launched with a market value of more than $2 trillion -- the other trillion-dollar stocks, such as Nvidia and Apple, took years to reach such a valuation.

SpaceX climbed nearly 20% in its first day of trading and continued to advance over the next few days -- but since that point, the stock has stumbled. And just this week, it fell below its IPO price of $135. What happens next? History offers an answer that's crystal clear.

Image source: Getty Images.

Cutting costs of rocket launches First, though, let's explore the SpaceX story so far. The company was founded by Elon Musk, also known as the chief executive officer of Tesla, back in 2002, and since then has aimed to drastically cut the costs of rocket launches. SpaceX has been successful so far -- using its reusable rocket technologies, it already reduced costs by 85% in 2010, according to NASA. This year, the company aims to launch its fully reusable rocket Starship with payloads, further advancing toward this goal.

In addition to the rocket launch business, SpaceX also operates a connectivity arm called Starlink and an artificial intelligence (AI) unit. Starlink is the main revenue driver so far, bringing in revenue of $11.4 billion last year on total revenue of $18 billion as it grew its subscriber base. The AI unit has major goals, such as developing data centers in space, but so far, it's been a drag on earnings -- this is because it requires enormous investment. Last year, capital spending for the AI business reached $12 billion, driving SpaceX to a net loss.

Musk is committed to innovation, and that's something many investors like, and SpaceX aims to be a game changer in its three businesses. That's positive and is attracting growth investors. But it's important to keep in mind that certain goals require the development of complex technology -- and if the technology fails, SpaceX won't reach those goals. Meanwhile, the need to heavily invest could stand in the way of profitability for some time. So investing in SpaceX today involves a certain degree of risk.

Some of these elements could have weighed on investors' minds in recent days -- and as a result, weighed on SpaceX's stock performance too.

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A look at past IPOs Now, let's consider what history has to say about what happens next. A look at 10 of the biggest IPOs, including names such as Rivian Automotive and Coupang, shows that eight posted declines in the three months following their launches. And five of them delivered declines in the double-digits. The average drop over the first three months was 13%.

If SpaceX follows that pattern and posts the average decline, the stock may finish its first three months of trading at around $139, a few dollars above the IPO price.

Of course, it's impossible to predict the exact path of a stock price. And it's important to note that the company's upcoming earnings report could come into play and offer the stock direction. But if history is right, SpaceX could stagnate around current price levels -- since it's already declined more than 13% since the IPO -- over the coming two months.

What does this mean for you as an investor? Should you buy SpaceX now that it's fallen to its IPO level? I don't think this will be the first and only opportunity to get in on SpaceX stock on the dip, and generally, it's a better idea to take a look at another earnings report or even two to monitor the company's progress before buying. Though very aggressive investors may consider adding a few shares of SpaceX to their portfolios now, most investors should hold on for a future buying opportunity.

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SpaceX (NASDAQ:SPCX | SPCX Price Prediction) trades at $135.27, and the setup ahead of Starship Flight Test 13 is worth examining closely. The stock has round-tripped back to its $135 IPO price after peaking above $225, and the pullback collides with a developmental launch that prediction markets are already treating as a fireball.

SPCX gives public-market investors direct exposure to Elon Musk’s launch, Starlink, and defense franchise. The business dominates U.S. orbital launch cadence, anchors the Space Force’s National Security Space Launch Phase 3 awards, and operates a satellite broadband network that has become core infrastructure. The stock’s pullback reflects a 29.73% one-month drawdown tied to a global tech rout and rising anxiety about the next Starship test, rather than a fundamental miss.

Why the Discount Is the Opportunity At current levels, buyers pick up SpaceX at its offering price while the company’s addressable market widens. Analyst consensus sits at $242.22, implying 79.06% upside, with 7 Buy, 3 Hold, and 1 Sell ratings. The spread reflects growing conviction on Starlink monetization and defense contracts.

The bull case runs through iterative design. As Defiance ETFs CIO Sylvia Jablonski put it, “SpaceX is a multi-platform infrastructure company involved in launch, communications, defense, and AI connectivity, with Starlink poised to exceed expectations.” Bloomberg’s Eric Balchunas notes SpaceX is now held by approximately 200 ETFs, a structural bid that did not exist at IPO. Every successful Starship iteration pulls forward the reusability curve that Falcon 9 took roughly seven years to mature.

Why the Fireball Scares the Market Bears see a company priced for perfection heading into a launch that Polymarket handicaps at an 89% probability of explosion. The chopstick booster catch sits at just 0.65%, and Flight Test 12 resolved with a booster explosion. The Atlantic argued SpaceX’s IPO was driven by capital hunger for the AI race, not fundamentals, tagging the stock with a bearish sentiment score of -0.382899. CNBC flagged that the average post-IPO buyer is nearly underwater, and the one-week decline of 8.79% shows the selling continues.

