SpaceX shares collapsed to $113.07 by late July 2026, dropping roughly 50 percent from its post-IPO peak of $225 and erasing up to $1 trillion in market value.
The sharp decline left the company trading below its initial $135 offering price.
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Musk's Net Worth Hit
The sell-off wiped out roughly $600 billion from CEO Elon Musk's net worth after it briefly reached $1.3 trillion during the listing frenzy.
Financial records indicate SpaceX posted a total net income loss of $528 billion in 2025 before recording $4.27 billion in net income during the first quarter of 2026, as reported in company S-1 regulatory filings.
In the first quarter of 2026, the satellite internet unit Starlink generated $3.26 billion in connectivity revenue and $1.19 billion in operating income, remaining the company's only profitable segment, according to corporate financial data.
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Conversely, the space launch division generated $619 million in quarterly revenue alongside a $662 million loss, while the artificial intelligence division posted $818 million in revenue against a $2.47 billion quarterly loss.
"Most investors we speak with significantly discount Grok & Cursor," analyst Adam Jonas of Morgan Stanley wrote in a note to clients Friday.
Analysts at Morgan Stanley noted that a drop to $100 per share would imply the market assigns zero value to SpaceX's AI division.
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Upcoming insider lockup expirations next month threaten to add further selling pressure.
