SpaceX slides below debut price after Nasdaq 100 inclusion

SpaceX stock closed at $148 on Wednesday, the second straight day below the company's initial public offering price of $150 per share.

The aerospace and defense contractor joined the Nasdaq 100 index on Tuesday, less than a month after its market debut on June 12. The exchange's revised rules for new public companies allowed the rapid inclusion. Index funds and ETFs tied to the benchmark had to buy SpaceX shares to match the new lineup.

SpaceX's record IPO raised $85.7 billion. The company offered 555.6 million shares at $135 each. Underwriters exercised the greenshoe overallotment. The stock touched a closing high of $201.80 on June 16 before the slide.

Most analyst coverage has been bullish. Morgan Stanley initiated with an overweight rating and a $300 price target. Bernstein gave an outperform rating and $239 target. RBC initiated at outperform with a $225 target. UBS set a buy rating and a 12-month target of $210. The bulls cite SpaceX's lead in reusable rocket technology and its Starlink satellite internet business. They see room to improve margins.

For growth, analysts point to SpaceX's potential in artificial intelligence, including agentic coding tools and orbital data centers.

The skeptical minority includes MoffettNathanson, which initiated coverage with a neutral rating, and CFRA, which recommended selling shares.

SpaceX's stock closed at $148 on Wednesday, below its debut price for a second session.