SpaceX shares dropped through the $150 threshold on Tuesday, falling below the level at which the stock first began trading on the Nasdaq nearly two weeks earlier.
The decline briefly pushed the company’s market capitalization below $2 trillion, with shares hitting an intraday low of $146.88 before recovering ground.
The stock settled around $153 following the session, meaning shares had recovered a portion of the day’s losses but remained under pressure from recent selling.
SpaceX made its Nasdaq debut on June 12 under the ticker SPCX, with the IPO priced at $135 per share and opening trades beginning at $150.
The offering raised nearly $86 billion after underwriters exercised the greenshoe allotment, setting a record for a public market debut.
The initial post-IPO run was extraordinary, with SPCX gaining more than 40% through its first two days of trading alone.
That surge briefly pushed SpaceX’s valuation past those of both Amazon and Microsoft, with shares reaching an intraday high of $225.64 on June 16 before reversing course.
A 16% single-day plunge on Monday compounded two earlier daily declines of 5% and 3.6%, accelerating the stock’s retreat from its peak.
The sell-off followed SpaceX’s announcement of a senior unsecured notes offering, its first foray into the public bond market, alongside a separate disclosure that the company held $100.8 billion in cash and cash equivalents as of June 19.
The company was simultaneously moving to raise at least $20 billion through its debut senior unsecured notes offering on that same date, a dual capital raise that rattled some investors.
Additional pressure came after MSCI assigned SpaceX its lowest possible ESG rating, a CCC, citing insufficient management of environmental, social, and governance risks.
Despite the turbulence, shares still held a gain of more than 10% relative to their $135 offering price, providing some reassurance to investors who got in at the IPO.
SpaceX posted a $4.9 billion net loss in 2025 and lost $4.28 billion in the first quarter of 2026, raising questions about the path to profitability.
Bullish investors remain focused on long-term growth prospects, with Elon Musk holding more than 82% of voting power and serving as chairman, CEO, and technology chief of the company.
