HAWTHORNE, Calif. — SpaceX shares are changing hands roughly 20% below their June IPO price, dipping near $108 in Tuesday trading, but the fundamentals underneath the stock have arguably never looked stronger. Just days after the company aced Starship Flight 13 and deployed its first operational batch of next-generation Starlink satellites, long-term investors are reframing the post-IPO slide as an entry point rather than a red flag.
The stock — which priced at $135 in the largest IPO in history — has cooled as short-term traders digest the reality that SpaceX is a long-duration bet on Mars, global connectivity and reusable heavy lift. For a company whose biggest value drivers unlock over the next decade, near-term volatility says more about the market's patience than about SpaceX's trajectory.
The Case the Bulls Are Making
The bull argument starts with hardware that works. Starship Flight 13 nailed a soft splashdown and returned rich heat-shield data, a milestone that de-risks the path to full reusability and rapid launch cadence. Every successful flight makes the economics of Starlink and beyond more compelling.
Wall Street has taken note. Morgan Stanley reiterated a bullish stance, and analysts have set a $300 target that leans heavily on SpaceX's AI and connectivity value — implying substantial upside from current levels. The firm's framing is that at today's price, the market is assigning almost no value to the company's emerging AI and data ambitions.
Fundamentals Keep Compounding
Away from the ticker, the business keeps executing. Starlink continues to add subscribers at scale and is closing direct-to-cell deals that expand its addressable market, while Falcon 9 maintains a record launch cadence and SpaceX prepares for its first earnings report as a public company. Financial outlets including CNBC have chronicled the volatile but headline-grabbing post-IPO stretch, even as the operational milestones pile up.
