SpaceX Holds Near $153 as Lockup Releases and Execution Risks Mount

SpaceX stock has stabilized near $153 through early July after plunging 32% from its June 16 peak of $225.64. The pullback follows the record $85.7 billion IPO priced at $135 and a $25 billion bond sale used to repay bridge financing. Recent AI compute rental deals with Anthropic, Alphabet, and Reflection AI could add up to $28 billion in annual revenue, yet analysts highlight contract durability concerns, multiples above 100x sales, and whether $100 billion in cash can fund rising AI and Starship spending. Multiple lock-up expirations beginning after Q2 results threaten to increase float and exert further downward pressure ahead of the July 7 Nasdaq-100 inclusion.