Why Patience Has a Case The hold argument is timing. Polymarket assigns a 55.5% probability of SPCX closing above $130 by month-end and only a 36% probability above $140. If the booster disintegrates on camera, retail flows may push shares lower before recovering. Waiting for the post-launch result avoids buying into a headline-driven downdraft.

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What the Numbers Say SPCX trades at $135.27 against an $242.22 consensus target across 11 covering analysts, an implied 79.06% upside. The dislocation shows in recent performance: SPCX is down 29.73% over the past month while the S&P 500 is essentially flat, and down 8.79% in the past week against a 1.26% gain for the index.

Sentiment is bifurcated. Of 14 recent news items, 8 skewed bullish and only 1 bearish, yet the composite sentiment index reads 42.07, neutral. Prediction market crowds have run a 66.7% correct rate on prior SPCX resolutions, with a tendency to underestimate upside.

The Verdict: Front-Run the Panic At $135, SpaceX is a Buy. The path to appreciation runs through interpretation. A planned termination, hypersonic breakup, or intentional ocean crash counts as an explosion on Polymarket, but on SpaceX’s engineering scorecard it is a data-gathering step toward rapid reusability. When the smoke clears and the next iteration flies weeks later, the 29% drawdown starts to look like a mispriced entry.

The near-term catalyst is the launch itself, with 95% probability of flying by July 31. Medium term, Starlink monetization and awarded launch tranches under the NSSL and Space Development Agency pipelines carry the fundamental story. What invalidates the thesis: a total-loss event that grounds the fleet for quarters, or a Starlink competitor closing the gap on cost per bit.

Purchasing SpaceX at its IPO price the week retail expects a fireball is the sort of positioning that analyst desks typically endorse only after the outcome is known.

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The next generation of AI leaders could soon become public companies, and Wall Street may not be ready. Brian Sozzi sits down with Robinhood Chief Investment Officer Stephanie Guild and Chief Brokerage Officer Steve Quirk to discuss what potential IPOs from SpaceX, OpenAI and Anthropic could mean for investors, why AI infrastructure spending continues to reshape markets, and whether public markets have enough liquidity to absorb the next wave of technology giants.

Elon Musk's xAI, now known as SpaceXAI following a merger with SpaceX, has made the Memphis, Tennessee area the center of its AI ambitions. XAI is building three data centers there, as well as a power plant in Southaven, Mississippi.

Short sellers are rapidly increasing their bets against SpaceX, driving bearish positioning to nearly one-third of the company's public float as the struggling stock hovers around its IPO price.

About 185 million SpaceX shares are now sold short, representing roughly 29% of the company's publicly tradable float and about $25 billion in bearish wagers, according to S3 Partners. The position has ballooned from an estimated 40 million shares, or roughly 5% to 7% of the float, just three weeks ago.

"We are seeing continuous demand from short sellers building speculative positions since the IPO," Matthew Unterman, head of research at S3, told CNBC.

The surge in short interest comes as SpaceX shares have struggled after an initially strong debut. The stock has fallen about 20% in July and briefly slipped below its $135 IPO price on Wednesday for the first time. The stock last traded around $136 apiece.

SpaceX one month

The bearish positioning comes ahead of a closely watched lockup schedule that could substantially increase the number of shares available for trading over the coming months. SpaceX's initial public float represented only about 5% of its roughly 13 billion shares outstanding, leaving the vast majority of stock still subject to lockup restrictions, according to KeyBanc Capital Markets.

KeyBanc estimated the first major unlock could come around the company's second-quarter earnings report, when about 11% of outstanding shares may become eligible for sale.

Additional tranches of roughly 4% each are scheduled to be released beginning around day 70 after the IPO, followed by further unlocks tied to performance milestones and third-quarter earnings, the firm said.

The largest block remains Elon Musk's stake, representing about 42% of shares outstanding, which is locked up until June 2027.

The company's 13th Starship test flight is slated for Thursday, an catalyst that could influence sentiment toward the shares.

According to JPMorgan, the real test of Starship Flight 13 won’t end when the rocket leaves the launch pad—or even when it returns to Earth. The bigger question is whether SpaceX is getting closer to flying the same rocket again, and again, and again.

That’s the milestone that could ultimately determine whether Starship transforms from an engineering marvel into the economic engine behind SpaceX’s long-term growth.

Launching Isn’t The Hard PartFlight 13 is expected to carry 20 Starlink V3 satellites, test improvements to the Super Heavy booster and attempt an in-flight relight of one of Starship’s upper-stage engines. The mission also marks the second flight of the company’s latest V3 configuration, which is expected to power future Starlink deployments, lunar missions and eventually next-generation AI satellite infrastructure.

Those are important milestones. But JPMorgan argues they’re not the ones investors should focus on.

Instead, Seifman says one of the biggest questions remains how quickly SpaceX can inspect, refurbish and fly Starship’s second stage again after surviving the extreme heat and stress of re-entry. That makes the performance of the vehicle’s thermal protection system—and the time required to prepare it for another mission—arguably more important than whether Thursday’s launch goes according to plan.

