SpaceX Stock Is Below $120. Is SPCX a Buy After the Starship Sell-Off?

SpaceX stock is one of the most searched names in the market today after SPCX fell below $120 and briefly touched a new all-time low, even though the company’s Starship program recently showed signs of progress.

For investors searching “SpaceX stock,” “SPCX stock price,” “why is SpaceX stock down today,” or “is SpaceX stock a buy below $120,” the short answer is this:

SpaceX stock is falling because investors are questioning whether the company’s $1.5 trillion valuation can be justified by current revenue, Starship execution risk, heavy AI infrastructure spending, and a possible shift away from its proven Falcon 9 business.

As of July 28, 2026, SpaceX stock, trading under the ticker SPCX, was quoted around $116.42, up about 2.6% on the day after touching a recent low near $107.02. The stock is now sharply below its post-IPO high and has fallen around 43% from its early trading peak.

SpaceX Stock Price Today: SPCX Key Numbers

SpaceX stock has become a high-volatility post-IPO trade. After strong early enthusiasm, investors are now reassessing how much future growth is already priced into SPCX.

Why Is SpaceX Stock Down Today?

SpaceX stock is not falling because of one single headline. The sell-off is being driven by a combination of valuation pressure, Starship uncertainty, Falcon 9 business risk, AI spending concerns, and possible post-IPO selling pressure.

1. Starship Progress Has Not Removed Execution Risk

Starship is central to SpaceX’s long-term story. If the rocket can scale successfully, it could lower launch costs, support larger Starlink deployments, and help SpaceX build a more powerful space infrastructure business.

But recent testing has also reminded investors that Starship is still a developing platform.

On July 16, SpaceX scrubbed a planned Starship V3 test flight from Starbase, Texas, after several engines failed to ignite during the countdown. Elon Musk later said two Raptor engines would be removed and replaced before another attempt. SpaceX shares fell more than 3% in extended trading after the aborted launch and moved below the $135 IPO price.

Even after a later Starship test appeared to improve sentiment, SPCX still touched a new all-time low before rebounding. That suggests the market is no longer rewarding SpaceX purely for rocket milestones. Investors want clearer evidence that Starship can become a scalable, profitable commercial platform.

2. SpaceX Is Making a Risky Transition From Falcon 9 to Starship

Another reason SpaceX stock is under pressure is the company’s reported shift away from some future Falcon 9 bookings.

Yahoo Finance, citing Bloomberg reporting, said SpaceX has started turning away satellite operators seeking dedicated Falcon 9 rides beyond 2028 and has paused new reservations for its Falcon 9 rideshare program.

This matters because Falcon 9 is one of SpaceX’s most reliable commercial engines. It is proven, widely used, and central to SpaceX’s launch reputation.

The strategic bet is clear: SpaceX wants Starship to become the future. But if Starship takes longer than expected to scale, the company may be reducing focus on a proven business before the replacement is fully ready.

That is a classic execution-risk problem, and it helps explain why SPCX stock has become more volatile.

3. SpaceX’s Valuation Still Looks Expensive After the Drop

The stock has already fallen sharply, but SpaceX still trades at a huge valuation compared with its current revenue base.

The Motley Fool reported that SpaceX generated around $18.7 billion in revenue in 2025. The company’s space launch segment generated about $4 billion in sales and was reportedly unprofitable, while Starlink revenue reached around $11.4 billion, growing 50% year over year.

That growth is impressive, especially for Starlink. But a valuation around $1.5 trillion means the market is pricing SpaceX as more than a rocket company. Investors are effectively paying for a combination of:

• commercial space launch dominance,
• global satellite internet growth,
• Starship cost breakthroughs,
• AI infrastructure expansion,
• and long-term optionality in space-based compute.

When a stock depends heavily on future execution, even good news may not be enough to prevent a sell-off.

4. AI Infrastructure Is a Major Wildcard

SpaceX is increasingly being viewed not only as a space company, but also as an AI infrastructure story.

The Motley Fool reported that SpaceX’s AI segment generated around $3.2 billion in 2025 revenue, while the company spent heavily on infrastructure, including roughly $10 billion in capital expenditures in the first quarter of 2026.

This creates both opportunity and risk.

If AI infrastructure demand remains strong, SpaceX could build a large new revenue stream beyond rockets and Starlink. But if AI spending slows or returns disappoint, investors may question whether the company is overinvesting at the wrong point in the cycle.

That is why AI has become one of the most important variables in any SpaceX stock forecast.

SpaceX Stock Below $120: Bull Case vs Bear Case

SpaceX stock below $120 has created a sharp debate between bullish analysts and cautious investors.

The Bull Case for SpaceX Stock

The bullish view is that the recent sell-off has gone too far.

Morgan Stanley analyst Adam Jonas reportedly argued that if SpaceX stock falls toward $100, the market may effectively be assigning little to no value to the company’s AI business. Jonas maintained a bullish view and gave SpaceX a $300 price target, with more than half of that valuation tied to the company’s AI-related potential.

