The rocket giant’s shares have lost more than half their value since peaking, dragging one of the market’s hottest trades back down to earth.

SpaceX (SPCX) has dropped over 50% from its all-time intraday high, joining a broader space stock slide that started before its June 12 debut.

Key Details

The Procure Space ETF (UFO) topped out in late May, two weeks ahead of SpaceX’s listing. SPCX rallied hard at first, but the wider group had already begun rolling over. Bespoke Investment Group called it a violent crash in space-related names, and the numbers back that up.

Yahoo Finance tracked 17 new-space stocks, including Rocket Lab, AST SpaceMobile, Redwire, Planet Labs, Intuitive Machines, BlackSky, and Virgin Galactic. At their 2026 peak, the median stock was up 134%. It’s since fallen 58%, leaving the group down about 1% for the year. Ten of the 17 have given back every gain, and 14 have been sliced in half from their highs.

Market Reaction

Every established name in the group trades below its 50-day moving average, with the median stock sitting 34% under it. Still, most aren’t technically oversold. The median 14-day RSI is around 36, and only one stock has dipped below the 30 mark that usually signals a bottom.

A steep drop doesn’t automatically mean a bargain, especially when growth expectations were priced in early. Traders want proof the selling has stopped before calling this a floor.

What’s Next

SpaceX reports its first earnings as a public company on August 4. Until then, the setup is simple: SPCX needs to stop hitting new lows and build a base before any real recovery talk begins.

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 Source: Yahoo Finance