SPCX
The honeymoon gets a little awkward
SpaceX didn’t exactly crash and burn, but the stock did slip more than 6% on Monday as its hot debut finally ran into some gravity. After a blockbuster June 12 IPO priced at $135, the shares had sprinted out of the gate — then promptly started acting like they remembered they’re still a stock, not a TikTok trend.
New analyst, new reality check
The fresh wrinkle was KeyBanc’s initiation of coverage. Analyst Michael Leshock came in with a Sector Weight call, basically saying the company has plenty going for it, but the setup isn’t screaming “buy everything with both hands.” He pointed to SpaceX’s lead in launch and its vertically integrated model, while also flagging Starlink as a growth engine that could get even better with direct-to-cell service, Starship, and Starlink V3 satellites later in 2026.
Meme-stock vibes are fading
That’s the tension here: the business story still looks juicy, but the stock was moving like a party that started at 9 p.m. and now the neighbors are complaining. CNBC’s Jim Cramer even chimed in that the meme-stock momentum looks cooled off, with buyers and sellers finally meeting in the middle instead of chasing price higher every five minutes.
Why investors should care
For holders, the important part isn’t the headline dip — it’s whether SpaceX can justify its post-IPO valuation without the sugar high of first-day mania.
- The stock is still well above its IPO price.
- Analyst sentiment is mixed, with fresh coverage ranging from Sell to Outperform.
- The next real test is whether the company can keep turning Starlink and launch dominance into durable growth.
Big picture: the rocket may still be climbing long term, but the stock just exited the launch phase and entered the part where markets ask annoying questions.