SpaceX Shares Drop 7% to $178, Putting Average Post-IPO Buyer Almost in the Red
SpaceX shares fell as much as 7% on Thursday, touching $178 intraday and leaving the stock trading roughly in line with the volume-weighted average price paid by buyers since the company's IPO — just under $180. Two sessions of selling have carried the stock to a threshold where the average investor who entered after the public debut is barely above breakeven, if at all.
Key takeaways
- SpaceX shares fell as much as 7% on Thursday, touching an intraday low of $178.
- The post-IPO volume-weighted average price (VWAP) for buyers since the IPO is just under $180, meaning the average post-IPO buyer is now barely above breakeven.
- At $178 the stock traded below the average price paid by secondary-market buyers, making them 'almost under water' on their aggregate position.
- The decline came over two consecutive sessions of selling that compressed unrealized gains for post-IPO buyers close to zero.
- A sustained move below the just-under-$180 VWAP would push the average post-IPO buyer into negative territory and a more defensive posture.
SpaceX shares fell as much as 7% on Thursday, touching $178 intraday and leaving the stock trading roughly in line with the volume-weighted average price paid by buyers since the company's IPO — just under $180. Two sessions of selling have carried the stock to a threshold where the average investor who entered after the public debut is barely above breakeven, if at all.
Two Days to a Cost-Basis Test
The two-day slide matters because of where it has landed. A post-IPO volume-weighted average price represents the aggregate cost basis for buyers who entered after listing — it weights each transaction by shares traded, producing a composite entry point across the full post-IPO period. At just under $180, that figure sits almost exactly at Thursday's intraday low of $178. The gap between being in the money and out of it has narrowed to roughly two dollars.
Who Is Feeling the Pressure
Not all SpaceX shareholders face the same exposure. Investors who received IPO allocations carry a different cost basis than anyone who purchased in the secondary market after listing. The VWAP figure describes that second group. For those buyers, the two-session retreat has compressed unrealized gains close to zero. At $178, the stock traded below the average price that cohort paid — making the characterization of being "almost under water" an accurate read of their aggregate position.
What the VWAP Level Now Represents
The post-IPO VWAP of just under $180 is no longer just a benchmark — it has become the market's visible reference point for this stock's cost basis. A sustained move below it would tip the average post-IPO buyer from nearly flat into negative territory, a mechanical shift with real behavioral consequences. Holders sitting at a loss tend to reassess position sizes differently than those sitting on gains, even thin ones. That dynamic is now in play for SpaceX. Until the stock reclaims and holds above that just-under-$180 level, the average buyer who came in after the IPO remains in a defensive posture with little cushion between their entry and a loss.
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Filed by the macro desk of MarketPR on June 27, 2026. Source: cnbc.com. Indicative figures are not investment advice.