SpaceX shares near IPO price after three days of losses erase billions in market value

SpaceX, the company that made landing rockets look routine, is discovering that keeping a stock price aloft is a different kind of engineering challenge. After three consecutive days of losses, shares of the Elon Musk-founded aerospace giant are trading near their $135 IPO price, effectively wiping out the euphoric gains that followed what was the largest public offering in history.

The stock closed around $136 in recent trading. Shares opened at $150 on their first day and surged to an intraday high of $225.64 by June 16.

From record IPO to reality check

SpaceX priced its IPO at $135 per share on June 12, 2026, raising approximately $75 billion in proceeds. That figure alone made it the largest IPO ever, giving the company an initial market capitalization in the range of $1.77 to $1.8 trillion.

One particularly brutal session saw the stock plunge 16.4% in a single day. Over the weeks following the IPO, more than $600 billion in market value evaporated.

SpaceX joined the Nasdaq-100 following its debut, which meant index funds were buying, but even that structural demand hasn’t been enough to prop up the price against the selling pressure.

Why the air is coming out

At its peak near $225, SpaceX was trading at a premium that priced in not just its current launch and Starlink businesses but also speculative future revenue from Mars missions, point-to-point Earth travel, and other moonshot initiatives.

SpaceX has announced plans to issue bonds to finance its artificial intelligence projects. Taking on debt weeks after raising $75 billion in equity introduces financial leverage into a company that investors were already struggling to value.

What this means for investors

For investors who bought at or near the $135 IPO price and held, the situation is uncomfortable but not catastrophic. They’re roughly flat. For anyone who chased the stock above $200, the losses are significant. A buyer at the $225 peak is now sitting on a drawdown of roughly 40%.

A 16.4% single-day decline is the kind of move that shakes out even experienced traders, and the volatility of the past month suggests caution around position sizing and risk management when a stock can lose hundreds of billions in market value in a matter of days.

SpaceX’s first quarterly report as a public company will give investors their first real look at the financial details behind the business. Until then, the stock is trading on sentiment, momentum, and whatever signal the bond market sends about the company’s creditworthiness.

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