Space Exploration Technologies Corp (NASDAQ:SPCX) stock fell below its IPO price of $135 for the first time Wednesday, a symbolic threshold that is drawing fresh attention to the stock about a month after its market debut.
- SpaceX shares are approaching critical lows. What’s behind SPCX weakness?
SpaceX Slips Below Its IPO Price for the First Time
The breach of the $135 initial offering price marks a notable moment for one of the most anticipated public listings of all time. Shares that debuted with enormous fanfare have now surrendered all of their gains from the opening print, falling more than 30% from highs of approximately $225. The drawdown puts early buyers who purchased at or above the IPO price underwater for the first time since the stock began trading.
Starship’s Thirteenth Flight Test Looms as the Next Catalyst
While the stock finds its footing, the company is preparing to conduct the thirteenth test flight of its Starship launch system with a 90-minute window opening at 6:45 p.m. ET on Thursday. The mission carries forward several objectives that were attempted on the previous outing, which marked the debut of the Starship and Super Heavy V3 vehicles, while also introducing next-generation Starlink V3 satellites into space for the first time.
Engineers have made a series of targeted fixes based on what went wrong during the twelfth flight. A timing issue with engine startup at stage separation caused the Super Heavy booster to flip in the wrong direction by roughly 90 degrees, and the ignition sequence has since been reworked to handle variability more reliably.
The upper stage has its own set of objectives. Starship will attempt to deploy 20 Starlink V3 satellites, reignite a single Raptor engine during the orbital phase and execute a controlled descent ending in a splashdown in the Indian Ocean. Engineers also addressed the engine loss that occurred roughly 40 seconds after stage separation on the prior flight, when one of three vacuum-optimized Raptor engines shut down unexpectedly.
SPCX Critical Levels To Watch
SpaceX shares are trading about 15% below the 20‑day SMA at $158.52, a level that often acts as a line in the sand for short‑term momentum traders. The market does not need to abandon the long‑term thesis to pressure the stock; it only needs to decide the most recent leg ran too far, too fast.
MACD is the clearest read on that shift. It sits below its signal line and the histogram is negative, which points to upside pressure fading versus the prior upswing unless buyers can reclaim that baseline. The failure to hold June’s highs adds to the impression that distribution and profit‑taking are driving the tape as investors continue to weigh the impacts of future unlocks.
For traders, the debate is narrowing into a tight corridor:
- Key Resistance: 137.67 — near the 20‑day EMA, a level the stock needs to reclaim to stabilize short‑term momentum
- Key Support: 135.00 — the IPO price where buyers often defend to avoid a deeper breakdown
SPCX Shares Are Dipping
SPCX Price Action: SpaceX shares fell to $132.15 on Wednesday before bouncing back. The stock was trading down 0.22% at $135.79 at the time of publication, according to Benzinga Pro.
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