Fitch Rates SpaceX BBB+, Above Tesla, as Shares Fall 4%

SPCX closed at $148.36 on September 23, 2026, down 4.11% from the prior close of $154.72, on volume of 53,072,543 shares.

Executive Summary

SPCX gave back the prior session's gains, opening at $153.21, pushing to a high of $154.26 early on, then sliding through the rest of the day to close at $148.36, a 4.11% decline. The session's coverage centered on a Motley Fool retrospective marking SpaceX's first 100 days as a public company, which noted the stock trading near its IPO price after an initial surge and a roughly 32% decline from its peak, alongside a Q2 revenue growth acceleration to 92% tied to AI compute rental deals with Anthropic and Google, segment adjusted EBITDA nearly tripling, and a valuation of $2.1 trillion that the piece described as expensive relative to peers on a price-to-sales basis. A separate Motley Fool piece raised the same valuation concern directly, citing a price-to-sales ratio of 91 and continued GAAP unprofitability. Fitch-related coverage also noted SpaceX carries a BBB+ credit rating versus Tesla's BBB, a data point on the company's credit standing rather than its equity.

None of the day's headlines point to a single company-specific catalyst for the drop; the move reads as a continuation of the valuation debate playing out in coverage, against a backdrop of still-thin trading history for the stock.

News

1. Meta Muse vs. Elon Musk’s X: The Battle for the ‘Everything App’

Meta Muse and Elon Musk’s X are taking different paths to the “everything app” as AI commerce and digital payments converge. (Benzinga, Sep 23, 2:31 PM ET)

2. Tesla vs. SpaceX: Why Fitch Favors Musk’s Rockets Over His Robots

Tesla has a BBB rating while SpaceX has BBB+. Here’s why Fitch sees different credit strengths in Musk’s two companies. (Benzinga, Sep 23, 11:10 AM ET)

3. Elon Musk-led SpaceX's Starlink Faces New Military Connectivity Alternative as Boeing Drone Unit Tests Gogo Link

Boeing's Insitu and Gogo tested OneWeb satellite connectivity on Integrator drone, offering militaries a Starlink alternative. (Benzinga, Sep 23, 7:37 AM ET)

4. Elon Musk Says AI Could ‘Beat All Fields’ By 2028, Far Faster Than François Chollet’s 10-20 Year Forecast

Musk says AI could surpass every field by 2028, while studies show uneven performance and labs accelerate scientific discovery. (Benzinga, Sep 23, 6:37 AM ET)

5. If I Had $10,000 to Invest Today, Here's the Trillion-Dollar Stock I'd Buy Instead of SpaceX

SpaceX stock has declined 32% from its peak but still trades at an expensive P/S ratio of 91 with no profitability, relying on speculative management forecasts. Alphabet offers better value with a reasonable P/S ratio of 9.5, strong profitability, and solid growth driven by AI features in Google Search and rapid expansion in Google Cloud, making it a more attractive investment for the next few years. (The Motley Fool, Sep 23, 5:19 AM ET)

6. Elon Musk Says Terraforming Mars Could Come ‘Maybe Sooner’ as Pioneer Labs Takes First Step Toward Greening Red Planet

Musk says Mars terraforming may start before the 2030s after Pioneer Labs created a bacterium that makes bioplastic from Martian resources. (Benzinga, Sep 23, 5:14 AM ET)

7. Elon Musk Touts Grok in Tesla Vehicles: Here’s What It Can Do

Elon Musk says Grok is now available in Tesla vehicles, offering functionalities like accessing documents, emails and more. (Benzinga, Sep 23, 5:05 AM ET)

8. AI Trade Is ‘Dead Money’: Fidelity Strategist Warns $3.3 Trillion Buildout Is Inflationary With ‘Unknown Returns’

The AI trade has been 'dead money' for months, Fidelity's Jurrien Timmer said, even as hyperscalers keep spending billions. (Benzinga, Sep 23, 4:28 AM ET)

Price Action

Metric	Value
Open	$153.21
High	$154.26
Low	$147.89
Close	$148.36
Change vs prior close	-4.11% (prior close $154.72)
Volume	53,072,543 shares
Intraday range	$147.89 – $154.26 ($6.37)
Close vs IPO	+9.9% vs IPO offer price ($135.00); -7.8% vs IPO-day close ($160.95)

SPCX opened at $153.21, slightly below the prior close of $154.72, then pushed up to a session high of $154.26 before reversing. From there the stock declined through the remainder of the session to a low of $147.89, closing at $148.36, near the bottom of its $6.37 intraday range. Volume of 53,072,543 shares came in below both the prior session's 59,248,541 shares and the average volume to date of 88,867,714 shares. The stock remains above its IPO offer price of $135.00 but below its first-day close of $160.95.

