SpaceX's Telecom Pivot Collides with Valuation Reality as Shares Shed 17% in a Week
Published on 06/27/2026 at 15:32 | Redaktion boerse-global.de
SpaceX is quietly assembling the building blocks for a direct assault on the US mobile market, even as Wall Street delivers a sobering verdict on its stock price. The freshly listed space company has secured two FCC licenses for a combined $8.5 million and entered negotiations with cable giant Charter Communications, signaling an ambition to challenge incumbents like AT&T and Verizon with a hybrid satellite-terrestrial network.
The FCC licenses, awarded in a recent auction, cover spectrum in the Gulf of Mexico — aimed at cruise ships and maritime users — and in the Cincinnati area, which analysts see as an ideal urban testbed. Meanwhile, talks with Charter envision the cable operator routing some of SpaceX's mobile traffic through its own ground stations. The partnership would supplement the existing tie-up with T-Mobile, which currently focuses on filling dead zones from orbit. No binding deal has been signed, but the direction is clear: SpaceX is building an end-to-end consumer smartphone offering.
That strategic ambition, however, is running into a harsh market reception. After closing its second trading week at $153.23, the stock has tumbled roughly 17% over five sessions. The slide accelerated on Monday, June 22, with a single-day drop of 16.4% on volume of 169.2 million shares, before stabilizing in the $153–$156 range. The shares remain about 13.5% above the $135 IPO price but now trade below the first-day close of $160.95.
Should investors sell immediately? Or is it worth buying SpaceX?
The first analyst call since the debut poured cold water on the narrative. Argus Research initiated coverage on June 26 with a Hold rating and no price target. Analyst Steve Silver pointed to a valuation of roughly 95 times expected 2025 revenue — roughly $2 trillion — alongside the absence of sustainable profitability. He warned that a normalization of that multiple could take years. Other analysts are far more bullish: the consensus from 10 firms stands at Buy with an average target of $187.80.
Technical traders, lacking a history of moving averages, have turned to the few reference points available. Near-term support sits around $150, where the stock touched daily lows on Thursday and Friday. A deeper floor lies at $147.11. On the upside, resistance clusters between $158 and $161, with the monthly high of $176.75 from June 21 as the next major hurdle. If the $150 support zone holds, attention could shift back to operational fundamentals; a break lower would open the door to a retest of the $135 IPO price.
Two index inclusions promise a wave of mechanical buying that could provide a short-term counterweight. Nasdaq confirmed on June 26 that SpaceX will join the Nasdaq-100 effective July 7, a benchmark tracked by over 200 products managing more than $800 billion. Simultaneously, FTSE Russell added the stock to the Russell 1000 and Russell Top 200, with market capitalization at the week's close of about $2.02 trillion. Passive funds will have to absorb the shares, though the fundamental valuation debate remains unresolved.
Operationally, the company shows no sign of slowing. On June 24, a Falcon 9 rocket lifted off from Vandenberg Space Force Base carrying 24 Starlink satellites — the 74th Falcon 9 launch of 2026 and the 59th Starlink mission this year. Bulls point to that cadence as proof of growth momentum. The open question, as Argus framing suggests, is whether satellite broadband and a nascent telecom play can justify a price tag that already prices in years of flawless execution. The July 7 index rebalancing will offer the first real test of whether passive demand can drown out that doubt.
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SpaceX Stock: New Analysis - 27 June
Fresh SpaceX information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
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