• 2 min read
SpaceX sheds $1 trillion after record IPO frenzy fades
SpaceX shares briefly fell below their $135 IPO price, wiping more than $1 trillion off the company’s market value.
Image: iXBT
SpaceX shares briefly dropped below their $135 IPO price for the first time since the company went public, a sharp reversal after the stock surged to $225 in mid-June.
That roughly 40% pullback has cut SpaceX’s market capitalization by more than $1 trillion, according to the source. Financial Times also reported that the value of Elon Musk’s stake in the company fell from $1.2 trillion to $760 billion. SpaceX bonds issued at the end of June also declined in value.
Despite the intraday dip below the IPO level, the stock recovered by the close and finished slightly above $135.
The initial public offering still proved highly lucrative for the banks that ran it. More than 20 investment banks involved in the deal collected about $500 million in combined fees. The source adds that exchange traders also made significant profits from the stock’s heavy volatility.
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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 iXBT