The Economics Of ReusabilitySpaceX has never hidden its ambition.

The company wants to launch Starship dozens of times next year, hundreds of times in 2028 and eventually thousands of times annually. That vision depends less on building rockets than on rapidly reusing them.

The distinction matters for investors.

A rocket that flies once remains an expensive engineering project. A rocket that can be turned around quickly begins to resemble an airline fleet—capable of lowering launch costs, increasing capacity and dramatically improving the economics of satellite deployment.

That’s why JPMorgan says future milestones such as catching Starship’s upper stage with the Mechazilla launch tower will be impressive, but not necessarily the most important. The bigger question is how soon that same vehicle can fly again.

The Next Milestone To WatchFlight 13 will provide plenty of data on Starship’s technical progress, from engine performance to heat-shield durability.

But the next catalyst for investors may arrive well after the launch webcast ends.

If SpaceX can prove that Starship’s upper stage can be recovered, refurbished and returned to service on increasingly shorter timelines, it would strengthen the business case behind one of the company’s biggest long-term ambitions: making access to space as routine as commercial aviation.

That’s the launch after the launch that Wall Street may ultimately care about most.

Image via Shutterstock

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HomeInvestingStocksMark HulbertMark HulbertClose to half of major IPOs sink below their offering price — and stay there for several years. Here’s why SpaceX is no different.July 16, 2026, 12:12 p.m. ET

SpaceX shares SPCX dipped below their $135 initial public offering price this week — and were about 30% below their mid-June peak. And there’s a good chance that they will be no higher in three years.

That’s according to data compiled by University of Florida finance professor Jay Ritter. Among all large IPOs between 1975 and 2021, the shares of close to half were below their IPO price on their third birthdays. (The exact figure is 44.5%.) And if we base SpaceX’s odds on all the IPOs in Ritter’s database, regardless of size, there’s a 56.1% probability of the stock being below water in June 2029.

Four ARK Invest funds bought SpaceX stock on Wednesday.

At first blush it would be easy to assume it's just another rekindling of the online feud between two celebrity CEOs that's been on-again/off-again since early last year.

Just for the sake of certainty, though, it can't hurt to put a public suggestion to the test. And as it turns out this time, OpenAI CEO Sam Altman may have a legitimate concern about Space Exploration Technologies Corp. (SPCX +1.14%) founder and chief executive Elon Musk's plans for putting artificial intelligence (AI) data centers in space.

Image source: Getty Images.

What was said Putting AI data centers in space is not quite as ridiculous as it sounds. An average-sized earthbound data center can span several football fields. They also generate enormous amounts of heat that must be addressed, but such cooling consumes even more electricity, which can still create heat while simultaneously polluting the planet. Putting AI data centers in orbit potentially addresses both problems. Not only is space inherently cold, but beyond the Earth's atmosphere, solar energy is abundant.

And, the technology needed to make this idea work technically exists.

Turning the idea into a cost-effective reality at a meaningful scale, however, is much easier said than done. In fact, Altman doesn't expect SpaceX to do it anytime soon, if ever. In a July 11 post on the social media platform X aimed at Musk, Altman wrote:

homeboy you're the one selling public market investors on short-term space datacenters

It's a reference to the filing made prior to SpaceX's recent initial public offering, which (among other things), indicates "SpaceX's reusable rockets, scaled satellite manufacturing, and operational expertise can enable the cost-effective and rapid deployment of massive AI compute satellite constellations -- with potentially millions of satellites -- for orbital data centers." And, never say never.

Musk's response of "We start flying them next year," however, may gloss over some important realities.

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Chief among these realities is that the reliability and reusability of SpaceX's so-called Starship isn't exactly ironclad. For that matter, the booster lifting the reentry vehicle into space isn't exactly mishap-free enough to load up with hundreds of millions of dollars' worth of AI computing equipment just yet, either (although it is getting markedly better). The degree of reliability and sheer launch capacity Musk is talking about is still years away.

To this end, as Altman has commented in more than one recent interview, he doesn't see space-based AI data centers as a relevant option for at least the next several years, simply due to the technical challenges involved, such as making repairs or cost-effectively putting them into orbit in the first place. Never mind the scarcity of the bandwidth and spectrum needed to wirelessly deliver all of the digital data that orbiting AI data centers would be creating.

Plan on a long wait Looking past the personality clash on display here, Altman's assessment is more right than it's wrong -- the logistical challenges of turning space-borne artificial intelligence data centers into a meaningful, profitable business are enormous. They'll almost certainly be resolved in time. Musk, however, has already demonstrated a penchant for overpromising and underdelivering as he turned Tesla into the EV powerhouse it is today.

Just keep in mind that Musk did eventually do it. The tough part for Tesla shareholders was just the unexpectedly long wait.

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SpaceX (NASDAQ:SPCX | SPCX Price Prediction) trades at $135.27, sitting right on its $135 IPO price from June. The average Wall Street price target sits at $242.22, implying 79.06% upside from current levels.

