SpaceX (NASDAQ: SPCX) stock price closed the first day of trading on June 12 at $160 after gaining by 29%, with trading volumes also reaching a historic high of $85 billion.
SpaceX has now become the eighth-largest public holder of Bitcoin with its stash of 18,712 coins. The space company is also ranking as the seventh-largest company with a market cap of $2.1 trillion.
Still, there is uncertainty about the SpaceX stock price prediction because investment firms like MorningStar have concerns of overvaluation, but top fund managers are investing heavily in SPCX.
SPCX Volumes Hit $80B After Record IPO Launch
SpaceX had a successful first day on the NASDAQ. More than 500 million shares were traded, worth $85 billion, per Bloomberg analyst Eric Balchunas, who also says that was more volume than Apple has ever recorded in four decades.
“Gargantuan number. Easily a record for an IPO and in the Top 10 all-time for any stock on any day,” Balchunas said.
The initial hype and frenzy around the IPO saw the SpaceX stock price soar to a high of $176 during the day before it retreated to close at $160. Still, that $160 that it closed at was 17% higher than the opening price of $150.
SpaceX is now a bigger company by market cap than Tesla and Meta, with its $2.1 trillion valuation making Elon Musk the first trillionaire in the world.
The IPO attracted buying from asset managers like Ark Invest, which bought 3,291,184 SpaceX shares that now make up 6.89% of the ARK Innovation ETF (ARKK) Fund.
The demand coming from retail was also so high that crypto firms like Binance, Bitget, and Bybit ended up not getting share allocations, and they refunded the clients who had already deposited money ahead of the IPO.
SpaceX Stock Price Prediction as Analysts Weigh In
The five-minute chart for SpaceX suggests the first day was packed with volatility, but the stock price established support at $158. SPCX tested this support of $158 two times during periods of selloffs.
In the first instance where SpaceX tested this support, the shares rose to $168, but intense selling thereafter pulled the price down to $158. That $158 price attracted some buying pressure that led to the price jumping to the high of $176 before another wave of selling saw this support of $158 rested again.
SPCX shares also seem to be facing resistance at $168, where intense selloffs happened twice on June 12.
The stock needs a close above $168 to retest this high of $176 again. A move below the support of $158 without attracting buyers might see SPCX retest the opening price of $150.
Other analysts are also weighing in on the stock outlook, with investment firm Morningstar pricing the SpaceX stock at $65, which is 59% below the $160 price that it closed at on Friday.
SpaceX shares also received a sell rating from CFRA analyst Keith Snyder, who also gave them a target of $115, saying that the company’s growth strategy was too ambitious.
“We believe the current investment case requires investors to underwrite several difficult outcomes at the same time,” he said.
Still, there is a lot of demand coming from institutions because Bloomberg ETF analyst James Syeffart says that 12 of the SpaceX-related ETFs with regulatory filings in the US might start trading on Monday, and demand could make the SPCX stock price rise.
Goldman Sachs had also previously said that the revenues coming from xAI might increase by 100 times by 2030, and such growth might attract buyers and make the SpaceX stock price also rise.
