SpaceX Has Slumped Since Its Debut. Here Is Where History Says the Stock Heads Next.

• SpaceX IPO soared on hype then slumped from lofty valuation. • Acquisition of xAI increased losses and investor concerns. • Stock still expensive; caution advised amid lockups and expectations. SpaceX went public at $135/share, peaked at $211, then fell to ~$140 amid valuation concerns. Its $2.64T market cap at peak equaled 141× 2025 revenue. The xAI takeover erased Starlink profits with added AI losses. Analysts see $155B revenue by 2028 (103% CAGR) but reaching Musk’s $1T goal by 2030 remains uncertain. Now trading at 39× sales ($1.76T cap), further lock-up expirations and high expectations could pressure the stock. History of other hyped IPOs suggests waiting before buying.