SpaceX Stock Faces Scrutiny After Post-IPO Drop Amid Valuation Concerns

Space Exploration Technologies (NASDAQ: SPCX) shares fell 5% on Wednesday, closing at $191.82 after reaching a session high of $213.80. The decline marks the first negative day since the company's June 12 IPO, though the stock remains 42% above its $135 offering price. Investors are grappling with a stark valuation disconnect—$18.7 billion in projected 2025 revenue against a $2.52 trillion market cap, representing 135x last year's sales.

The investment thesis hinges on Elon Musk's ambitious targets for Starlink and xAI, including $1 trillion revenue by 2030. However, the debut of options trading introduced bearish instruments to the market, with nearly 1 million call contracts trading against a float of 640 million shares. This liquidity event triggered the selloff, forcing both bulls and skeptics to reassess risk-reward dynamics at current levels.