SpaceX Stock Falls 32% Post-IPO Despite $4.4B Starlink Operating Profit

SPCX•

2026-06-29

SpaceX shares plunged 32% after surging 67% post-IPO and now trade well below initial highs. The company posted 33% revenue growth to $18.7B and achieved a $4.4B operating profit in Starlink alongside a $4.9B net loss in 2025, leaving it valued at over 100x sales versus a $780B fair value.

1. Post-IPO Price Swing

SpaceX shares opened at $135 on June 12, jumped to an intraday high of $225.64 by June 16 and then retreated to around $153 by June 27, representing a 67% surge followed by a 32% pullback within two weeks of trading.

2. Revenue and Profit Metrics

The company reported 33% year-over-year revenue growth to $18.7 billion in 2025. Its Starlink business generated a $4.4 billion operating profit, but overall net losses reached $4.9 billion for the year.

3. Valuation vs. Fair Value Estimates

SpaceX’s market capitalization exceeds $2 trillion, implying a valuation of over 100 times trailing sales. Analyst fair value estimates sit near $780 billion, highlighting concerns that the stock remains significantly overvalued relative to fundamentals.