That gap widens when you notice the outlier. Raymond James analyst Brian Gesuale carries an $800 price target, implying roughly 491% upside from current levels. His thesis reframes SpaceX from a rocket company into a generational industrial platform, with a $10.5 trillion implied valuation tied to Starship economics and decentralized AI compute sold from orbit.

SpaceX went public on NASDAQ on June 12, 2026 in the largest capital raise in history, raising $75 billion at a $1.75 trillion valuation. The stock opened at $150, ripped past $225, and has since given all of it back.

A Round Trip Back to the IPO Price in Five Weeks SPCX has fallen 29.73% over the past month, wiping out every dollar of post-IPO gains and sending the newly minted mega cap back to its offering price. That qualifies as a violent unwind for a company that briefly carried a $2 trillion-plus valuation.

The selloff stemmed from profit-taking after retail piled in (over $70 billion in demand chased a limited float), broader tech-sector weakness, and growing valuation skepticism as the market chewed through what The Atlantic called a company “untethered from traditional corporate finance metrics.” A muted reaction to NASDAQ-100 inclusion confirmed the mood had shifted.

The bear case has real substance. CFRA opened coverage at $115, sitting below where the stock trades today. Reddit’s biggest recent SPCX post is titled “The math isn’t mathing on the SpaceX IPO.”

Why the Sell Side Is Sticking With the Bull Case Coverage skews decisively bullish, with 7 Buy ratings, 3 Holds, and 1 Sell. The pitch rests on Starlink, Starship, and the newly bolted-on xAI compute business as three distinct S-curves that public markets have never underwritten together.

With implied upside above 40%, the analyst thesis deserves careful reading. Raymond James’s Gesuale is the most aggressive voice, modeling $837 billion in company revenue by 2031 if Starship reaches full reusability. That math depends on a second stage that lands and reflies, which SpaceX plans to attempt in the back half of 2026.

The near-term bridge is compute. Sell-side revenue models now flex from $18 billion in the S-1 toward roughly $62 billion next year on Colossus GPU rental deals with Anthropic ($1.25 billion per month) and Google ($920 million per month). If SpaceX’s first post-listing quarterly report (due late this month) validates the run rate, the $242 average target moves within range.

The Peer Group Sold Off Together, but SPCX Fell Hardest Every US-listed space peer sold off with SPCX, though none matched the drawdown.

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Rocket Lab (NASDAQ:RKLB) trades at $76.20, down 30.25% over the past month. Its consensus target sits at $116.57, implying 52.98% upside, with 14 Buys and 3 Holds. Analysts view Rocket Lab as the cleaner Neutron and defense story.

AST SpaceMobile (NASDAQ:ASTS) sits at $67.58, off 24.28% over a month, with a $81.47 target and 20.55% upside. Coverage is more balanced at 2 Buys, 7 Holds, and 2 Sells after a nasty Q1 double miss.

The largest analyst-implied upside in the group belongs to SPCX. Wall Street treats the primary name as the most dislocated stock in a dislocated sector.

What the Numbers Actually Show SPCX trades at $135.27 against a consensus target of $242.22, for 79.06% implied upside across the 11 analysts covering it. The stock is down 29.73% over the past month and 8.79% in the past week.

Over the same one-month window, the S&P 500 ETF (SPY) was essentially flat, and it has posted a 10.69% year-to-date gain. SPCX-specific pressure drove the move while the broader market stayed roughly flat.

The Rocket Company vs. the Space Data Center The case for SpaceX here rests on whether Starlink and Starship execution alone justify a return to $200-plus. That path is credible: reusable second-stage progress, index buying, and a first earnings report showing the Anthropic and Google run rates would rebuild momentum quickly.

The more cautious view questions the Raymond James thesis. The $800 target depends on space-based data centers requiring roughly 200 Starship launches per gigawatt, unproven repair economics, and pricing power that CoreWeave-style comps at $63 billion do not obviously support. Ninety-day cancellation clauses on the biggest GPU contracts add fragility to the boldest case.

The balanced read is cautiously constructive at the IPO price, skeptical of the moonshot target. A $242 consensus with a hard Starship catalyst on the calendar is reasonable risk/reward. Underwriting $800 requires believing SpaceX becomes the internet’s power grid. That’s a story that warrants seeing the second-stage recovery test before paying for.

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Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.

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Renowned investor George Noble didn't mince words when it came to Space Exploration Technologies (SPCX 0.59%), saying that its initial public offering (IPO) was "built to separate retail investors from their money." Noble, who ran Fidelity's first international fund, estimates the stock has a fair value of about $30; that would mean about 80% downside as of this writing. Although I don't think the stock will fall to those levels, I do agree that SpaceX is extremely overvalued, and I would stay away from its shares.

