SpaceX stock fell again on Monday after the company scrubbed a planned Starship test flight because multiple engines refused to ignite at launch. Elon Musk said SpaceX would try again in a few days after swapping out the glitchy engines, but the market kept leaning on the stock anyway.
The move matters because SpaceX shares were already trading below their IPO price, a sign the market has stopped giving the stock the benefit of the doubt. By Monday morning, the shares were down 3% and later slipped about 1% by 1:10 p.m. ET, with trades below $123 putting them roughly $12 under the IPO level.
SpaceX confirmed this morning that it still intends to launch on Thursday, with a 90-minute window opening at 6:45 p.m. ET. That makes the delayed flight the immediate test for investors who had been treating the stock as a fast-moving story built on launch success rather than steady results. The company now has a public timing target, and the market has already shown that it will punish another miss.
The setback also cuts against a stock that had been going nowhere but up before gravity reasserted itself. SpaceX is no longer behaving like a momentum stock, and it is not yet acting like a value stock either, even though analysts predict it will turn profitable next year. At 84 times trailing revenue, the shares are still priced for a lot of future progress, which leaves little room for a launch delay that keeps repeating the same concern.
That is the friction now: Musk has said SpaceX will try again soon, but investors have already pushed the stock lower after the scrub. If Thursday goes ahead cleanly, the pressure eases. If it does not, SpaceX stock price weakness is likely to deepen, and the market will have to decide whether the promise of the next launch is worth more than the cost of this one.
For readers tracking the broader setup, the drop follows a period when the stock had already slipped below its IPO price, a move that echoed the sort of lock-up pressure covered in Spacex Stock Price Drop hits after IPO as lock-up clock starts and the risk language that comes with chart pages like Spacex Stock Price Chart Page Published by eToro With Risk Disclosures.
