How to Invest in SpaceX Stock After Its Nasdaq-100 Debut

SpaceX stock has dropped 17% since its July inclusion in the Nasdaq-100, now trading below its $135 IPO price despite mandatory ETF purchases triggered by the index addition. The shares peaked at $225.64 in mid-June before reversing course.

The decline comes as investors grapple with stretched fundamentals. SpaceX trades at 87 times revenue while remaining unprofitable across all business segments. Upcoming share unlocks add near-term pressure as early investors and employees gain liquidity.

The bull case hinges on aggressive growth projections. Analysts forecast a 97% revenue compound annual growth rate through 2028, though questions persist about whether such estimates reflect achievable targets or overly optimistic assumptions. The company's pioneering position in commercial space launch and Starlink satellite internet underpin these forecasts, but execution risk remains elevated given the capital intensity and technical complexity of both ventures.

The disconnect between index-driven buying pressure and price performance signals that fundamental concerns are overwhelming mechanical demand. Forced ETF purchases from Nasdaq-100 inclusion typically provide tailwinds, making the 17% decline since July particularly notable.