Less than two weeks after delivering the largest IPO in history, SpaceX is facing a reality check on Wall Street.
The company’s shares have fallen more than 30% from their post-IPO peak, erasing nearly $400 billion in market value and dragging the stock below its first-day closing price. The sharp decline comes after an explosive debut that briefly pushed SpaceX’s valuation close to $3 trillion and made it one of the world’s most valuable companies.
SpaceX, which debuted on the Nasdaq on June 12 under the ticker SPCX, raised approximately $75 billion through its public offering, making it the largest IPO ever. Shares were priced at $135 and surged on debut, closing around $161 before continuing their rally in the following sessions. At one point, the stock climbed above $225, lifting the company’s market capitalization to nearly $2.8 trillion.
However, the momentum has reversed sharply in recent trading.
On June 22, SpaceX shares fell to around $154.60, marking their steepest decline since listing and reducing the company’s valuation to roughly $2 trillion. The sell-off ranks among the largest single-day market value losses ever recorded by a public company.
According to analysts and market observers, the correction reflects a combination of factors. A broader technology market sell-off, concerns over elevated valuations, and SpaceX’s announcement that it plans to raise $20 billion through a bond offering have all weighed on investor sentiment. The debt issuance is intended to refinance a bridge loan arranged ahead of the company’s IPO. (
Despite the recent decline, many analysts view the volatility as typical for a high-profile IPO of this scale. Reuters reported that the stock’s dramatic swings are being driven by the same forces that fueled its initial surge: intense retail investor demand, limited publicly available shares, and uncertainty around how the market should value one of the world’s most closely watched technology companies.
The company remains one of the most valuable businesses globally, with investors continuing to bet on the long-term growth potential of its satellite internet business Starlink, launch services, artificial intelligence initiatives, and future space infrastructure ambitions.
Market participants are now watching several upcoming catalysts, including the initiation of analyst coverage, potential inclusion in major stock market indexes, and the gradual expiration of lock-up restrictions that could increase the supply of publicly traded shares. These events are expected to play a key role in determining the next phase of SpaceX’s public market journey.
