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. At its 2026 peak, the median stock in the group had climbed 134%. A stock down 60% is not necessarily 60% "off," especially when expectations, valuations, or the business outlook have changed. The median stock sits roughly 34% beneath it.