SpaceX stock has fallen 45% from its post-IPO peak, even after climbing to $225.64 after the company went public on June 12. That slide leaves investors who bought at the $135 IPO price underwater ahead of the company’s Aug. 4 second-quarter 2026 results.
That date matters because the report will cover a quarter that ended June 30 and may be the first fresh read on whether the business can keep growing fast enough to support the stock’s valuation. SpaceX generated $4.7 billion in total revenue in the first quarter of 2026, and Wall Street analysts now estimate second-quarter revenue of about $6.87 billion.
Starlink remains the core of the story. SpaceX has used Falcon 9 reusable rockets to launch more than 9,600 Starlink satellites, and the service now has 10.3 million paying customers. The next generation of V3 Starlink satellites is expected to deliver 10 times more bandwidth than the current V2 satellites, which gives the company a clearer path to more revenue even as the shares have weakened.
But the market is still pricing in a great deal of future growth. SpaceX trades at a price-to-sales ratio of 83.7, far above the Nasdaq-100’s 6.2. Using Wall Street’s 2027 revenue estimate of $72.3 billion, the forward price-to-sales ratio works out to 23.3, a reminder that even after the drop the stock is still valued like a company expected to scale aggressively.
The pressure point is that the share price has already slipped below the IPO level while the business is trying to prove that its newer computing push can add another revenue stream. SpaceX acquired xAI in January, and since then it has been renting spare computing capacity to other companies, including $1.25 billion worth a month to Anthropic in May and deals in June with Alphabet for $920 million a month starting in October and with Reflection AI for $150 million a month.
Elon Musk is set to join the Aug. 4 conference call, giving the market a direct chance to hear how he plans to defend the stock’s valuation after a steep post-IPO drop. The next move now depends on whether the second-quarter numbers show that Starlink and the AI infrastructure business are growing fast enough to keep the story ahead of the price.
