<p>One month after its historic June 12 IPO, <strong>Elon Musk</strong>’s <strong>Space Exploration Technologies Corp.</strong> (NASDAQ:SPCX) is facing a reality check. Shares have plummeted 35.60% from their all-time high of $225.64 to Friday’s close of $145.30, exposing a widening divide between analysts who view the company as a transformative industrial power and those who fear it is becoming a speculative &#34;meme stock.&#34;</p>



<h2>The Valuation Chasm</h2>



<p>Wall Street is sharply divided over SpaceX’s valuation and long-term outlook. On one side, <strong>Raymond James </strong>initiated coverage with a “Strong Buy” and an $800 price target, framing SpaceX as &#34;the defining industrial infrastructure company of the 21st century.&#34;</p>



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<p>Conversely, <strong>Morgan Stanley</strong> analysts have highlighted a massive $672 billion &#34;funding risk,&#34; forecasting no free cash flow before 2035. Short-seller<strong> Jim Chanos</strong> ridiculed the bank’s internal contradiction, calling the disclosure of that massive capital need—while still issuing a buy recommendation—” truly glorious.” </p>



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<blockquote><p lang="en" dir="ltr">I know we are only halfway through the year, but I feel it will be hard to top this comment from one of the obligatory buy recommendations on $SPCX issued by one of the underwriters this week. It is truly glorious. pic.twitter.com/TK3f8woHmb</p>— James Chanos (@RealJimChanos) July 8, 2026</blockquote>
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<strong>
Read Also:

Musk’s Net Worth Down $407 Billion From Trillion-Plus High as SpaceX Stock Dives
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<h2><strong>Meme Stock Sentiment vs. AI Ambition</strong></h2>



<p>The rapid price erosion has left recent retail investors &#34;definitely underwater.&#34; <strong>Keith Snyder</strong>, an analyst at CFRA, told the BBC that the stock &#34;started to look a lot like a meme stock,&#34; where retail enthusiasm momentarily outpaced business fundamentals. </p>



<p>However, the bull case remains tethered to AI. <strong>Goldman Sachs </strong>projects SpaceX could facilitate 5,288 Starship AI missions by 2031, turning the company into a critical node for global computing infrastructure. Musk has reinforced this narrative, using share volatility to acquire AI startup Cursor in a $60 billion stock-based deal.</p>



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<blockquote><p lang="en" dir="ltr">Goldman Sachs expects $SPCX Starship AI missions to reach 5,288 by 2031 with each carrying 30–50 satellites powered by one GB300-equivalent rack apiece.<br/><br/>That could mean millions of accelerators from $NVDA, fabricated by $TSM with $MU &amp; $SKHY supplying the HBM behind each rack. pic.twitter.com/9jR9iN23mx</p>— Shay Boloor (@StockSavvyShay) July 12, 2026</blockquote>
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<h2><strong>The August Cliff</strong></h2>



<p>The road ahead remains treacherous. <strong>Gary Black</strong> warns that SpaceX shares could face further downward pressure in early August as 20% of locked shares become available for public trading. Investors are now pivoting their focus toward the company’s first public earnings report.</p>



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<blockquote><p lang="en" dir="ltr">As much as I love $TSLA the company, it’s difficult to support the valuation (2026 P/E 209x vs +35% long-term EPS growth, 6x PEG), which remains excessive vs every other Mag 8 name (avg 2x PEG).  Most TSLA promoters on X choose to ignore valuation in any discussion of $TSLA as… pic.twitter.com/5ggQ2zi9qo</p>— Gary Black (@garyblack00) July 13, 2026</blockquote>
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<p><strong>Samuel Kerr</strong> of Mergermarket also told the BBC that &#34;If SpaceX can do all the things it says it will do, yes, investors are sitting on the most valuable company ever. But it’s got a lot of work to do to get there.&#34;</p>



<h2><strong>How Has SPCX Performed Since Its Listing?</strong></h2>



<p>Listed on June 12, 2026, SPCX shares were down 3.13% since their debut on the bourses. Despite its inclusion last week in the Nasdaq 100 index, the stock had declined by 10.31% over the last five sessions.</p>



<p>It closed 4.51% lower at $145.30 per share on Friday, and it was down 1.12% in overnight trading. <strong>Benzinga’s Edge Stock Rankings</strong> indicate that SPCX maintains a weak price trend in the short, medium, and long terms.</p>



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<p>
<strong>
Read Also:

Congressman Buys SpaceX Stock After IPO: Trade Could Be Down 23% Already
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<p><strong><em>Disclaimer:</em></strong><em> This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.</em></p>



<p><em>Photo courtesy: Shutterstock</em></p>

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<p>One month after its historic IPO, SpaceX (SPCX) shares have plummeted 35.6% from their peak, highlighting a sharp divide on Wall Street. While some analysts view it as transformative infrastructure, others cite a $672B funding risk and meme stock sentiment. Bullish cases rely on future AI mission projections, but investors face near-term pressure from upcoming lock-up expirations and skepticism over excessive valuations ahead of the first earnings report.</p>

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Elon Musk's SpaceX Plunges 35% From Its Record High One Month After SPCX's Historic IPO