SpaceX shares declined approximately 4% on Friday, trading near $113 as the company prepared for Starship's 13th integrated test flight. The stock has now fallen roughly 16% below its $135 IPO price and approximately 50% from its June 16 peak of $225.64.

The continued slide extends pressure on SpaceX following its June 12 public listing. Shares are down around 25% since the market debut, intensifying investor focus on whether Starship can anchor the company's next growth phase. Starship is SpaceX's fully reusable super heavy-lift vehicle — the largest rocket ever built — and is central to the company's ambitions for lunar logistics, Mars transport, and next-generation Starlink deployments.

SpaceX is targeting Friday, July 24, for the Starship launch from Starbase in Boca Chica, Texas. The launch window opens at 5:45 p.m. CT (6:45 p.m. ET), following earlier attempts that were delayed by technical issues and weather. The mission comes after a scrubbed attempt last week when several engines failed to fire.

A successful launch would deliver the first major Starship test result since SpaceX became a publicly traded company. NASA is also closely tracking the program, as Starship is contracted to serve as the human landing system for the Artemis III mission to return astronauts to the lunar surface.

Flight 13 Mission Objectives

The Flight 13 mission will evaluate launch performance, stage separation, booster control, and upper-stage reentry. The Super Heavy booster will attempt a controlled splashdown in the Gulf of Mexico.

The Starship upper stage is expected to deploy 20 Starlink V3 satellites before reentering Earth's atmosphere. Six of those satellites reportedly carry external high-resolution cameras designed to capture heat shield data during reentry.

Neither the booster nor the spacecraft will be recovered during this flight. The upper stage will target splashdown in the Indian Ocean following a controlled descent.

JPMorgan analyst Seth Seifman cautioned that investors should anticipate both successes and setbacks as SpaceX ramps up Starship testing. "There will be plenty to analyze from Flight 13," he wrote.

Seifman noted that analysts are closely monitoring refurbishment costs and timelines for the second stage. Reentry stress remains a critical test point, as Starship's long-term business case depends heavily on full reusability — a capability no operational orbital rocket has yet achieved at this scale.

Falcon 9 Strategy Shift Adds Pressure

SpaceX is reportedly turning away satellite operators seeking dedicated Falcon 9 launches beyond 2028. The company is also not accepting new reservations for its Falcon 9 rideshare program.

The shift signals that SpaceX is increasingly positioning Starship as the eventual replacement for portions of its Falcon business. Falcon 9 remains one of the company's most significant revenue drivers, particularly for commercial satellite launches, and is currently the most frequently launched orbital rocket in operation worldwide.

Reports further indicate that SpaceX has halted production of certain non-reusable Falcon 9 and Falcon Heavy components, including upper-stage parts. That decision could reduce future Falcon capacity if Starship development encounters continued delays, potentially constraining SpaceX's ability to meet existing launch commitments.

The strategy creates a high-stakes execution test: SpaceX must demonstrate that Starship can handle heavier launch demand, achieve lower costs, and support future Starlink deployments at scale.

Broader Wealth and Valuation Concerns

The stock decline has also affected Elon Musk's paper wealth. Combined declines in Tesla and SpaceX have erased an estimated $650 billion to $700 billion from Musk's paper net worth over roughly five weeks.

Morgan Stanley analyst Adam Jonas raised an additional valuation concern, stating that a move toward $100 per share would suggest the market is assigning zero or even negative value to SpaceX's AI business. Jonas said investors are heavily discounting Grok and Cursor due to high capital expenditure, uncertain economics, and added demands on management time.

Morgan Stanley Adam Jonas says SpaceX $SPCX at $100 would imply zero or negative value for its AI business. He says investors heavily discount Grok and Cursor because of high capex, uncertain economics and demands on management time. pic.twitter.com/LYkrQVhEUt
— Wall St Engine (@wallstengine) July 24, 2026

Source: CoinCentral