SpaceX Stock Hits Record Low With 6% Decline on Friday as Starship Resets to July 20 Launch

SpaceX (SPCX) stock fell to a fresh record low in midday trade on Friday, July 17, declining more than 6% and erasing over $1 trillion from its market capitalization compared to post-IPO peaks. The stock's market value dropped to approximately $1.61 trillion from an all-time high of nearly $2.7 trillion, marking the sixth consecutive day of losses.

The decline came despite SpaceX announcing a new target date of Monday, July 20, for its Starship 13th test flight, originally scheduled for Thursday but scrapped after engine start failures triggered an automatic launch abort. Meanwhile, competitors AST SpaceMobile (ASTS) and Rocket Lab (RKLB) rallied, with ASTS jumping more than 10% following a B. Riley upgrade to 'Buy' with a $85 price target, implying 40% upside. RKLB gained over 3.5%.