SpaceX is back near its Nasdaq debut price levels, while the stock faces resistance, lock-up expirations, Starship and the upcoming quarterly results.

Three and a half months after its Nasdaq listing, SpaceX stock has returned virtually to its stock-market debut price. On Friday, shares of Elon Musk’s company closed at $148.68, just below the first trade on June 12 at $150, after the bullish gains that followed the debut pushed the stock to an all-time high of $225.64 three days later. For SpaceX, the opening level remains the stock’s launchpad.

SpaceX Consolidates Around Its Launch Prices

The IPO placement price, or initial public offering price, had been set at $135 per share on June 11. Buying immediately picked up at the debut, with the first session closing 19% above the placement price. During the following week, SpaceX stock reached an intraday high of $225.64 before entering a prolonged decline, as can be seen on the daily chart. At the end of July, shares fell below the IPO price, closing at $108.27 shortly before the announcement of the first quarterly results.

A rebound phase then began from the low in mid-August, stopping at the $150 vector resistance level. The level was tested several times during subsequent sessions. In September, SPCX stock began trading around this resistance, reaching a high of $158.13 at the beginning of the week before closing below that threshold on Friday. The main resistance is in the $165 area, and a breakout would open the way for another potential bullish extension. On the downside, the first significant support is in the $137.50 area, where the daily 50-day SMA also passes, while the main support remains at $131.

SpaceX Remains at the Listing’s Launchpad

Three months of high volatility have produced an almost flat result for those who bought SpaceX at the opening on the first trading day. Since the listing, the stock is down just 0.88%, while those who subscribed to the IPO remain up 10.1%. Since the beginning of July, the stock has lost 13.34%, while since the beginning of September SpaceX has recovered 4.80%. Over the past week, shares fell 2.64%, with Friday’s session closing up 0.44%.

SpaceX’s Lock-Up

SpaceX stock is affected by the lock-up, the restriction preventing existing shareholders from selling for a period after the listing. SpaceX has chosen a staggered schedule, and as of September 24, up to 328.4 million shares became transferable. The increase in the free float—the shares actually available on the market—has more than doubled SpaceX’s weighting in the Nasdaq 100, rising from 1.28% to 2.82%. Two further stages, each involving 7% of the restricted holdings, arrive on October 9 and October 24. The publication of the third-quarter results will then trigger the largest unlock, involving up to approximately 1.3 billion shares. CEO Elon Musk’s shares, however, remain locked until June 12, 2027, with no early releases.

SpaceX Awaits Starship and Its November Quarterly Results

On Monday, September 28, Starship could attempt its first orbital flight, carrying 26 next-generation Starlink satellites. The launch remains subject to a license from the FAA, the U.S. civil aviation authority, which has not yet been granted. SpaceX’s quarterly results do not yet have an official date, and market estimates place them around November 5. Meanwhile, ARK Invest, the investment firm founded by Cathie Wood, has bought more than $475 million worth of SpaceX shares since the listing.