Key Stats for SpaceX Stock
- Pre-Market Price change for SpaceX stock: -4%
- $SPCX Stock Price as of Jul. 16: $131
- 52-Week High: $226
- $SPCX Stock Price Target: $240
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What Happened?
SpaceX (SPCX) stock fell more than 4% in extended trading Thursday after the company scrubbed its planned Starship launch. CEO Elon Musk said that some of the rocket’s engines failed to start, triggering an automatic abort.
The launch was supposed to happen from SpaceX’s Starbase site in South Texas, with a 90-minute window opening at 6:45 p.m. ET. Within minutes, the company called it off for the day.
Musk explained on X that two Raptor engines will need to be removed and replaced before another attempt. He said the most likely timing for the next try is early next week.
This would have been the first test flight of Starship V3, an upgraded roughly 400-foot rocket, since SpaceX’s blockbuster IPO last month.
The last V3 test flight in May didn’t go smoothly either. The rocket lifted off successfully, but several engines in the bottom stage failed to reignite for a soft landing, causing it to crash into the Gulf of Mexico.
The FAA ordered an investigation and only cleared Starship to fly this past Monday again. The agency said the most likely causes were heat effects on propulsion parts during ascent and faulty engine alarm settings.SpaceX has since made hardware and software fixes to address the issue.
Thursday’s mission was intended to launch 20 next-generation Starlink satellites into orbit as part of SpaceX’s plan to expand its satellite internet business.
Starship is also central to SpaceX’s work with NASA on future Artemis moon missions, so investors are closely watching these test flights.
SpaceX stock has had a rough stretch lately. Shares dipped below their $135 IPO price for the first time on Wednesday and continued to fall Thursday, closing around $131. The stock is now on a five-day losing streak and down about 20% in July alone.
Adding to the pressure, short sellers have been piling in fast. Bearish bets now cover about 185 million shares, roughly 29% of SpaceX’s public float and around $25 billion in value. That’s a massive jump from just three weeks ago, when short interest was closer to 5% to 7% of the float.
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What the Market Is Telling Us About SpaceX Stock
The growing short interest in SpaceX stock aligns with a broader concern: upcoming lockup expirations. Only about 5% of SpaceX’s roughly 13 billion shares were available to trade at IPO.
More shares are expected to unlock around the company’s Q2 earnings report, with additional batches following over the next several months.
Musk’s own stake, about 42% of shares outstanding, stays locked up until June 2027.
With more shares potentially hitting the market soon and a high-profile rocket test now delayed, investors watching SpaceX stock have plenty to weigh heading into next week’s launch attempt.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
