SpaceX (SpaceX (SPCX)) stock took another hit Monday, sliding more than 6% as the post-IPO euphoria continues to fade. The stock, which debuted on June 12 at $135, surged in its first two full sessions but has now pulled back for three straight days. Monday's drop follows a 5% decline on Wednesday and a 3.6% slide on Thursday, leaving shares still up about 37% from the IPO price as of Thursday's close.
The broader market is actually in decent shape—the S&P 500 is up 0.18% and the Nasdaq is up 0.06%—so this looks more like stock-specific digestion than a broad risk-off move. Investors are taking profits and reassessing after the initial frenzy.
KeyBanc Sees Long-Term Potential
KeyBanc analyst Michael Leshock initiated coverage of SpaceX with a Sector Weight rating on Monday, saying the company is well-positioned to lead the space launch market thanks to its head start and vertically integrated model. He pointed to Starlink as a key driver of profitable growth, with direct-to-cell service and faster speeds expected to improve through Starship and Starlink V3 satellites in the second half of 2026.
Jim Cramer: Meme Momentum Fades
CNBC's Jim Cramer weighed in, saying SpaceX couldn't sustain its meme-stock momentum after the recent decline. He argued that the rally lost steam as more sellers entered the market, creating a more balanced dynamic that makes it harder for meme-driven gains to persist. In other words, the easy money has been made, and now the stock has to prove itself on fundamentals.
Analyst Views Are All Over the Map
The stock carries a consensus Buy rating with an average price target of $152.50, but the range is wide. Oppenheimer raised its forecast to $250 on June 18, while CFRA initiated with a Sell and a $115 target on IPO day. KeyBanc's Sector Weight is essentially a neutral call, sitting in the middle. Here's a quick rundown of recent moves:
- KeyBanc: Initiated with Sector Weight (June 22)
- Oppenheimer: Outperform, raises target to $250 (June 18)
- CFRA: Initiated with Sell, target $115 (June 12)
Price Action
SpaceX shares were trading down 6.26% at $173.41 at the time of publication Monday, according to market data.