Noble noted that SpaceX's early gains were largely a "manufactured squeeze," made possible by the company selling less than 5% of its shares and then getting the popular Nasdaq-100 index to rewrite its rules to include it early, without meeting normal requirements. He added that the IPO was one of the largest wealth transfers ever packaged into a fanciful story, and that the impending lock-ups, letting early investors sell shares, would be a catalyst to drive down the stock price.

Calling Starlink a "wonderful business" worth hundreds of billions of dollars, Noble said that it was the only part of SpaceX's story that wasn't science fiction, but that it was worth much less than $2 trillion, roughly SpaceX's current market value. He finished up by saying, "This is the most grossly overpriced stock at scale that I have ever seen."

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A stock valued on hopes, dreams, and unrealistic expectations SpaceX's satellite internet business, Starlink, is currently the company's only profitable operation. I agree with Noble that Starlink is a nice business, but worth nowhere near $2 trillion. It can offer internet services to airlines, and provide gap coverage to mobile providers in remote areas. However, Starlink is unlikely to become a full-fledged mobile operator without actually buying one.

There are technical and regulatory hurdles; one of the biggest is that satellite internet doesn't work well in modern office buildings, because of their construction. The service would also be overwhelmed in large cities and suburban areas. That means that Starlink is a nice business, but not one that will take over the world by any stretch.

One of SpaceX's big ambitions is to build data centers in space, which Elon Musk recently said could happen next year. It won't. Once again, the technology is not there for this to happen within the next year. Chips need to be developed that will not be compromised by cosmic radiation, and systems need to be developed that could handle cooling artificial intelligence (AI) infrastructure in the vacuum of space.

Other proposed businesses, like asteroid mining and terrestrial cargo transportation, also face obstacles. The extraction tools for mass asteroid mining still need to be developed, and the economics are uncertain, as bringing mass quantities of a raw material to Earth could crash those markets. Meanwhile, one-hour cargo journeys here on Earth would face safety, regulatory, and infrastructure hurdles -- and would likely require cooperation between the U.S. and China to make them feasible, a prospect that seems unlikely anytime soon.

Many of SpaceX's ambitions also center around the Starship initiative, the company's huge next-generation reusable rocket platform. Starship's 13th test flight is scheduled for July 16, but the rocket is not planned to reach full Earth orbit, and whether the company can recover both stages remains unclear.

Image source: The Motley Fool.

If Elon Musk had a history of underpromising and overdelivering, it would be easy to see why investors would be excited about SpaceX stock, but the opposite is true. Musk's stated deadlines for projects such as colonizing Mars, a hyperloop connecting Los Angeles to San Francisco, Tesla's Optimus robots, and Tesla's autonomous-driving and robotaxi services have all been badly missed. In fact, an analysis by The New York Times tracking over 600 of his public predictions and commitments found that fewer than 20% were delivered on schedule.

For a growth stock whose price is solely based on the future, that's not the track record I'd want to see. Investors will likely keep the stock price higher than it should be, but I still wouldn't want to buy into it right now.

SpaceX  (NASDAQ: SPCX) stock fell below its initial public offering (IPO) price of $135 for the first time on Wednesday, July 15. 

The stock dropped as low as $132.28 during the session as investors reassessed the company’s valuation, before it recovered slightly to close at $135.27. 

At the current price, SpaceX shares are more or less back at the IPO price. However, they are down roughly 16% from their closing price of $160 on June 12, when the space company went public, and about 36% from the record price of around $211 on June 16.

Now, the company has a market cap of $1.78 trillion, marking a notable retreat from the $2.9 trillion recorded just four days after the IPO.

SpaceX stock price chart (1M). Source: Finbold SpaceX stock price continues to decline The decline highlights how quickly investor enthusiasm can fade, even for a company backed by Elon Musk and involved with key growth narratives such as artificial intelligence (AI). Primarily, the selloff comes as investors reassess SpaceX’s valuation and financial outlook as the first earnings date in August draws near.

Among the key concerns is SpaceX’s $4.9 billion net loss in 2025 as heavy investment in AI infrastructure and Starship development weighed on its bottom line. The stock’s inclusion in the NASDAQ 100 failed to reverse the decline, with shares down about 13% since joining the index. 

Analysts expect SpaceX’s revenue to reach between $34 billion and $43 billion this year (versus $18.7 billion in 2025), supported by continued Starlink subscriber growth and expanding AI computing contracts.

However, investors are also preparing for a potential increase in selling pressure in late 2026. Notably, insider share unlocks expected after the company reports its second-quarter results in August could significantly increase the public float, allowing eligible employees and early investors to sell portions of their holdings.

Still, SpaceX remains among the top ten largest publicly traded companies in the world. 

Featured image via Shutterstock

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Evropské i americké futures naznačují smíšený začátek obchodování, zatímco investoři vstřebávají řadu firemních i geopolitických zpráv. Na globální scéně rezonují informace o možném zdražování ASML, varování šéfa JPMorgan Jamieho Dimona před riziky pokročilé umělé inteligence či pokračující pokles akcií SpaceX.

