Key Highlights

● SpaceX traded at $144.75 on Thursday on volume of 193.8 million shares.

● SpaceX third-quarter revenue jumped to $14.6 billion, with its Super Intelligence division at $7.6 billion.

● Vogenx priced its IPO at $13 and traded around $24.89 before the bell.

● Lycia Therapeutics raised about $317.5 million in an upsized IPO priced at $18.00.

Two of 2026's most closely watched stock market debuts were trading below their initial public offering prices after a bruising session on Thursday, October 22. SpaceX (NASDAQ:SPCX), which went public this year and has joined the Nasdaq-100, tumbled to $144.75, according to reports. Forgent Power Solutions (NYSE:FPS) sank to a record low and fell below its IPO price.

Both moves came on a day when the Nasdaq Composite sank 694 points to 26,008.86, its steepest drop since June 5, as artificial-intelligence and chip stocks sold off.

SpaceX gives back its post-earnings pop

SpaceX gave back more than half of Wednesday's post-earnings gain. Trading was heavy, with 193.8 million shares changing hands, nearly twice the average.

The company's third-quarter results had impressed investors initially. Revenue jumped to $14.6 billion, and its "Super Intelligence" division brought in $7.6 billion. Capital spending was $19.6 billion, a heavy outlay at a time when the market was growing nervous about AI-related spending.

A lockup expiry also loomed over the stock. About 911.5 million insider shares are set to become eligible for sale, according to reports, while another estimate put the figure at up to 1.3 billion. Lockups typically bar early investors and employees from selling shares for a set period after an IPO, and their expiry can increase the supply of stock available to trade.

Investors are also following the idea of a combination with Tesla (NASDAQ:TSLA). "Both SpaceX and Tesla have formed special committees to discuss this idea," Elon Musk said on the SpaceX call.

Forgent slides on a CFO change

Forgent Power Solutions fell sharply after announcing a change in its finance chief, and the stock hit a record low. Volume was about 23.98 million shares, far above its 100-day average of about 8.19 million.

The company said Chief Financial Officer Ryan Fiedler is leaving for an external consulting role. Amy Ard, who has served as executive vice president of finance since January and is a former PwC accountant, will succeed him. Chief Executive Gary Niederpruem thanked Fiedler for his contributions.

A tough tape for newcomers

The pressure on both stocks came amid a broad retreat from AI-linked names. Meta Platforms (NASDAQ:META) said on Wednesday that it expects 2026 capital spending of $135 billion to $145 billion and posted negative free cash flow, while Lam Research (NASDAQ:LRCX) flagged supply constraints. Power and infrastructure stocks tied to the AI build-out, including GE Vernova (NYSE:GEV) and Quanta Services (NYSE:PWR), were hit hard.

Recent listings often swing more sharply than established stocks because they have shorter trading histories and smaller pools of shares available to trade. Lockup expiries can add further volatility.

Not every newcomer struggled. Vogenx, a biotech that priced its IPO at $13, traded around $24.89 before the bell on Thursday. Black Rock Coffee Bar, another recent listing, also rose.

Lycia Therapeutics lists Friday

The IPO pipeline keeps moving. Lycia Therapeutics priced an upsized offering of 17,640,000 shares at $18.00 on Thursday, raising about $317.5 million, according to a company announcement. Its shares are set to begin trading on the Nasdaq on Friday, October 23, under the symbol LYCA.

SpaceX lockup and Forgent CFO in focus

For SpaceX, the key questions are how the lockup expiry affects trading and whether there are further developments on the special committees.

For Forgent, investors will look for any further updates on the finance leadership transition. Next week's big tech earnings, including Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) on October 28, will shape sentiment toward AI-linked stocks old and new.