SpaceX Skyrockets 30%, But Rival Aerospace Stocks Fall Sharply; Who Are They?

SpaceX made a blockbuster market debut Friday, but the euphoria around Elon Musk's rocket company came at a steep cost for the rest of the space sector, as investors rotated heavily into the newly listed giant and out of smaller peers.

SpaceX opened at $150 per share, above its $135 IPO price, in what was the largest public offering on record, with the company raising $75 billion. The stock extended gains through the session, jumping nearly 30% from its listing price.

The debut, however, triggered a sharp selloff across competing space names. Redwire, Satellogic, and AST SpaceMobile each fell at least 8%, while EchoStar dropped 15% and Rocket Lab slid 6%. The broader sector gauge also took a hit - the Procure Space ETF, which tracks companies across the space economy, declined after surging 8% in the prior session.

Virgin Galactic also retreated after a 23% jump the previous day, with shares remaining volatile amid heavy short-seller activity.

Despite the carnage among peers, Wall Street is bullish on SpaceX's longer-term potential. Oppenheimer analysts initiated coverage with an Outperform rating and a $190 price target - implying roughly 40% upside from the IPO price - valuing the company at $2.5 trillion.