SpaceX (SPCX) Stock: Is the Post-IPO Pullback a Buying Opportunity?

TLDR

• SpaceX IPO’d on June 12, 2026 at $135/share, surged past $200, then pulled back toward its IPO price
• Starlink accounts for ~60% of revenue; SpaceX generated $18.67B in revenue in 2025
• The company posted a net loss of $4.94B in 2025, reversing a $791M profit the year before
• At IPO price, SpaceX was valued at ~$1.75T — nearly 94x its 2025 revenue
• Wall Street has a Moderate Buy consensus with an average price target of $239.12

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SpaceX (SPCX) opened at $150 on its June 12, 2026 debut, quickly surging above $200 before pulling back toward its $135 IPO price. That early pop and fade has left investors asking a straightforward question: is the dip worth buying?

Space Exploration Technologies Corp., SPCX

The answer depends on how much you believe in a very expensive future.

At its IPO price of $135, SpaceX carried a valuation of roughly $1.75 trillion. That works out to about 94 times its 2025 revenue of $18.67 billion. Once trading began, the market cap crossed $2 trillion.

That’s a steep price for a company still reporting losses.

SpaceX posted a net loss of $4.94 billion in 2025, a sharp reversal from the $791 million profit it recorded the prior year. Revenue grew from $14.02 billion to $18.67 billion, which is strong growth, but it didn’t stop the bottom line from swinging deep into the red.

Starlink Is Carrying the Business

Starlink is the engine right now. The satellite broadband service makes up roughly 60% of total revenue, backed by a growing subscriber base, government contracts, and expanding use in aviation and maritime.

What makes Starlink different from most subscription businesses is that SpaceX builds and launches its own satellites using reusable Falcon rockets. That gives it a cost structure rivals can’t easily match.

It’s a real competitive moat. The question is whether the moat is wide enough to justify a nearly $2 trillion valuation.

Starship Is the Long Game

The bigger bet is Starship. If SpaceX gets the system to full reusability, it could cut the cost of getting to orbit dramatically — accelerating Starlink deployment and opening markets that currently don’t make financial sense.

But Starship is still in development. It’s a high-risk program with the potential for delays, technical failures, and heavy spending before any commercial return shows up.

The current valuation bakes in a lot of Starship success. That’s the risk.

Wall Street is broadly positive. MarketBeat shows a Moderate Buy consensus from 35 analysts — 4 Strong Buy, 23 Buy, 7 Hold, 1 Sell.

The average 12-month price target sits at $239.12, though individual targets range from $115 to $800.

That $685 spread between the lowest and highest forecasts says a lot. Even professionals can’t agree on what this company is worth.

Governance is another factor to keep in mind. Class B shareholders hold most of the voting power, keeping control firmly with Musk and other insiders regardless of what public investors think.

The stock will also move on things beyond earnings — launch outcomes, regulatory news, Starlink subscriber updates, and anything Musk says publicly.

SpaceX’s average 12-month price target of $239.12 sits well above the current pullback level, suggesting analysts still see upside from here.