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SpaceX slips below IPO price after $1T wipeout
SpaceX shares fell below their $135 IPO price after a scrubbed Starship launch, leaving the stock down about $1 trillion from its June 16 peak.
Image: Hacker News
SpaceX has fallen below its $135 IPO price just five weeks after its record-breaking market debut, with roughly $1 trillion in value erased since the stock’s June 16 peak.
The shares first dipped under the IPO price on Wednesday, hitting $132.75 before recovering by the close. That rebound didn’t last. On Thursday, the stock finished at $131.11, its first close below the IPO price, then dropped another 5% on Friday. It was trading below $125 shortly before midday ET.
According to the report, the decline leaves SpaceX down about $320 billion from IPO day and around $1 trillion from its post-listing high.
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The latest leg down came after the company scrubbed its first Starship launch since going public. The flight had been scheduled for Thursday from SpaceX’s Starbase site in South Texas.
“Some of the engines didn’t start, triggering an automatic launch abort.”
Musk said in a post on X that SpaceX would try again in early next week. He added that 2 Raptors would be removed and replaced to improve confidence in the flight.
SpaceX raised more than $85 billion in its June 12 IPO, the largest public debut in history, before the stock began a steady retreat. The scrubbed mission was supposed to mark Starship’s return to flight after the debut of the upgraded V3 vehicle in May, which ended in a booster mishap.
That matters because Starship sits at the center of SpaceX’s long-term plans. The fully reusable rocket is intended to launch the company’s next-generation Starlink satellites, and NASA has hired a modified version for lunar landings under the Artemis program.
Another pressure point is the coming lockup expirations. After SpaceX reports its first quarterly results, expected in August, employees and some early investors will be allowed to sell 911.5 million shares, with more selling restrictions set to lift in the months after that.
For investors who bought at the IPO, the stock is now underwater.
Enterprise Editor
Marcus follows the money. He covers enterprise software, cloud architecture, and the tectonic shifts in Big Tech strategy. He translates dense earnings calls and complex M&A activity into actionable insights about where the industry is actually heading. If a tech giant makes a silent pivot, Marcus is usually the first to notice.
via Hacker News