According to Wallstreetcn, nearly 80% of analysts covering SpaceX had a buy-equivalent rating, with an average target price around $232.

The bull case is based on four main ideas:

1. Starlink is growing fast
   Starlink revenue reportedly reached around $11.4 billion in 2025 and grew 50% year over year.

2. Starship could transform launch economics
   If Starship works at scale, SpaceX may reduce costs and expand capacity far beyond Falcon 9.

3. AI infrastructure could become a major business
   Bulls believe the market may be undervaluing SpaceX’s AI and data-center-related ambitions.

4. The recent sell-off may have reset expectations
   After falling sharply from post-IPO highs, SPCX may look more attractive to investors who missed the IPO rally.

The Bear Case for SpaceX Stock

The bear case is that SpaceX still looks expensive, even after falling below $120.

Cautious investors are focused on four risks:

1. The stock still trades at a very high valuation
   A $1.5 trillion market cap is large compared with 2025 revenue of around $18.7 billion.

2. Starship is not yet fully de-risked
   Technical progress is real, but delays, failed tests, or higher refurbishment costs could hurt investor confidence.

3. The Falcon 9 transition may create revenue risk
   If SpaceX reduces future Falcon 9 bookings before Starship is fully ready, the company may face execution pressure.

4. Post-IPO selling pressure could continue
   Wallstreetcn reported that some investors expect SpaceX stock could fall toward $100 around the first lockup expiration, when some insiders may become eligible to sell shares.

Is SpaceX Stock a Buy Below $120?

SpaceX stock below $120 may look tempting, but whether SPCX is a buy depends on the investor’s time horizon and risk tolerance.

For long-term investors, the current price may be more attractive than the post-IPO peak if they believe SpaceX can successfully scale Starlink, Starship, and AI infrastructure.

For short-term traders, however, SPCX remains a high-volatility stock driven by news events, analyst notes, rocket tests, and post-IPO supply dynamics.

A practical way to think about SpaceX stock is:

• Bullish scenario: Starship scales, Starlink keeps growing, AI infrastructure becomes meaningful, and investors reward SpaceX as a multi-sector infrastructure company.
• Neutral scenario: SpaceX continues growing, but the valuation remains under pressure as the market waits for clearer profitability.
• Bearish scenario: Starship delays, AI capex concerns, or insider selling push the stock closer to $100.

The key point is that SpaceX is not being valued like a traditional aerospace company. It is being valued as a combination of space launch, satellite internet, AI infrastructure, and long-term space economy optionality.

SpaceX Stock Forecast: What Could Move SPCX Next?

The next major catalysts for SpaceX stock include:

1. Starship Test Results

Every Starship test matters. A successful launch can improve sentiment, while a scrubbed or failed launch can quickly pressure the stock.

2. Starship Commercial Readiness

Investors want to know when Starship can move from testing to reliable commercial use. The faster Starship becomes operational, the stronger the long-term bull case becomes.

3. Falcon 9 Customer Transition

If SpaceX can smoothly move customers from Falcon 9 to Starship, the market may view the transition as a strategic upgrade. If not, investors may worry about lost revenue.

4. Starlink Revenue Growth

Starlink is one of the clearest revenue drivers inside SpaceX. Strong subscriber and revenue growth could support the valuation.

5. AI Infrastructure Revenue

AI is now a major part of the SpaceX valuation debate. Investors will look for signs that AI infrastructure spending can generate profitable growth.

6. Lockup Expiration

Any increase in available shares after lockup expiration could create short-term selling pressure.

7. Analyst Target Changes

Bullish targets may support sentiment, while downgrades could increase volatility.

How to Get Exposure to SpaceX Stock

Investors searching “how to buy SpaceX stock” or “how to trade SpaceX stock” may now have more options than before the IPO.

Depending on region and product availability, exposure may come through:

• traditional stock brokers,
• stock derivatives,
• ETFs or funds with related exposure,
• or stock-linked digital asset products.

For crypto-native traders, platforms such as Bitget may offer access to stock-linked products or tokenized stock exposure, depending on the asset listing, user region, liquidity, and product availability. Users should always check the live Bitget product page for supported assets, fees, eligibility, and risk disclosures before trading.

Stock-linked digital assets can carry additional risks, including liquidity risk, price tracking differences, market-hour differences, funding costs, and regulatory restrictions.

Bottom Line: Why SpaceX Stock Is Still One of the Market’s Most-Watched Names

SpaceX stock is trending because it sits at the center of several powerful themes: Elon Musk, Starship, Starlink, AI infrastructure, the space economy, and one of the largest post-IPO valuation debates in the market.

The recent drop below $120 does not necessarily mean the SpaceX growth story is broken. But it does show that investors are demanding more than exciting rocket tests. They want proof that SpaceX can turn Starship, Starlink, and AI infrastructure into durable, profitable growth.

For now, SPCX remains a high-attention, high-volatility stock. Traders should expect sharp moves around Starship updates, AI spending headlines, analyst calls, and post-IPO share supply events.