SpaceX Stock Closes at $136.08, Close to IPO Price
SpaceX shares closed at $136.08 after three consecutive days of decline, just $1 above the $135 IPO price, and down about 33% from the peak after listing.
Market concerns over high valuations and the upcoming unlocking of a large number of shares have intensified liquidity pressure.
Market mechanisms are dominated by expectations of unlocking sell-offs, with retail investors and short-term funds accelerating their exit, while long-term institutional investors remain cautious, benefiting the aerospace-related supply chain from the company's fundamentals.
Source: Public Information
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SpaceX quickly became a publicly traded company after its IPO, with early trading valuations reaching hundreds of billions, supported by growth in Starlink and launch services.
The unlocking of a large number of shares will increase the float, allowing founders and early investors to partially exit through the secondary market, with a strategy to balance liquidity and control.
Similar to other high-growth tech stocks, SpaceX is in a valuation reset phase after transitioning from private to public.
This essentially represents a transfer of pricing power under capital concentration; a large unlocking dilutes short-term liquidity but strengthens the long-term market pricing mechanism.
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Unlocking leads to selling pressure, with valuations returning to fundamentals.
High-growth stocks face liquidity tests after listing, impacting trust.
Institutions hold their positions while retail investors exit first.