SpaceX shares fell about 2.5% on Friday, slipping to $115.26 after the company hit another snag with its 13th Starship test flight. This latest delay came after a previous hiccup with the rocket’s propulsion system and then bad weather disrupted the next launch attempt. Investors are now watching closely as the mission faces multiple setbacks.
The Starship test campaign has seen a tough stretch. The first planned launch on July 17 was scrubbed due to ignition issues across several Raptor engines on the Super Heavy booster. A second try on July 23 got canceled when poor weather threatened the visual monitoring needed to check the rocket’s heat shield. SpaceX swapped out engines and ran extra ground tests to troubleshoot the problems, setting a new launch window for Friday night.
During this mission, the booster has to pull off a sequence of tricky maneuvers: liftoff, stage separation, a boostback burn, and then a controlled landing offshore in the Gulf of Mexico. Meanwhile, the Starship upper stage aims to deploy 20 Starlink satellites and test its engine restart before safely splashing down in the Indian Ocean.
Alongside these technical hurdles, SpaceX faces skepticism from some corners of Wall Street. HSBC’s analyst Nicolas Cote-Colisson initiated coverage with a Hold rating and a price target of $115, significantly lower than the average Wall Street price target near $237. Most analysts remain bullish, but HSBC’s view highlights risks tied to the expiration of early investors’ lockup periods following SpaceX’s June public offering.
SpaceX’s stock has dropped roughly 50% from its peak of $225.64 and now trades below its IPO price of $135. With the company’s first earnings report scheduled for August 4, many will be watching for updates on Starlink subscriber growth, which could influence investor sentiment.
