SpaceX Stock Stalls Around IPO Price: What's Going On? - SpaceX (NASDAQ:SPCX)

SpaceX (NASDAQ: SPCX) is trading around its IPO price after a volatile run that has faded in recent sessions. The stock dipped 0.17% to $132.90 on Monday, following earlier moves that left shares below the IPO price every day since July 16. One catalyst this month was an “unlock” after 911.5 million insider-held shares became eligible for trading last Thursday, but the expected selling wave did not materialize; the shares rose nearly 3% that day. On Friday, retail investors became net sellers for the first time, selling a net $4.5 million, per Vanda Research.

Financially, SpaceX reported $7.81 billion in Q2 revenue (+92% YoY), 12 million Starlink subscribers, $100 billion in cash, and a $47.5 billion backlog. A Falcon 9 launch from Cape Canaveral carrying 29 Starlink satellites was scrubbed and rescheduled to Tuesday.