SpaceX Hovers Near $158 as 'Catastrophic' Valuation Draws Options Bets

SpaceX (SPCX.OQ) traded around $158 on July 2 after a 5% intraday drop on July 1, extending a 32% decline from its June 16 peak of $225.64. The stock debuted June 12 at $135, surged above $225 on debut hype, then retreated amid 100x-plus sales multiples and $4.9 billion 2025 losses. Nasdaq-100 inclusion on July 7 is generating passive demand, yet a Daiwa analyst labeled the valuation 'catastrophic' while options traders bought near-the-money calls at 160 and 170 strikes. Valuation concerns and upcoming lock-up expirations continue to outweigh index-driven support.