SpaceX (SPCX) stock came back under pressure on Wednesday, reversing yesterday’s bounce, as a broader market and tech sell-off adds to investor caution ahead of SpaceX’s first earnings report.

Shares were down nearly 3%, giving back Tuesday’s rebound. SpaceX has now shed nearly 30% from its $150 market debut last month and is down roughly 50% from its all-time high of $225.64.

The broader market was also under pressure, with the S&P 500 down 0.8% and the Nasdaq shedding 1%, as chipmakers weighed on the index.

Concern has been building ahead of SpaceX’s second quarter earnings report set for August 4th, with a share unlock on August 6th too that frees as much as 20% of shares under the company’s lockup plan.

The renewed selling comes days after Starship launched Friday evening from Starbase, Texas, on its 13th test flight — the first since SpaceX’s June IPO. Starship deployed all 20 of its next-generation Starlink V3 satellites, relit an engine in space, and made what SpaceX called its softest ocean splashdown yet.

SpaceX is already eyeing the first-ever tower catch of a Starship upper stage, using the “Mechazilla” arms at Starbase that have already caught the larger Super Heavy booster. “Unless we discover problems after mission data review, SpaceX will attempt to catch the ship with the tower on next flight,” CEO Elon Musk wrote, replying to a question on an upcoming Flight 14.

“We estimate a target window in late August or September [for Flight 14],” Deutsche Bank analyst Edison Yu said in a note to clients. “Separately, we note that Starlink V3 satellites can be deployed on Starship even with partial reusability [of the spacecraft].”

Yu and Deutsche Bank have a buy rating on the stock, and a $255 price target, implying a nearly 130% gain.

The slide comes as SpaceX bets ever more aggressively on Starship at the expense of Falcon 9, its proven moneymaker. Per Bloomberg, SpaceX has begun turning away satellite operators seeking dedicated Falcon 9 rides beyond 2028, stopped taking Falcon 9 rideshare reservations, and halted production of some nonreusable Falcon 9 and Falcon Heavy components. 

Pras Subramanian is Lead Transportation Reporter for Yahoo Finance. You can follow him on X and on Instagram.

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