TLDR
- SpaceX stock fell about 4%, trading near $113 before Starship Flight 13.
- SPCX is now about 16% below its $135 IPO price.
- SpaceX is reportedly turning away future Falcon 9 customers beyond 2028.
- Starship Flight 13 will test stage separation, booster splashdown, and reentry performance.
- The mission will deploy 20 Starlink V3 satellites before the upper stage targets Indian Ocean splashdown.
SpaceX stock fell near a new closing low as investors weighed a major Starship test and reports that the company is turning away future Falcon 9 customers.
SpaceX Stock Slides Before Starship Flight 13
SpaceX shares fell about 4% on Friday, trading near $113 as the company prepared for Starship’s 13th test flight. The stock has now dropped about 16% below its $135 IPO price and roughly 50% from its June 16 peak of $225.64.
The decline extended pressure on SpaceX after its June 12 public listing. The stock is down around 25% since its market debut, leaving investors focused on whether Starship can support the company’s next growth phase.
SpaceX is targeting Friday, July 24, for the Starship launch from Starbase in Boca Chica, Texas. The launch window is scheduled for 5:45 p.m. CT, or 6:45 p.m. ET, after earlier launch attempts faced technical and weather delays.
The mission follows a scrubbed attempt last week after several engines failed to fire. A successful launch would give investors the first major Starship test result since SpaceX became a public company.
Starship Test Carries High Stakes for SpaceX
The Flight 13 mission will test launch performance, stage separation, booster control, and upper-stage reentry. The Super Heavy booster will target a controlled splashdown in the Gulf of Mexico.
The Starship upper stage is expected to deploy 20 Starlink V3 satellites before returning through Earth’s atmosphere. Six of the satellites reportedly carry external high-resolution cameras to capture heat shield data during reentry.
Neither the booster nor the spacecraft will be recovered during this flight. The upper stage is expected to target splashdown in the Indian Ocean after a controlled descent.
JPMorgan analyst Seth Seifman said investors should expect both gains and setbacks as SpaceX expands Starship testing. He wrote, “There will be plenty to analyze from Flight 13.”
Seifman added that analysts are watching refurbishment costs and timelines for the second stage. Reentry stress remains an important test because Starship’s long-term business case depends heavily on reuse.
Falcon Shift Adds Pressure to SPCX Stock
SpaceX is reportedly turning away satellite operators seeking dedicated Falcon 9 launches beyond 2028. The company is also not taking new reservations for its Falcon 9 rideshare program.
That shift suggests SpaceX is placing more weight on Starship as the future replacement for parts of its Falcon business. Falcon 9 remains one of the company’s most important revenue drivers, especially for commercial satellite launches.
Reports also indicate SpaceX has stopped building some non-reusable Falcon 9 and Falcon Heavy parts, including upper-stage components. That move may reduce future Falcon capacity if Starship delays continue.
The strategy creates a clear execution test where SpaceX must prove Starship can handle heavier launch demand, lower costs, and support future Starlink deployments at scale.
The stock decline has also affected Elon Musk’s paper wealth. Tesla and SpaceX have erased an estimated $650 billion to $700 billion from Musk’s paper wealth in roughly five weeks.
Morgan Stanley Adam Jonas says SpaceX $SPCX at $100 would imply zero or negative value for its AI business. He says investors heavily discount Grok and Cursor because of high capex, uncertain economics and demands on management time. pic.twitter.com/LYkrQVhEUt
— Wall St Engine (@wallstengine) July 24, 2026
Morgan Stanley analyst Adam Jonas added another valuation concern around SpaceX. He said a move toward $100 would suggest the market is assigning zero or even negative value to the company’s AI business. Jonas said investors are heavily discounting Grok and Cursor because of high capital spending, uncertain economics, and added demands on management time.
