NEW YORK, July 14, 2026, 19:08 (EDT)
Space Exploration Technologies Corp. NASDAQ:SPCX dropped 2.2% to $136.08 late Tuesday, wiping out around $39.5 billion in equity value based on its reported base-offering share count. MDA Space Ltd. NYSE:MDA, Rocket Lab USA Inc. NASDAQ:RKLB and AST SpaceMobile Inc. NASDAQ:ASTS all posted price gains, together adding about $2.0 billion on a similar price-move calculation. SpaceX’s equity drop finished at 19.6 times those combined gains.
The size gap is key here. SpaceX dropped 2.2%, which was enough to outweigh a 4.1% average gain for the other three, smaller stocks. Investors watching percentages could miss this. Gains on the other names didn’t offset SpaceX’s loss, so sector screens looked positive, but the larger stock dragged down the group.
Growth stocks rallied on Tuesday as the Nasdaq Composite rose 0.9%. June consumer inflation cooled to 3.5% from May’s 4.2%, and traders now see only a 10% chance of a Fed rate hike in July, down from 35%. That usually helps long-duration companies with profits far out. SpaceX didn’t follow the move.
Here’s how things stood late in the session:
| Company | Late price | Day move | Estimated equity-value effect |
|---|---|---|---|
| SpaceX | $136.08 | fell 2.2% | down $39.49 billion |
| MDA Space | $33.89 | rose 7.8% | added $0.40 billion |
| Rocket Lab | $78.81 | up 2.7% | added $1.25 billion |
| AST SpaceMobile | $68.82 | up 1.8% | added $0.36 billion |
Equity-value effects here use each stock’s price move times current or stated post-deal shares. For SpaceX that’s the base offering amount. For MDA, it combines May 5 shares and the 23 million new shares from Tuesday’s sale. This estimate leaves out the immediate bump to MDA’s market cap from the new shares, and doesn’t include options or shares that might come later.
SpaceX traded at $136.08, just 0.8% above its IPO price of $135, and 39.7% under its June 16 high of $225.64. Evercore ISI’s Kutgun Maral kicked off coverage with an Outperform call and a $230 target. Evercore, part of Evercore Inc. NYSE:EVR, described SpaceX as “an extraordinary company on a real path to reshaping the future of humanity,” but said there’s “a great deal left to prove out.” Shares gained at the open but later dropped. SEC
MDA stood out, jumping 7.8% to $33.89 after finishing a 23 million share sale at $35.60, bringing in around $819 million. Using May 5 share numbers, the share count would go up about 16.6%, not counting any bank option to pick up another 15% of the issue. Shares still finished 4.8% under the sale price on Tuesday.
MDA said it plans to spend the funds on part of its planned buy of about 70% of France’s CLS for around €567 million in cash. MDA expects CLS to bring in about €286 million in revenue for 2026 and says the acquisition would double its recurring revenue. CEO Mike Greenley called the goal the “broadest and richest offering” of multi-sensor Earth and space observation data. Those numbers are MDA forecasts, and the deal is not yet closed. MDA Space
A separate set of ratios shows how much each stock has changed from its reference price:
| Comparison | Result |
|---|---|
| SpaceX trades 0.8% over the $135 IPO price | +0.8% |
| SpaceX now is down 39.7% from its $225.64 high in June | -39.7% |
| SpaceX loss from price move comes in 19.6 times bigger than combined gains for three peers | 19.6 times |
| MDA trades 4.8% below its $35.60 offering price | -4.8% |
| MDA’s new shares grew the count since May 5 by 16.6% | 16.6% |
Numbers based on company filings, offering terms, and late-market prices. The estimated loss for SpaceX does not include extra shares if the underwriter option is used.
Rocket Lab made up around 62% of the group’s estimated $2.0 billion gain, with MDA at about 20% and AST SpaceMobile at 18%. The rally was narrow, not a broad push for the sector. Equity values still stretch from about $5.5 billion for MDA to almost $1.8 trillion for SpaceX, so even a small shift at the top can wipe out big moves lower down.
The gap could close fast. SpaceX aims to launch Starship Flight 13 as soon as Thursday. A smooth test could shift attention back to its operations, but another failure could push the execution discount wider. MDA’s CLS deal still needs sign-off, and the banks running its share sale can upsize their take. Barron’s said SpaceX might see more supply hit the market after its first earnings report, unlocking shares equal to around 20% of its outstanding stock.
For investors, Tuesday wasn’t as much about how space stocks moved, but about where new money flowed. MDA’s acquisition financing showed up along with roughly $400 million in equity gains from higher prices, while SpaceX saw its reset valuation drop by close to $40 billion. The sector traded on separate balance sheets, not one big story.
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