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SpaceX tumbles 23% from its high as investors see gains wiped out
NBC News • • general
Key Points:
- Shares of SpaceX dropped 16% on Monday, closing below their IPO price from June 12, marking the third consecutive day of declines following the largest IPO ever.
- The stock closed at $154.60, down about 23% from its peak of $201.80 reached on June 16, erasing most gains for investors who bought after the debut.
- Despite the sell-off, SpaceX's market capitalization remains around $2 trillion, making it more valuable than Walmart or Meta, with the IPO generating over $85 billion for the company and pre-IPO shareholders.
- The decline coincided with a broader market downturn, including Alphabet’s worst one-day performance in over a year, as investors worry about rising inflation and debt burdens for tech giants funding AI infrastructure.
- Bloomberg reported SpaceX plans to raise at least $20 billion through a bond sale, raising concerns among investors about the large cash requirements needed to support the company’s technological ambitions.
