SpaceX Stock Hits Post-IPO Low Despite Wall Street’s $30 Trillion Bull Case

• SpaceX stock has fallen to its lowest level since going public, briefly touching $135.52, just above its $135 IPO price
• Yet the selloff hasn’t changed the long-term outlook from several major investment firms, with some still projecting valuations as high as $30 trillion
• The contrast between short-term market sentiment and Wall Street’s ambitious forecasts is becoming one of the market’s biggest talking points

SpaceX’s stock is testing investors’ conviction. The stock slipped to its lowest level since going public, briefly touching $135.52, only a fraction above its $135 IPO price. The decline has fueled fresh debate over whether the market is becoming too cautious on the aerospace giant. Yet behind the recent weakness, several major investment firms continue to argue that SpaceX’s long-term value could be measured in trillions rather than billions.

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Why Wall Street Still Sees Massive Upside for SpaceX Stock

SpaceX stock fell to an intraday low of $135.52 before closing at $136.08, according to market data. This leaves the shares just 0.8% above their IPO price, marking the stock’s weakest performance since its public debut.

The sharp pullback has also weighed on Elon Musk’s paper wealth. Blockchain analytics platform Arkham estimated that the decline in SpaceX shares has erased more than $500 billion from the value of Musk’s holdings over the past month. This is even though the figure reflects market valuation changes rather than realized losses.

Despite the recent selloff, several Wall Street firms remain remarkably optimistic about SpaceX’s long-term prospects. Research compiled by Rand Group shows Baron Capital assigning an implied valuation of $30 trillion, while Raymond James and Dialectic project roughly $10 trillion. Even more conservative estimates from Morgan Stanley ($4 trillion), Goldman Sachs ($2.7 trillion), and ARK Invest ($2.5 trillion) still sit well above the company’s current valuation of around $2 trillion.

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Former Fund Manager Questions the Valuation

Not everyone is convinced the optimism is justified. Former Fidelity fund manager George Noble argued that SpaceX’s valuation has become detached from fundamentals. He warned that the company came to market at more than 90 times revenue while remaining unprofitable. He also described the IPO as a liquidity event for early investors, suggesting retail buyers could end up purchasing shares from insiders at significantly higher prices.

Those comments arrive as investors weigh SpaceX’s future beyond its recent share price decline. The company continues to benefit from strong demand for Starlink, expanding government launch contracts, and growing ambitions in satellite communications and space infrastructure. NASA recently extended its partnership with SpaceX through multiple launch missions, reinforcing its position as one of the agency’s key commercial partners.

At present, the gap between today’s market price and Wall Street’s trillion-dollar forecasts leaves SpaceX stock at the center of one of the market’s most closely watched valuation debates.

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