That Didn't Take Long: SpaceX Earned Its First Wall Street Sell Rating Less Than an Hour After Trading Began

SpaceX closed its first trading day at $160.95 on June 12, 2026, following a $75 billion IPO that valued the company at $2.1 trillion and made it the seventh-largest public company. Within an hour of the opening bell, CFRA analyst Keith Snyder slapped a sell rating on the stock with a $115 price target—implying 29% downside.

Snyder cited execution risks tied to Starship development and uncertain growth prospects at xAI, SpaceX's artificial intelligence venture. The valuation itself raised red flags: SpaceX trades at 113 times sales, far above historical norms for public companies. Large tech IPOs have historically averaged 55% drawdowns in their first year, a pattern that looms over the stock's debut premium.

The sell call marks an unusually fast bearish turn for a freshly public mega-cap. SpaceX now carries both the hype of a historic listing and the scrutiny of stretched multiples in a sector where post-IPO corrections have been the rule, not the exception.