SpaceX stock falls below IPO price amid market volatility

SpaceX (SPCX) shares closed at $134.72 on October 30, marking a decline below its $135 initial public offering price. The stock experienced significant volatility throughout October, dropping as much as 19.66% for investors who purchased at the month's peak.

Several factors contributed to the downward pressure, including weak earnings guidance from Intel, which impacted the case for its SpaceX partnership, and broader tech sector weakness. Additionally, T-Mobile CEO Srini Gopalan indicated that the carrier sees no room for a wholesale deal to allow SpaceX to sell mobile plans over its network, complicating SpaceX's path toward a nationwide wireless service.

Despite recent declines, Wall Street analysts remain largely optimistic. Many institutional experts maintain a ‘Strong Buy’ consensus, with some price targets reaching as high as $800. The company continues to focus on Starship development, with a 15th test flight targeted for November to attempt the first recovery of both rocket stages.