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SpaceX Stock Hits New Low Since IPO After Rocket Launch Called Off
Business Insider • • business
Key Points:
- SpaceX's stock has lost about $1 trillion in market value since its peak on June 16, dropping below its $135 IPO price for the first time and closing at $131.11 on Thursday, with further declines continuing on Friday.
- The recent stock decline followed the cancellation of SpaceX's first Starship launch since going public, due to engine start failures triggering an automatic abort, with a retry planned for early next week.
- SpaceX raised over $85 billion in its June 12 IPO, the largest in history, but the stock has steadily declined after an initial post-IPO rise, erasing roughly $320 billion in value since the IPO day.
- The Starship rocket, central to SpaceX's future plans including Starlink satellite launches and NASA's Artemis moon mission, has faced setbacks with a booster mishap in May and the recent aborted launch.
- Upcoming lockup expirations will allow employees and early investors to sell 911.5 million shares after the first quarterly report in August, adding further pressure on the stock as early investors are now facing losses.
