The Space Exploration Technologies Corp (NASDAQ: SPCX), or SpaceX, share price fell 16% overnight. This added to an ongoing painful decline.
SpaceX is the world’s leading reusable rockets and spaceship company, responsible for taking most cargo from Earth to space. It also operates Starlink, a satellite-based internet company, and xAI, an AI and data centre business.
SpaceX share price sinks
Overnight, the SpaceX share price sank by 16.4%, which is a massive decline for a business that’s worth more than US$2 trillion.
To put that decline in context, the NASDAQ-100 (INDEXNASDAQ: NDX) only fell by 0.2% and the S&P 500 (INDEXSP: .INX) declined by 0.4%.
In other words, the decline was entirely down to SpaceX, rather than the entire market going through a big drop.
The drop for the space business may have been unsurprising to cynical investors considering how the SpaceX share price took off after its initial public offering (IPO), after an already-unbelievable valuation.
With that decline, the Space Exploration Technologies Corp share price has dropped 23.4% since 16 June 2026 – it has fallen each trading day.
The SpaceX share price has now fallen to below the level that it finished its first day of trading at. At the time of writing, it closed at US$154.60, compared to US$160.95 on 12 June 2026.
What now for the Space Exploration Technologies Corp share price?
It could move either direction quite significantly. Seeing as there aren’t any statutory profits for the company to point to, the current valuation is largely based on short-term investor confidence.
In my view, the ‘space economy’ will continue to grow over time, with Starlink alone making an important contribution to that. But, other initiatives could take a lot longer to play out profitably for the business.
SpaceX is an important business of the future, and it’s unlocking significant revenue by selling compute capacity at xAI data centres.
I’m not predicting it’ll fall below the IPO price of US$135, but the levels it recently reached seemed to just be a bit of short-term market exuberance rather than a reflection of improvement in the company’s longer-term prospects.
The lower it goes, the more interesting it could be, but there are other ASX growth shares and ETFs I’d rather buy first.
