SpaceX Stock Forecast: SPCX Falls From $225 to $206 as Former Nasdaq Chief Warns It’s Not Trading on Fundamentals

TradingKey - SpaceX (NASDAQ: SPCX) is at $205.96, still above the black, up-trending trendline line, after surging on Monday (June 16) to an intraday high of $225.64, then pulling back sharply, with pre-market trading on June 17 showing a further 4.3% decline to around $201. The relative-strength index (RSI), currently between 57.54 and 64.22, is neutral-bullish with no bearish divergence, and the price remains above all the Fibonacci lines from the low reached five trading sessions ago, at $149.83.

SPCX is now five trading sessions, and approximately 53 percent, above its $135 IPO price on the high reached on Monday, which led CNBC to quote former Nasdaq CEO Robert Greifeld as saying SpaceX “is trading not on fundamentals” but “on what is the aspiration of what’s possible with the human spirit going forward in time,” a way to frame this stock’s move worth remembering from a risk management perspective even if you are bullish on SpaceX as an investment in the long-term potential of Starlink and Starship.

Trading Not on Fundamentals” — What That Actually Means for Position Sizing

Greifeld’s comment should not be understood as a judgment of SpaceX as a company, but rather a precise description of what is driving the marginal price for SPCX shares this week. A stock trading on fundamentals reacts to revenue growth, margin trends and changes in guidance. Instead, SPCX went from $135 to an intraday high of $225.64 in five trading sessions without the release of new information related to operating results, as there were no subscriber figures, no Starship news, no financial results.

This move was largely due to the 4 percent free-float being bought by a retail enthusiasm wave, momentum traders, and MSCI index-fund mechanically driven buying that started June 13, with a layering of excitement over SpaceX as an investment theme. This is what Greifeld was addressing with his phrasing “on what is the aspiration of what’s possible with the human spirit going forward in time,” which is sentiment driven price discovery in an environment of a restricted, small float. Greifeld didn’t pass judgment on the strength of Starlink unit economics or the validity of SpaceX as a good business.

The implication for position sizing is simple. If you are buying SPCX this week, you are betting on a stock moving in a specific way for reasons that will not necessarily reflect the strength of SpaceX as an investment, but a sentiment-and-float-based story on top of a fundamentals story. The drop-off from the $225.64 intraday high on Monday to the current pre-market print of $201 is indicative of a profit-take in an otherwise restricted float, as the buyers who got in during this five session rally are cashing out their shares, and the move was one that was not driven by any immediate fundamental catalyst.

Rocket Lab’s Nasdaq-100 Inclusion Is Five Days Out — A Different Kind of Catalyst

None of this invalidates SpaceX as a good investment in Starlink and Starship. It does mean that if you enter the stock today, expect the kind of volatility that sees single sessions moving by double-digit percentages until the 180-day lockup expires in December 2026 and the free-float returns to normal levels, or until SpaceX publishes its September 2 financial results and the market is presented with its first meaningful fundamentals-based catalyst. Rocket Lab Nasdaq-100 inclusion is five days away, and it can provide a useful contrast in catalysts. SPCX is a float-aspiration play, whereas Rocket Lab is included in the Nasdaq-100 on 6/22, which will be five trading sessions out. The Nasdaq-100 inclusion is a mechanical catalyst. Every rocket lab fund, including QQQ ETF, has to buy RKLB shares at the new weight by 6/22, regardless of sentiment.

Rocket Lab’s Q1 2026 earnings ($344.1 million revenue, record $2.2 billion backlog, Space Systems ~65% of revenue) provide the floor of fundamentals that SPCX doesn’t have right now, because it’s all about sentiment. Neutron will be a multiple re-rate catalyst if it happens on time (Q4 2026 first launch).

In addition, this context from source data: SpaceX $8.5 billion backlog, Intuitive Machines and Redwire have lunar infra contracts, more government spend on commercial providers, is a general sector context that confirms the fundamental growth in space is very real. The point I want to keep in mind is SPCX is the worst indicator of the fundamental sector right now, because of the float constraint and its amplification of sentiment beyond the fundamental Starlink and Starship execution alone.

