TLDR
- SpaceX stock was down about 4%, trading near $113 ahead of Starship Flight 13.
- SPCX is now about 16% below its IPO price of $135.
- SpaceX is reportedly rejecting future Falcon 9 customers after 2028.
- Starship Flight 13 will test phase separation, booster dispersion, and re-entry performance.
- The mission will deploy 20 Starlink V3 satellites before the upper stage targets a landing in the Indian Ocean.
SpaceX stock fell near a new closing low as investors weighed Starship’s main test and reports that the company is rejecting future Falcon 9 customers.
SpaceX shares decline ahead of SpaceX 13 flight
SpaceX shares fell about 4% on Friday, trading near $113 as the company prepared for the 13th Starship test flight. The stock is now down about 16% from its IPO price of $135 and about 50% from its June 16 peak of $225.64.
This decline has increased pressure on SpaceX following its public listing on June 12. The stock is down nearly 25% since its market debut, leaving investors focused on whether Starship can support the company’s next growth phase.
On Friday, July 24, SpaceX aims to launch its Starship vehicle from Starbase in Boca Chica, Texas. The launch window is scheduled for 5:45 PM Central Time, or 6:45 PM Eastern Time, after previous launch attempts encountered technical and weather delays.
The mission follows a failed attempt last week after several engines failed to fire. A successful launch would give investors the first major test result for Starship since SpaceX became a public company.
Testing the spacecraft carries significant risks for SpaceX
the Flight mission 13 Launch performance, stage separation, boost control and upper stage re-entry will be tested. The Super Heavy missile will target a controlled landing in the Gulf of Mexico.
The Starship’s upper stage is expected to deploy 20 Starlink V3 satellites before returning through Earth’s atmosphere. Six of the satellites are said to carry high-resolution external 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 landing in the Indian Ocean after a controlled landing.
Investors should expect gains and setbacks as SpaceX expands Starship testing, said Seth Sifman, an analyst at JPMorgan. “There will be a lot to analyze from Flight 13,” he wrote.
Sifman added that analysts are monitoring renovation costs and timelines for phase two. Return fatigue remains an important test because Starship’s long-term business case depends heavily on reuse.
Falcon Shift adds pressure to SPCX stock
It is said that SpaceX Turning away satellite operators seeking a dedicated Falcon 9 launch after 2028. The company is also not accepting new reservations for its Falcon 9 ride-sharing program.
This shift signals that SpaceX is putting more weight on Starship as a future replacement for parts of its Falcon business. The Falcon 9 remains one of the company’s most important revenue drivers, especially for commercial satellite launches.
Reports also indicate that SpaceX has stopped building some non-reusable parts of the Falcon 9 and Falcon Heavy, including upper stage components. The move could reduce Falcon’s future capability if spacecraft delays continue.
The strategy creates a clear testbed for implementation as SpaceX must demonstrate the Starship’s ability to handle heavier launch demand, reduce costs and support future large-scale Starlink deployments.
The decline in stocks also affected Elon Musk’s paper wealth. Tesla and SpaceX wiped out an estimated $650 billion to $700 billion of Musk’s paper wealth in about five weeks.
Morgan Stanley Adam Jonas says SpaceX $SPCX At $100 it means zero or negative value for its AI business. He says investors are significantly discounting Grok and Cursor because of high capital expenditures, an uncertain economy, and demands on management time. pic.twitter.com/LYkrQVhEUt
– Wall Street Engine (@wallstengine) July 24, 2026
Adam Jonas, a Morgan Stanley analyst, added another valuation concern around SpaceX. A move toward $100 could indicate that the market is assigning zero or even negative value to the company’s AI business, he said. Investors are largely ruling out Grok and Cursor due to higher capital spending, an uncertain economy, and additional demands on management time, Jonas said.