Článek se odemkne 16.07.2026 10:03

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Telesat stands out in the satellite sector by targeting enterprise markets and exploring an asset-light model for ground infrastructure. TSAT's willingness to partner on ground infrastructure could reduce capex, preserve liquidity, and offer a competitive edge versus capital-intensive rivals. The company's C$2.14B Canadian government loan, enterprise focus, and $1.1B Lightspeed backlog provide strategic and financial support amid execution risks.

Now that the IPO hype surrounding Space Exploration Technologies (SPCX 0.61%), better known as SpaceX, has died down, investors may be better able to analyze the stock for what it is. Furthermore, it's priced at less than $140 per share, and is near the lowest price that retail investors have been able to buy it at. If you've got $1,000 sitting around waiting to be invested, is SpaceX the perfect stock to buy right now? Or are there better options out there?

Image source: The Motley Fool.

SpaceX is already quite large First, let's discuss what qualifies as a "life-changing" return on an investment. I'd consider that to be something along the lines of a tenfold to hundredfold return, or turning $1,000 into $10,000 to $100,000. If that's what investors are looking for with SpaceX, they may be sorely disappointed. Currently, it has a market cap of about $1.8 trillion. So a tenfold return from here would be a $18 trillion company -- more than Nvidia (NVDA +0.29%), Apple (AAPL +3.95%), Alphabet (GOOG +3.60%) (GOOGL +3.15%), and Microsoft (MSFT +2.70%) combined at their current valuations. An outcome like that is probably a bit too far-fetched to expect.

However, could SpaceX still be a solid investment that consistently beats the market? I think that's a much more realistic expectation.

SpaceX's business has three core segments: artificial intelligence (AI), connectivity, and space. Space is the component that most recognize, as SpaceX regularly launches payloads into orbit with its Falcon rockets, and the company has well-publicized grand plans to colonize Mars and perform other activities in space. Its AI unit is also well defined, as SpaceX purchased xAI, the company that developed the Grok large language model, shortly before going public. The connectivity division may have investors questioning it a bit more, but it's currently SpaceX's most important division.

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The connectivity unit's business is mostly centered on Starlink, a satellite-powered broadband service that gives users access to high-speed internet practically wherever they are in the world. This is SpaceX's most important division: Its revenue grew by 50% to $11.4 billion in 2025, accounting for more than half of SpaceX's total top line. For comparison, the space business had revenue of $4.1 billion and grew only 8% year over year. Its AI division had revenue of $3.2 billion, growing at a 22% rate. (The AI division's revenues also include ads from X, formerly known as Twitter).

As of now, SpaceX is primarily a telecommunication business. Those historically haven't been the greatest investments, and although there is a lot of hype surrounding its other divisions, that's what it boils down to. As a result, I think SpaceX may struggle for a bit, as its valuation is quite high for a company that's essentially currently a telecom. Now, if SpaceX can achieve other goals in space and AI, my opinion may change, but as of now, I don't think it's the best investment option out there.

Keithen Drury has positions in Alphabet, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

SpaceX shares dropped below their initial public offering price on Wednesday, a first for the company, just over a month after a frenzy over the rockets-to-AI firm powered the biggest IPO ever and made Elon Musk the world’s first trillionaire.

Its shares slid 2.7% to $132.50, falling below the $135 apiece IPO price and well below the all-time high of $225.64, which propelled the company’s market valuation briefly above those of Silicon Valley giants Microsoft and Amazon.

Many contended the stock’s rally was likely vulnerable to reversals, given SpaceX’s $4.9 billion in net losses last year and the uncertainty over the firm’s prospects as well as the stock valuations that might hold across the market at a time when inflation has been rising, putting the Fed’s policymakers on notice.

SpaceX shares dropped below their initial public offering price on Wednesday. Above, SpaceX leadership and guests celebrate at the Nasdaq on the first day of trading on June 12. REUTERS The decline leaves investors who bought into the company at the IPO price sitting on paper losses for the first time, potentially testing confidence in the stock.

It also offers a reminder that Wall Street enthusiasm can cool quickly, even for a company with the size and scale of SpaceX, which raised around $85.7 billion and fetched a valuation of around $2.1 trillion at the end of its first trading day.

It is not uncommon for a stock to fall below the IPO price, especially during periods of broader market stress.

Wall Street’s main indexes have been under pressure in recent weeks due to uncertainty around the Federal Reserve’s interest rate path and concerns about the durability of the rally powered by AI winners such as chipmakers.

Still, the drop may bolster critics who had argued that SpaceX’s valuation was stretched, as the company was unprofitable and many of its ambitious bets were still untested.

Investors would find better entry points after the first wave of excitement had faded, some analysts had warned before the IPO.

The Spacex IPO made Elon Musk the world’s first trillionaire. REUTERS

 SpaceX’s shares have dropped nearly 13% since they were included in the Nasdaq 100. REUTERS The reversal also underscores the risks of chasing momentum, and the limits of a valuation driven more by narrative than near-term fundamentals.

