- SpaceX shares fell below listing price, dropping as much as 5% in pre-market trading
- Market value declined nearly $400 billion in one day, second-largest wipeout on record
- Shares down 16% from recent highs but remain 10% above IPO price of $135
SpaceX shares extended their losses in pre-market trading on June 23, falling below their listing price after suffering one of the biggest single-day market value declines on record.
The stock dropped as much as 5% to around $147 in pre-market trading, below its first-day opening price of $150. The decline put the Elon Musk-led company's market capitalisation on track to slip below the $2 trillion mark, reversing Musk's brief return to trillionaire status.
The latest decline follows a bruising session in which SpaceX lost nearly $400 billion in market value, marking the second-largest single-day wipeout on record after Nvidia's roughly $590 billion decline last year. Over the past three trading sessions, the company has shed more than $600 billion in market capitalisation.
Shares have now fallen about 16% from recent highs, reaching their lowest level since the company's market debut. Despite the sharp correction, the stock remains roughly 10% above its initial public offering price of $135.
The selloff comes amid a broader retreat in global technology stocks. Nasdaq 100 futures fell 2.6%, while S&P 500 futures declined 1.4%. In Europe, the technology sub-index of the Stoxx 600 dropped 3.1%, while Asian technology shares also came under pressure after reports that South Korea's SK Hynix may slow the expansion of AI memory chip production.
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Investor sentiment towards SpaceX weakened after the company announced plans to issue investment-grade bonds despite holding more than $100 billion in cash and cash equivalents. The debt offering is expected to help finance the company's long-term investments in artificial intelligence, data centres and other expansion projects, while also refinancing existing borrowings.
The announcement prompted investors to question why the company was raising additional capital despite its sizeable cash reserves. SpaceX said the proceeds would be used for general corporate purposes and to repay existing debt, but markets interpreted the move as a reflection of the substantial capital required to fund its AI ambitions.
SpaceX's public listing earlier this month attracted overwhelming investor demand, with the company quickly becoming one of the world's most valuable listed firms. Much of that enthusiasm was driven not only by its leadership in space technology but also by investor optimism around its artificial intelligence strategy and investments in computing infrastructure.
However, following the initial rally, investors have increasingly focused on the company's financial performance. SpaceX reported a net loss of $4.9 billion for 2025 and a further loss of $4.28 billion in the first quarter of 2026, reflecting heavy spending on AI infrastructure, Starship development and other growth initiatives.
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