SpaceX Stock Down 30%. Can Starship Flight 13 Turn It Around?

Starship is the key to the SpaceX (SPCX) investment thesis, and the next proof point is coming fast. Without Starship, Will SpaceX Stock Fall Apart?

SPCX has been a weak performer since its June 12 debut. The stock is down roughly 30% from its post-debut high, closing at $138 on Monday, edging toward its $135 IPO price. Starship’s thirteenth test flight, targeted for as early as Thursday, July 16, could be the moment that starts to turn that narrative, in either direction.

Why This Flight Matters

While SpaceX already has established cash-generating businesses in Starlink and launch services, much of the investment thesis depends on a single economic bottleneck: the cost of getting mass to orbit is still high for most of its most ambitious growth markets to work. Orbital AI data centers, next-generation Starlink deployment, lunar logistics – these are not being held back by technology. They are being held back by economics.

Starship is SpaceX’s answer to that problem. The rocket is six to eight times larger than Falcon 9, and more payload per flight brings cost per kilogram down. The Falcon 9 already launches at around $2,720 per kilogram. Starship’s target is below $100 per kilogram, a 27x reduction, but that only holds with 70-plus flights per vehicle and near-zero refurbishment between launches. Neither assumption is proven at scale yet, and SpaceX posted a $4.9 billion loss in 2025 on roughly $3 billion of Starship R&D spend. Flight 13 is suborbital, not a revenue event, but it’s a direct read on whether that cadence is achievable.

What Went Wrong On Flight 12, And What To Watch For

Flight 12 flew on May 22 and mostly went well. It debuted the upgraded Starship V3, with a stronger engine and new refueling hardware. Two things still went wrong after the booster separated from the ship. It tumbled off course instead of flying straight, and five of its engines failed to reignite for the return trip home. SpaceX says both problems are fixed, and the FAA has signed off on Flight 13 going ahead.

Some key proof points investors should watch for include:

Does the booster stay stable after separation? A steady, controlled flight path would show the tumbling issue is resolved.

Do the engines relight properly? A clean reignition for the return trip would show the second problem is fixed too.

Does Starship successfully deploy its satellites? This flight carries 20 next-generation Starlink satellites, the first time Starship has tried this. A successful release would be Starship’s first real step toward generating revenue.

What Starship Opens Up

Starship could unlock many new markets.

Starlink deployment: SpaceX’s next-generation V3 Starlink satellites are too large for Falcon 9, making Starship the primary launch vehicle for the constellation. This is the clearest near-term demand driver, providing Starship with a built-in customer capable of sustaining high launch cadence from the outset.

Lunar and deep-space logistics: NASA has selected Starship as the Human Landing System for the Artemis program, and dramatically lower launch costs could make lunar cargo transport, lunar infrastructure, and deep-space missions far more economical.

Orbital infrastructure: SpaceX’s IPO filing identifies orbital data centers and other large-scale space infrastructure as potential future markets. If Starship delivers on its promised economics, it could enable an entirely new class of space-based infrastructure that is impractical with today’s launch costs. See The Radical Bet At The Heart Of SpaceX’s $1.75 Trillion IPO