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SpaceX's stock (SPCX) has dropped 13% since its IPO, with HSBC issuing a 'Hold' rating and a $115 price target. Analysts cite cautious optimism, noting SpaceX's leadership in commercial launches but expressing concern over speculative ventures like lunar economies and space-based data centers. Bloomberg reports that SpaceX is turning away Falcon 9 orders beyond 2028, signaling its strategic pivot toward Starship.
While the stock's decline reflects short-term skepticism, SpaceX's long-term prospects remain tied to Starship's success and the scalability of its satellite internet services.
Investment implication: The stock's post-IPO performance highlights investor caution around speculative growth areas. Starship milestones and Starlink expansion will be critical in driving long-term valuation and market confidence.