Pity Elon Musk and Space Exploration Technologies (SPCX 3.34%). They just can't seem to catch a break.
Last week, SpaceX stock tumbled below its IPO price, making the space stock officially a broken IPO, after SpaceX announced that it needed to scrub a planned Starship test flight after multiple engines refused to ignite at launch. SpaceX shares closed the week below $124 a share, and continued to fall on Monday -- down 3% in the morning, and still down about 1% as of 1:10 p.m. ET.
Image source: The Motley Fool.
Go for launch later
Not to worry, though. No sooner had SpaceX scrubbed its Thursday launch than Elon Musk promised to try again in a few days after switching out the glitchy engines for new ones.
To be confident of a good flight, 2 Raptors will be removed & replaced. Most probable launch timing is early next week.
-- Elon Musk (@elonmusk) July 17, 2026
This morning, SpaceX confirmed its intent to launch on Thursday, with a 90-minute launch window opening at 6:45 p.m. ET. That didn't prevent investors from taking the one-week delay as an excuse to cash out of SpaceX stock, however, which has ceased to be a momentum stock but isn't yet (anywhere near) a value stock.
NASDAQ: SPCX
Key Data Points
Is SpaceX stock cheap?
When will SpaceX become a value stock?
Not anytime soon, I fear. Even trading below $123 today -- $12 below its IPO price -- SpaceX shares cost a staggering 84 times trailing revenue, and infinity times the profits it's not yet earning. Analysts do predict SpaceX will turn profitable next year -- but there's no guarantee they're right.
Investors may have been willing to forgive this lack of a defensible valuation when SpaceX stock was going nowhere but up. Now that gravity has reasserted its hold on SpaceX stock, however, there's really no reason to buy SpaceX until the math adds up.
