SpaceX Fizzles to Close $1 Above IPO Price Weeks After Debut

SpaceX (SPCX) shares fell 2.2% to $136.08, closing just $1 above its $135 IPO price after three consecutive days of losses that erased nearly $850 billion in market value — a 33% drop from its post-listing peak. The stock trades at a forward price-to-sales ratio exceeding 30x, among the highest in the Nasdaq-100, while insiders face an extended lock-up period that will periodically release shares into the market over coming months.

Why it matters: Despite the selloff, over 80% of Wall Street analysts covering SpaceX maintain buy ratings with an average price target of $236.25, more than 70% above the recent close, even as the company was added to the Nasdaq 100 via fast-entry rules just a week ago.