SPCX Technical Setup — Trendline Support Holds at $205.96, Targets $211.60 and $222.80

SPCX now holds trendline support at $205.96 on 1H chart after higher-low support bounces. Price cleared several Fibonacci levels from the $149.83 low, and now the green candles are holding at support. 57.54 RSI and 64.22 RSI is neutral bullish no bearish divergence and this gives a sense of controlled price action with an upside velocity despite the volatility in the prior session.

The $1.618 Fib extension is 1.618 x ($225.64 - $149.83) + $149.83 = $201.22, and it was tested. The next Fib extensions are 2.0 ($211.56), 2.414 ($222.77). If the trendline support ($201–$206) holds and price moves above $211.60, this will look for $222.80. If trendline support and $197.70 breaks, this will show the pullback from $225.64 may be deeper than normal consolidation.

• Entry: Long above $211.60, 2.0 Fib extension clear
• Target: $222.80, 2.414 Fib extension
• Support: Trendline support (ascending, ~$201–$206)
• Stop loss: Close below $197.70, trendline support fails.
• Volatility: 52-week now $135-$225.64 after five trading sessions

Why Did SpaceX Stock Spike to $225 and Then Fall Back?

SpaceX peaked at an intraday high of $225.64 on June 16 and then slid away, and pre-market pricing for June 17 was trading lower yet to near $201. The latest trade is a function of 4% free float that is the focus of a sentiment rally led by retail and momentum traders, as well as the index-fund mechanical buy that comes from MSCI. It is the case that the latest spike did not involve any new news, including earnings, subscriber news, or Starship testing. Former Nasdaq CEO Robert Greifeld recently said that SPCX trades on hopes as opposed to fundamentals. The latest move lower is a function of initial allocation holders and day traders taking profits from a move that has outrun near-term fundamental catalysts.

How Does Rocket Lab’s Nasdaq-100 Inclusion Differ From SPCX’s Price Action?

Rocket Lab’s entry into the Nasdaq-100 starting on June 22 is a calendar-driven mechanical buy: QQQ and other index-tracking funds must purchase shares of RKLB as necessary to meet the required weighting, irrespective of prevailing sentiment. This is unlike SPCX trading today which, driven by a float-constrained trade, reflects a sentiment rally rather than a scheduled mechanical buy. The first quarter of 2026 results that reported $344.1 million in sales and a $2.2 billion backlog offer RKLB a fundamental anchor to support an index inclusion catalyst, while today’s SPCX trades are less anchored by reported fundamentals.

Is SPCX a Buy After the Pullback From $225 to $206?

Trendline support holds today with the RSI between neutral and bullish levels, 57.54 to 64.22, and no bearish divergence. Buy above $211.60 targets $222.80 and places stops below $197.70. Still, considering the former Nasdaq CEO said publicly this week that SPCX trades on hopes instead of fundamentals, position sizing should be reduced to account for more than 10% price swings in SPCX until September 2 earnings or the Dec 2026 lockup expiration date provides investors with a real anchor for the stock.

Bottom Line

SpaceX’s journey from $135 to $225.64 to $205.96 over five trading days represents the clearest evidence yet that SPCX today is a float-and-sentiment stock overlaying a fundamental Starlink and Starship story as former Nasdaq CEO Robert Greifeld just this week described it. Trendline support today of $205.96 holds with the RSI neutral-bullish that leaves the near-term technical picture with targets to $211.60 and $222.80, yet the reality is that the volatility investors are today experiencing is a feature of the limited 4% float and not a commentary on the underlying business.

The more fundamentals-based catalyst for this sector this week will come in five days, when Rocket Lab’s entry to the Nasdaq-100 is effective on June 22. September 2 earnings will be the date when SpaceX (SPCX) has its first real fundamental anchor.