SpaceX (SPCX) has fallen more than 50% from its all-time intraday high, joining a broader space stock sell-off that was already in motion before its June 12 market debut.
The Procure Space ETF (UFO) peaked in late May, roughly two weeks before SpaceX reached the public market, signaling the sector had already begun to roll over.
SPCX initially surged after its debut, but the broader trade had already reversed course before the company ever traded its first share.
Bespoke Investment Group recently described the situation as a “violent crash in space-related stocks,” and the data makes that characterization difficult to dispute.
Yahoo Finance analyzed 17 new-space stocks, including Rocket Lab (RKLB), AST SpaceMobile (ASTS), Redwire (RDW), Planet Labs, Intuitive Machines, BlackSky, and Virgin Galactic.
At their 2026 peak, the median stock in that group had climbed 134%, before falling 58% from that high, leaving the basket down roughly 1% from where it started the year.
Ten of the 17 stocks have surrendered all of their year-to-date gains, while 14 have been cut in half from their highest 2026 closing price.
The steep reversal does not necessarily mean commercial space has lost its long-term promise, but it does illustrate how quickly valuations can outpace businesses that may need years to generate durable profits from contracts, launches, and satellite networks.
A 50% or 60% decline does not automatically create a bargain, particularly when expectations, valuations, or the broader business outlook have shifted considerably from earlier in the year.
Every established member of the basket is now trading below its 50-day moving average, a widely watched gauge of recent trend direction, with the median stock sitting roughly 34% beneath that level.
Most stocks in the group are not yet conventionally oversold, as the median 14-day Relative Strength Index sits around 36, with only one stock falling below the standard oversold threshold of 30.
That reading suggests the group may not be fully washed out yet, leaving open the possibility of further downside before any durable recovery can take hold.
SpaceX is scheduled to report its first quarterly results as a public company on August 4, which will give investors their first formal look at the underlying business performance.
Regardless of what those numbers reveal, the technical picture for SPCX remains straightforward: the stock needs to stop making new lows, build a stable base, and then break above it with conviction.
Similar stabilizing action in UFO would provide additional confirmation that the broader sector has found its footing, but for now, both remain in a clear downtrend.
