Space Exploration Technologies shares have dropped to $109, marking a 19% decline from their $135 IPO price, a trajectory that mirrors Tesla's early post-IPO performance. Tesla went public in June 2010 and fell 18% within two months before rebounding to end its first year up 18%, aided by plans for the mass-market Model S. SpaceX, which completed the largest IPO in history in June, faces potential catalysts such as progress on its fully reusable Starship rocket and expansion of the Starlink satellite internet business, but also contends with inconsistent profitability, slower-than-expected revenue growth relative to its $1.4 trillion valuation, heavy AI investments, and mounting competition. The stock opened at $150 and reached a high of $225 before its recent decline.
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