SpaceX (SPCX) has emerged as a cornerstone of the modern space economy. Its Starlink constellation, now exceeding 9,000 satellites, delivers global internet coverage, while its launch vehicles accounted for more than 80% of all licensed U.S. space missions in 2025—underscoring its dominance in both connectivity and orbital transport. After weeks of anticipation, SpaceX’s initial public offering (IPO) took off on 12 June. SpaceX set a historic precedent by launching the largest IPO ever recorded. The company’s debut on the public markets concluded with an extraordinary $2 trillion market capitalization, establishing a new benchmark in financial history and signaling strong investor confidence in its long‑term trajectory. In this article, we will take a look at the Elliott wave structure of the rally since the IPO date of 12th June 2026; we will present two possible scenarios along with short-term targets for shareholders.
SpaceX Targeting $198.69 - $224.25 Area
Stock posted a strong rally to $176.52 on the opening day before a pullback to $157.43, then resuming the rally and breaking above the $176.52 high to create a short-term bullish sequence, opening extension higher toward the $198.69 - $224.25 area. We can see wave (( i )) of 3 completed at $172.50, wave (( ii )) of 3 completed at $167.10, and wave (( iii )) of 3 in progress, which could end somewhere between $198.69 - $208.45. After this, we expect a pullback in wave (( iv )) and one more high to complete wave 3. Following this, expect a pullback in wave 4 to correct the cycle from the $157.43 low and then higher again to complete 5 waves up from the IPO low. Afterwards, we can see a pullback to correct the rally since the IPO low in wave ( 2 ) in 3 or 7 swings and continue higher.
SPCX Elliott Wave View - Bullish Nest
Chart below shows the dip to $157.43 was a wave ( 2 ) and 5 waves up from there toward the $198.69 - $208.45 area, completing wave 1 of (3), resulting in a slightly bigger pullback to correct the rally from wave ( 2 ) low before accelerating higher in wave 3 of ( 3 ).
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