SpaceX experienced a sharp decline Thursday, dropping more than 50% from its all-time intraday peak. The decline came as part of a wider downturn affecting space-related stocks that had commenced before SpaceX reached the public market on June 12. The Procure Space ETF peaked in late May, approximately two weeks prior to SpaceX’s debut, indicating the broader sector deterioration preceded the company’s market entry.
Yahoo Finance examined 17 new-space stocks, including entities such as Rocket Lab, AST SpaceMobile, Redwire, Planet Labs, Intuitive Machines, BlackSky, and Virgin Galactic. The median stock in this group had gained 134% at its 2026 peak but subsequently declined 58% from that high. The cumulative results left the basket down roughly 1% from the year’s start. Ten of the 17 stocks showed no year-to-date gains remaining, while 14 had been cut in half from their highest 2026 closing prices.
Analysts characterized the movement as a “violent crash in space-related stocks,” though industry observers noted the decline does not necessarily indicate the long-term commercial space sector has lost viability. Rather, the volatility reflects how rapidly prices can advance beyond the operational capacity of businesses that may require years to convert contracts, launches, and satellite networks into sustained profitability.
Technical measures suggest further downside risk may remain. All established basket members traded below their 50-day moving averages, with the median stock approximately 34% beneath this level. However, most securities were not conventionally oversold according to the 14-day Relative Strength Index, with only one stock below the typical oversold threshold of 30.
SpaceX is scheduled to report its first quarterly results as a public company on Aug. 4. Market participants noted that both SpaceX and the Procure Space ETF continued trending lower, with stability in price action serving as a prerequisite for potential recovery.
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