By Jared Blikre

SpaceX (SPCX) fell more than 50% from its all-time intraday high Thursday, joining a space stock sell-off that was already underway before its June 12 debut.

The Procure Space ETF (UFO) peaked in late May, roughly two weeks before SpaceX reached the public market. SPCX initially shot higher, but the broader trade had already rolled over.

UFO peaked in late May, before SpaceX listed on June 12, 2026. Yahoo Finance AlphaSpace

Bespoke Investment Group recently called it a "violent crash in space-related stocks." The damage is hard to dispute. The timing shows that SpaceX did not start the decline. It eventually became one of its biggest casualties.

Yahoo Finance analyzed 17 new-space stocks, including Rocket Lab (RKLB), AST SpaceMobile (ASTS), Redwire (RDW), Planet Labs (PL), Intuitive Machines (LUNR), BlackSky (BKSY), and Virgin Galactic (SPCE).

At its 2026 peak, the median stock in the group had climbed 134%. It has since fallen 58% from that high, leaving the basket down roughly 1% from where it began the year.

Median performance for 17 new-space stocks in 2026, based on daily closing price. Yahoo Finance analysis of AlphaSpace data

Ten of the 17 stocks have no gain left for the year, while 14 have been cut in half from their highest 2026 close.

The round trip does not mean commercial space has lost its long-term promise. It shows how quickly prices can race ahead of businesses that may need years to turn contracts, launches, and satellite networks into durable profits.

A 50% or 60% decline also does not automatically create a bargain. A stock down 60% is not necessarily 60% "off," especially when expectations, valuations, or the business outlook have changed. Investors still need improving fundamentals, a reasonable valuation, and signs that the selling has stopped.

Those signs have not arrived.

Every established member of the basket is below its 50-day moving average, a widely watched gauge of the recent trend. The median stock sits roughly 34% beneath it.

Yet most are not conventionally oversold. The median 14-day Relative Strength Index, which tracks the speed and strength of recent price moves, is around 36. Only one stock is below the usual oversold threshold of 30, suggesting the group may not be washed out yet.

SpaceX reports its first quarterly results as a public company on Aug. 4. Whatever the numbers show, the technical test stays simple.

SPCX needs to stop making new lows, trade sideways long enough to build a base, and then break above it. Similar action in UFO would add confirmation.

For now, both are still trending lower.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.

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