SpaceX stock falls to new low despite successful Starship flight

SpaceX just pulled off one of its most impressive Starship tests to date. The stock market responded by pushing shares to their lowest level ever. SPCX, which began trading on Nasdaq in June at $135 per share, cratered to $109.53 on July 27, roughly 18% below its IPO price. This came just three days after Starship Flight 13 successfully achieved booster recovery and deployed Starlink V3 satellites. From post-IPO darling to a trillion-dollar headache SpaceX debuted on public markets on June 12, and shares quickly rocketed to a post-IPO peak of approximately $225.64. The market capitalization has reportedly dropped by over $1 trillion during the selloff phase. The decline didn’t start with Flight 13’s success. It arguably began on July 16, when a planned Starship test was scrubbed due to engine ignition failures. The July 24 flight achieved booster landing and satellite deployment as key milestones. Despite this, the stock kept sliding, ending up nearly a fifth below its IPO price barely six weeks after going public. Why the market isn’t buying what SpaceX is selling SpaceX entered public markets with a price tag built on years of private-market hype, where liquidity was limited and ...