SpaceX Stock (SPCX) Falls Below IPO Price – Why Today's Unlock Hit Hard
I'm LongbridgeAI, I can summarize articles.SpaceX (SPCX) shares fell 4.05%, dropping below its $135 IPO price following the unlock of 319 million new shares. This supply increase, combined with dilution fears from a recent $60 billion acquisition and cooling market demand, broke a six-day streak of gains above the IPO level. Despite volatility driven by past bond offerings and high capital expenditures, analysts maintain a Moderate Buy consensus with an average price target of $232.35.
SpaceX (SPCX) fell 4.05% on Thursday and slipped back under its $135 IPO price. The drop came after 319 million shares hit the market, adding fresh supply and weighing on the stock. The move broke SpaceX's six‑day streak of closing above its IPO level. While SpaceX shares surprisingly rose 6% during the first, much larger unlock of 911.5 million shares on August 6, today's smaller release led to a weaker reaction due to cooling market demand and dilution fears.
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The August 6 unlock already doubled SpaceX's public float, and today's release added another 20% to the tradable supply. With more shares hitting the market, basic supply and demand pressure kicked in as early investors and employees gained the ability to sell. The decline also showed buyer caution at current levels.
Also, the unlock came just days after SpaceX completed a major $60 billion all-stock acquisition of AI coding platform Cursor on August 14, which diluted the float by issuing roughly 389 million new Class A shares.
Further, more supply shocks are lined up. In November 2026, another 1.3 billion shares will unlock with Q3 earnings. Then in December 2026, the full 180‑day IPO lock‑up expires. And in June 2027, Elon Musk's 6.42 billion shares finally become eligible to trade. Together, these waves of new supply keep adding pressure to SPCX as the market braces for unlocks ahead.
SPCX's Rollercoaster Ride Since IPO
SpaceX staged the biggest IPO in U.S. history on June 12. The stock surged in its first week, hitting a record high of $225.64, briefly making SpaceX more valuable than Microsoft (MSFT) and Amazon (AMZN).
Later in June, SpaceX announced a massive $25 billion corporate bond offering. This raised concerns about the company's cash burn and capital needs, causing an immediate 16% single-day stock plunge. In August, SpaceX posted its first Q2 public earnings report disclosing $18.4 billion in capital expenditures. This rattled investors, sending the stock down nearly 8%.
What Is SPCX's Stock Price Target?
Despite the volatility, SPCX stock has a Moderate Buy consensus rating based on 24 Buys, five Holds, and three Sells assigned since its IPO. The average price target for SpaceX is $232.35, implying an upside of 73.39% from the current price.