SpaceX Stock Nears IPO Price as Investors Weigh Debt Sale, Lockups

SpaceX stock has declined significantly from its IPO peak of $200+ to near its $135 offering price, shedding over $800 billion in market value. The decline is attributed to concerns over the company's first-ever debt issuance and upcoming insider lockup expirations that could increase selling pressure. Despite the pullback, Wall Street remains optimistic with Morgan Stanley initiating coverage at an Overweight rating and $300 price target. The company's first quarterly earnings report in early August will be a key test for whether its operating performance can support its premium valuation.