The session's trading pattern shows an early attempt higher that failed and gave way to sustained selling into the close.

Technicals

SPCX has been public since June 12, 2026, so its trading history is still short. The 200-day moving average is not yet available (insufficient bars), and the 14-day RSI and shorter moving averages shown here should be read as early-stage signals rather than the stable, multi-cycle readings typical of a seasoned stock. Technicals below lean on price structure, candle shape, volume, and the specific levels present in the data.

Trend

The 5-day SMA sits at $152.49 and the 5-day EMA at $151.14, both now above today's close of $148.36 after the decline. The 10-day SMA is at $150.44, also above the close. The 20-day SMA at $147.59 sits just below today's close, and the 50-day SMA at $135.32 remains well below it. Price closing below its shorter-term averages (5-day, 10-day) while still holding above the 20-day and well above the 50-day suggests today's move is a pullback within a still-intact medium-term uptrend, rather than a break of the broader structure — though the close sitting just $0.77 above the 20-day SMA puts that support level in play immediately.

Candle read

Today's candle has a body of -4.85 (open $153.21 to close $148.36), a range of 6.37, a small upper wick of 1.05, and an even smaller lower wick of 0.47. The close-location value of 0.07 means the close sits almost exactly at the low of the day's range. This is a long bearish candle with minimal wick on either end and a close pinned near the session low — a shape consistent with sellers controlling price for most of the session, with little evidence of buyers stepping in before the close.

Support levels

• $147.89 — today's session low
• $147.59 — 20-day SMA, sitting just below today's close
• $145.00 — round-number level below the current range
• $135.32 — 50-day SMA
• $135.00 — IPO offer price

Resistance levels

• $150.00 — round-number level just above the current close
• $150.44 — 10-day SMA
• $152.49 — 5-day SMA
• $154.26 — today's session high
• $154.72 — prior session close
• $160.95 — IPO-day close

Momentum interpretation

RSI-14 reads 52.55, in neutral territory — neither overbought nor oversold.

Bull scenario: a reclaim of the 10-day SMA at $150.44 and the $150.00 round number, followed by a push back above the 5-day SMA at $152.49, would indicate today's decline is being bought and that the $147.59–$147.89 support confluence held.

Bear scenario: a break below $147.89 and the 20-day SMA at $147.59, followed by a slide through the $145.00 round number, would open a path toward the 50-day SMA at $135.32 and the IPO offer price of $135.00.

Neutral scenario: continued chop between roughly $147.59 and $150.44 while RSI sits near the midpoint at 52.55, with the market awaiting more price history before either level resolves.

Trading Takeaway

SPCX pulled back sharply from a level near its recent highs, closing near the session low on volume below its running average, with the medium-term structure (20-day and 50-day SMAs) still intact but the shorter-term averages now overhead. The next session's key levels to watch: support at $147.89/$147.59 and $145.00, resistance at $150.00/$150.44 and $152.49. A close back above $150.44 would favor the pullback-within-uptrend read; a close below $147.59 would shift the near-term picture toward further downside testing.

Sources

1. Meta Muse vs. Elon Musk's X: The Battle for the 'Everything App' — Benzinga, September 23, 2026
2. Tesla vs. SpaceX: Why Fitch Favors Musk's Rockets Over His Robots — Benzinga, September 23, 2026
3. Elon Musk-led SpaceX's Starlink Faces New Military Connectivity Alternative as Boeing Drone Unit Tests Gogo Link — Benzinga, September 23, 2026
4. Elon Musk Says AI Could 'Beat All Fields' By 2028, Far Faster Than François Chollet's 10-20 Year Forecast — Benzinga, September 23, 2026
5. If I Had $10,000 to Invest Today, Here's the Trillion-Dollar Stock I'd Buy Instead of SpaceX — The Motley Fool, September 23, 2026
6. Elon Musk Says Terraforming Mars Could Come 'Maybe Sooner' as Pioneer Labs Takes First Step Toward Greening Red Planet — Benzinga, September 23, 2026
7. Elon Musk Touts Grok in Tesla Vehicles: Here's What It Can Do — Benzinga, September 23, 2026
8. AI Trade Is 'Dead Money': Fidelity Strategist Warns $3.3 Trillion Buildout Is Inflationary With 'Unknown Returns' — Benzinga, September 23, 2026
9. Apple Bringing Stablecoins to Billions of Devices? Binance CEO Weighs In After Job Listing Fuels Speculation — Benzinga, September 23, 2026
10. SpaceX's First 100 Days Are in the Books. Here's the Report Card. — The Motley Fool, September 23, 2026
11. Alpaca Markets (SIP) — market data

Disclaimer

This report is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Data is sourced from Alpaca Markets and the cited news outlets and may contain errors, delays, or gaps. Verify all figures independently before making any financial decision.