First, they had lift-off; now, they’re coming back to Earth with a bump.
SpaceX shares dropped for a third consecutive trading day on Monday, extending a pullback after the Elon Musk-led company’s mega IPO earlier this month.
The company’s stock price was down more than 5% shortly after the market opened on Monday, dropping $10 to $175 per share. It then continued to drop, hovering at around $165 per share — a roughly 10% fall — by late morning.
Across last Wednesday and Thursday, SpaceX dropped more than 8% ahead of US markets closing Friday for the Juneteenth holiday.
The sell-off follows a meteoric rally that last week briefly pushed SpaceX’s valuation close to $3 trillion, leapfrogging Amazon and Microsoft to become the fourth-most valuable company in the world. As of Thursday’s close, its market capitalization was $2.4 trillion.
SpaceX’s public market debut on June 19, the biggest IPO in history, saw the stock jump 19% in its first day of trading, cementing Musk as the first-ever trillionaire. Retail traders piled into SpaceX stock in the days after the IPO as they looked to get a piece of the rocket, AI, and satellite company.
Even with the recent decline, SpaceX shares are still up nearly 30% from their IPO price.
Some analysts questioned SpaceX’s valuation — about $1.75 billion to $1.77 trillion — going into last week’s blockbuster IPO. The company posted a $4.9 billion loss in 2025 on revenue of $18.7 billion.
SpaceX raised $85.7 billion in its IPO, but the company is still seeking more money to pursue Musk’s cosmic ambitions, which include putting humans on Mars. In a Monday filing, SpaceX said it’s raising more cash from bond sales to repay a bridge loan, adding that it held about $100.8 billion in cash and cash equivalents as of June 19.
