SpaceX stock declined to $119.79 after seven consecutive days of losses, falling 11% below its $135 IPO price. The shares closed 3.34% lower at $119.85 before modest after-hours recovery, pressured by upcoming Tesla quarterly results and a planned Starship launch attempt.
Technical Pressure and Market Context
SPCX faces resistance near $125 as it trades within a descending channel that has pushed the stock down from about $170 in early July. TradingView’s one-hour chart shows the stock nearing the lower boundary of this channel, around $118 to $120, which serves as a critical support level. Despite a brief 1.6% pre-market gain on Monday, selling pressure resumed during regular hours, leaving the stock about 47% below its post-IPO peak above $225 reached in June.
Investor interest remains mixed. ARK Invest has added $18 million more shares amid the downtrend, signaling some confidence despite the broader selloff. The focus now shifts to Tesla’s earnings announcement scheduled for July 22 at 5:30 p.m. Eastern Time, with consensus estimates projecting $27.58 billion in revenue and $1.28 billion net income for the quarter. Tesla reported second-quarter production of 451,758 vehicles and deliveries totaling 480,126 units.
Speculation about potential strategic ties between Tesla and SpaceX has increased market attention on SPCX. JPMorgan analyst Ryan Brinkman highlighted the companies’ overlapping technology areas including artificial intelligence, robotics, energy, transport, and space exploration. Both firms share Elon Musk’s leadership and complementary engineering resources, creating a possible strategic alignment, though no negotiations have been confirmed.
SpaceX’s investor relations page indicated a stock price near $122.50 earlier Monday. A breakout above the upper boundary of the descending channel at around $125 could signal a technical recovery, but the immediate trend remains downward ahead of these key events.
This material is for informational purposes only and does not constitute financial advice.
