SpaceX Stock Falls Below Its $135 IPO Price — CZ Calls It a Long-Term Winner

SpaceX stock (NASDAQ: SPCX) closed Friday, October 30 at $134.72, down 6.37%, falling below its $135 IPO price for the first time since its record-breaking June listing. On Saturday, Binance founder Changpeng Zhao (CZ) publicly defended the shares, saying SpaceX will be one of the best stocks to hold for a long time — even as options traders brace for a 14% swing around a major December share unlock.

What happened

SpaceX priced its IPO at $135 a share on June 11, 2026, in what became the largest listing in market history, valuing the company at about $1.8 trillion. The stock opened to the public at $150 on June 12, closed its first day at $160.95, and peaked at $225.64 on June 16. Friday's close of $134.72 is 40.3% below that peak, and it broke through the $140 level that buyers had defended twice during October. Trading volume reached 122.7 million shares, above the 102.5 million average, and the company's market value stood at about $1.83 trillion at the close.

Why the stock fell on Friday

The immediate trigger was the wider tech selloff, amplified by Intel. Intel beat third-quarter estimates on Thursday night but guided fourth-quarter earnings to $0.25 a share against a $0.44 consensus, and its stock fell sharply. Before that report, Northland analyst Gus Richard had called Intel's partnership with SpaceX “a significant catalyst” for Intel — so the weak guidance undercut the story for both companies. The Nasdaq Composite fell 2.86% and the S&P 500 fell 1.82% on the same day. Bank of America also warned that Chinese antitrust authorities could block a reported SpaceX-Tesla merger plan, because about half of Tesla's car production comes from Shanghai. That merger idea remains unconfirmed as a formal plan and should be treated as reported speculation, not an agreed deal.

Why CZ is talking about SpaceX this weekend

The story blew up on Saturday because of Binance's position. Binance holds more than $1 billion of SpaceX stock, a stake that began as a $500 million bet tied to Elon Musk's 2022 Twitter takeover. On Friday, CZ cited those shares while tallying the shortfall from Binance's recent $6.3 billion hack, and some users online read that as a threat to sell. CZ rejected that reading directly: “I never said selling SPCX shares… I don't make threats… And I think it will be one of the best stocks to hold for a long time to come.” Binance co-CEO Yi He has separately said the exchange's revenue this year is sufficient to cover the hack losses, and Binance began reopening withdrawals this weekend.

The business underneath the price

The selloff is about valuation and share supply, not about a broken business. SpaceX reported third-quarter revenue of $14.57 billion, up 161% year over year, and its October 20 earnings report initially sent the shares up 8%. Fitch put the company's liquidity at $89.9 billion at September 30 against $38.0 billion of total debt, with no material principal due until July 2031. The bear case is the multiple: at roughly 518 times annual profit, according to MarketBeat data cited by BeInCrypto, even a small disappointment can move the stock hard.

Why December matters more than Monday

Lockups — the periods when early investors cannot sell — are the calendar item traders are watching. Up to 1.3 billion shares were unlocked on October 22, and the stock fell about 9% that day. A further tranche, reported at up to 797.6 million shares, becomes sellable in early December; BeInCrypto, citing Nasdaq's published schedule, puts the final lockup batch on December 8. Options contracts expiring December 18 price a move of about $19, or 14%, implying a range of roughly $117 to $155. The last big unlock did not crash the stock: when more than 911 million insider shares unlocked on August 6, SPCX rose more than 6% toward $115. Elon Musk's own stake stays locked until June 12, 2027.

What analysts are saying

Most analysts have stood by the stock since the third-quarter report. TipRanks tracks 35 analysts, of whom 29 rate SpaceX a Buy, with an average target of $250.34 — about 86% above Friday's close — and even the lowest target, Piper Sandler's $140, sits above the current price. MarketBeat's wider count of 46 analysts gives a Moderate Buy consensus and a $244.97 average target, with individual targets ranging from $75 to $800. Those targets are opinions, not guarantees, and the wide range shows how unsettled the valuation debate is.

What's next

Monday, November 2 is the first test: whether SPCX can reclaim the $135 IPO price and then the old $140 support level. After that come Tuesday's U.S. midterm elections, Friday's October jobs report, AMD's results as another read on AI-chip sentiment, and then the early-December unlock. This post reports what happened and why markets reacted; it is not a recommendation to buy, sell, or hold any security.

Sources

Barron's — Tech Earnings Send SpaceX Stock Below IPO Price
BeInCrypto — SpaceX Stock Fell Below Its IPO Price, But Binance's CZ Is Bullish
FinanceFeeds — SpaceX (SPCX) Stock at $134.72: Below the $135 IPO Price
Motley Fool — Is SpaceX Stock a Buy After Plummeting 28%?

FAQ

Is SpaceX stock below its IPO price?

Yes. SpaceX closed Friday, October 30, 2026 at $134.72, just below the $135 IPO price set on June 11, 2026.

Why did SpaceX stock fall 6.37% on Friday?

Intel's weak fourth-quarter guidance undercut the case for its SpaceX partnership during a broad tech selloff in which the Nasdaq fell 2.86%, and Bank of America warned China could block a reported SpaceX-Tesla merger.

What did CZ say about SpaceX stock?

Binance founder Changpeng Zhao said Saturday that he never threatened to sell Binance's SpaceX shares and called SpaceX one of the best stocks to hold for a long time. Binance holds more than $1 billion of SPCX.

When is the next SpaceX share unlock?

A further tranche becomes sellable in early December, with the final lockup batch scheduled for December 8, 2026, according to Nasdaq's schedule; options expiring December 18 price a move of about 14%.