Space Exploration Technologies Corp. (NYSE:SPCX) stock traded lower by over 6% during Monday’s session as the post-IPO rally faded and the stock extended a two-day pullback following its blockbuster debut.

CNBC reported on Monday that SpaceX is extending a selloff after its June 12 IPO priced at $135, following a surge in its first two full sessions as a public company. The report notes the stock fell 5% on Wednesday and 3.6% on Thursday, even though it was still up 37% at Thursday’s close.

U.S. index ETFs are modestly higher (S&P 500 up 0.18% and Nasdaq up 0.06%), so SPCX’s move is reading more like stock-specific digestion after a hot IPO run than a broad risk-off tape.

KeyBanc Highlights Long-Term Growth Drivers

Keybanc analyst Michael Leshock initiated coverage of SpaceX with a Sector Weight rating on Monday, saying the company remains well-positioned to lead space launch and related markets due to its head start and vertically integrated model.

He said Starlink is driving profitable growth, with direct-to-cell service and faster speeds expected to improve through Starship and Starlink V3 satellites in the second half of 2026.

Jim Cramer Sees Meme-Stock Momentum Cooling

CNBC host Jim Cramer said SpaceX could not maintain its meme-stock momentum after a recent decline, arguing that the stock’s rally lost steam as more sellers entered the market. He noted that SpaceX now has a balanced market of buyers and sellers, making it difficult to sustain meme-driven gains.

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $152.50. Recent analyst moves include:

  • Keybanc: Initiated with Sector Weight (June 22)
  • Oppenheimer: Outperform (Raises Forecast to $250.00) (June 18)
  • CFRA: Initiated with Sell (Forecast $115.00) (June 12)

SpaceX Price Action

SPCX Price Action: SpaceX shares were trading down 6.26% at $173.41 at the time of publication on Monday, according to Benzinga Pro data.

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