The stock’s addition to prestigious indexes, such as the tech-heavy Nasdaq 100, did little to reignite the buying. SpaceX’s shares have dropped nearly 13% since they were included in the Nasdaq 100.

The focus now shifts to the company’s first results after listing. SpaceX has not yet disclosed when it plans to do it, but has said they will be released only through its website and ‌its social media account on X, and not through wire distribution services.

After just over a month as a publicly traded company, Space Exploration Technologies (SPCX 0.73%) is seeing price targets flood in. The average analyst price target suggests meaningful gains could be ahead for the stock over the next 12 to 18 months.

One prediction, however, stands out from the rest. For his bull case, John Godyn of Citigroup forecasts SpaceX stock could trade at $900 per share. With a $5,000 investment at today's prices, that could provide quite the windfall, but the caveat is, it's going to take the company some time to get there, if it does at all.

Image source: The Motley Fool.

The bullish outlook Since June 12, SpaceX has traded within a range of $137 to $226. There are many different price points at which a shareholder could have bought in, but to keep it simple, let's base our hypothetical case on the July 10 closing price of $145.30.

With a $5,000 investment at $145.30, an investor would receive about 34.4 shares (assuming they're using one of the many platforms that allow the purchase of fractional shares). If the stock price were to reach $900, that $5,000 investment would grow to a little under $31,000 -- a little more than six times the original investment.

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The details behind the $900 SpaceX prediction Typically, analysts' price targets are set for a 12- to 18-month time frame. The $900 price target from the Citi analyst is more about a bullish case further down the road, as he also has a $200 price target for the 12-month to 18-month window. 

According to a note seen by Barron's, Godyn said, "Starship will establish the most affordable and scalable path to unlocking the economic potential of space."

Starship, which consists of a spacecraft and a reusable rocket booster, is SpaceX's largest craft to date. It's designed to cut the cost of reaching low Earth orbit by up to 90% compared to its Falcon 9 rocket. Eventually, Starship is expected to have the capability to carry up to 100 people on long-duration flights, enable satellite delivery, and support the development of a base on the Moon.

As the cost of putting payloads into space declines, SpaceX's vision of a constellation of satellites serving as artificial intelligence (AI) data centers can also begin to take greater shape. In February, Elon Musk's company filed an application with the Federal Communications Commission for permission to launch a network of up to 1 million solar-powered data center satellites, although it will be some time before SpaceX reaches the scale to deploy such a vast network. But the company says it could begin launching the first wave of those satellites as early as 2028.

The average analyst price target The average analyst price target, according to data tracked by Barron's, differs significantly from Citi's longer-term $900 bull case. When 15 new analyst ratings came in during the week of July 6, their average price target was $250, and the average 12- to 18-month price target of all analysts at the time was $240.

At $900 per share, SpaceX would have an expected market cap of $12 trillion. That's a steep climb from its current $1.9 trillion market cap.

Analyst price targets are a sentiment gauge, not a guarantee Given SpaceX's diverse operations that span rockets, broadband satellites, terrestrial data centers, AI, and social media, as well as its ambitious plans for data centers in space, making a prediction about what the stock will be worth down the road is challenging.

It's a unique business, and there are few peers to compare it to, so while price targets may be helpful for gauging sentiment, they should be taken with a large grain of salt. That said, the analysts' views do point to the idea that those who hold this stock for the long haul will have the best opportunities to book the biggest potential gains.

Key Takeaways SPCX reached about 10.3M Starlink subscribers with service available in 164 countries and markets.SpaceX continues investing in technology and network expansion to strengthen its broadband services.SPCX is expanding satellite-to-mobile services through operator partnerships covering about 1.7B people. Space Exploration Technologies (SPCX - Free Report) is benefiting from the rapid expansion of its Starlink broadband business. Solid subscriber addition, expanding global coverage and continuous improvement in networking capacity are major driving factors. As of March 31, 2026, the company boasts a subscriber base of around 10.3 million. With approximately 9,600 satellites in orbit, Starlink service is available in 164 countries and markets. Segment adjusted EBITDA reached $7.2 billion in 2025 and $2.1 billion in the first quarter of 2026, showing that satellite broadband has moved beyond the concept stage.

SpaceX's key differentiation lies in its launch leadership, which enables faster Starlink network expansion. SpaceX has completed around 650 orbital launches, including 620 Falcon 9 missions. The mission success rate exceeds 99%. Its reusable launch systems and capability to conduct frequent launches in a short period have significantly lowered satellite deployment costs.

The company places a strong focus on technology upgrades to improve customer experience. Its satellite constellation operates in low earth orbit, allowing significantly lower latency compared to legacy satellite systems. Its architecture can deliver residential download speeds of approximately 225 Mbps during peak hours. Moreover, the company’s ability to launch upgraded satellites frequently ensures continuous network advancements.

Through its Starlink business, the company is working to open up a new growth avenue. It has developed one of the largest satellite-to-mobile constellations, and its services include messaging, voice and data. The company is collaborating with leading mobile network operators across six continents, covering approximately 1.7 billion people.

How Are Competitors Faring?In the satellite communication space, SpaceX faces competition from Viasat, Inc. (VSAT - Free Report) and AST SpaceMobile (ASTS - Free Report) . AST SpaceMobile is developing a direct-to-device satellite network. Its commercial deployment remains at an earlier stage. The company recently announced the successful orbital launch of BlueBirds 8, 9 and 10 aboard a Falcon 9 rocket. The satellites feature approximately 2,400-square-foot communications arrays and are designed to provide direct broadband connectivity to standard smartphones. AST SpaceMobile also announced that BlueBirds 11, 12 and 13 are targeted for launch during the first half of August aboard a Falcon 9 rocket from Cape Canaveral. With a growing ecosystem that includes 60 global mobile network operator partners covering over 3 billion subscribers, ASTS is gaining ground on the expanding direct-to-device space.

Viasat has completed the next-generation global ViaSat-3 constellation with the successful launch of ViaSat-3 Flight 3 on April 29, 2026, targeted to the Asia-Pacific region. Management said radiator and solar array deployments were completed and orbit raising is underway, with service entry expected in August or September 2026. ViaSat-3 Flight 2 also completed all deployments, including the reflectors and boom, with service entry pending FCC authorization. The ViaSat-3 class is designed to deliver more than 1 Tbps of throughput capacity and to use advanced beamforming and flexible bandwidth allocation so capacity can be directed to the highest-demand commercial, enterprise and defense markets.

SPCX’s Price Performance, Valuation and EstimatesOver the past month, shares of SpaceX have declined 32.6% against the industry’s growth of 114.4%.

Image Source: Zacks Investment Research

From a valuation standpoint, SPCX trades at a forward price-to-sales ratio of 30.51, well above the industry.

Image Source: Zacks Investment Research

Earnings estimates for 2026 and 2027 have increased over the past 30 days. Earnings estimates for 2026 have improved from a loss of 91 cents to a loss of 67 cents, while for 2027, they have improved from a loss of 23 cents to an income of 63 cents per share.

Image Source: Zacks Investment Research

SpaceX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Frontier Airlines announced Tuesday that it plans to introduce high-speed inflight internet powered by SpaceX's Starlink beginning in early 2027, marking a major upgrade for the ultra-low-cost carrier as it continues investing in new amenities aimed at attracting travelers.

The Denver-based airline said its first Starlink-equipped Airbus aircraft is expected to enter service early next year. Frontier said it will become the first U.S. airline to offer passengers access to Starlink's satellite internet through a new system managed directly by Starlink.

Engineered by Elon Musk's SpaceX, Starlink uses a constellation of low-Earth orbit satellites to deliver high-speed, low-latency internet capable of supporting activities such as video streaming, online gaming, web browsing and remote work during flights.

Frontier's first Starlink-equipped Airbus aircraft is expected to enter service early next year. (Kevin Carter/Getty Images)

UNITED'S NEW SEATING OPTION DITCHES THE MIDDLE SEAT

The rollout is part of a broader deployment across airlines backed by private equity firm Indigo Partners, which also includes Wizz Air, Volaris, JetSmart and Cebu Pacific. Together, the carriers expect to install Starlink across more than 1,000 aircraft, one of the largest commitments to next-generation inflight connectivity announced to date.

"Starlink will provide our portfolio airlines with reliable, high-speed connectivity, further enhancing the customer experience of flying on Wizz, Frontier, Volaris, JetSMART and Cebu," Indigo Partners Managing Partner Bill Franke said in a statement.

Ticker Security Last Change Change % ULCC FRONTIER GROUP HOLDINGS INC 6.50 +0.10 +1.64% SPCX SPACE EXPLORATION TECHNOLOGIES CORP. 133.58 -2.50 -1.84% Beyond passenger connectivity, Frontier said the system will provide gate-to-gate internet access for pilots, flight attendants, maintenance crews and ground personnel, helping improve operational efficiency and customer service.

Starlink is engineered by Elon Musk's SpaceX. (East2West News)

Frontier CEO Jimmy Dempsey said the investment reflects the airline's efforts to enhance the travel experience while maintaining its low-fare business model.

"We're continuing to invest in the products and services that matter most to our customers," Dempsey said. "Starlink transforms the onboard experience, giving customers the flexibility to work, stream, browse, and stay connected throughout their journey."

The announcement comes as Frontier expands its offerings beyond its traditional ultra-low-cost model. The airline has previously announced plans to introduce first-class seating and enhance its loyalty program as it competes for higher-value travelers.

The announcement comes as Frontier expands its offerings beyond its traditional ultra-low-cost model. (Ken Cedeno/Reuters)

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Financial terms of the Starlink agreement were not disclosed.

FOX Business reached out to Frontier Airlines and SpaceX for additional comment. 

SpaceX stock is just about back to where it started when the company completed its record-setting IPO last month.