SpaceX stock slides 14% from IPO price after raising $85B in historic debut

SpaceX, the company that made reusable rockets look routine, is learning that public markets are a different kind of reentry problem. Shares have dropped below their $135 IPO price by mid-July 2026, erasing the euphoric gains from a debut that raised approximately $85.7 billion, the largest initial public offering ever conducted. The stock, trading on Nasdaq under the ticker SPCX, opened at $150 on June 12 and closed its first session near $161, a roughly 19-20% pop from the IPO price. That first-day surge pushed SpaceX’s market capitalization above $2.1 trillion and, briefly, made Elon Musk the world’s first trillionaire. The numbers behind the record SpaceX priced 555.6 million shares at $135 each on June 11, initially raising $75 billion. After underwriters Goldman Sachs and Morgan Stanley fully exercised their overallotment option, adding 83.3 million shares, gross proceeds climbed to roughly $85.7 billion. The debut valuation landed around $1.77 trillion before the market decided it wanted to pay even more on day one. For context, that $85.7 billion raise dwarfs every previous IPO by a wide margin. Saudi Aramco’s 2019 listing, the prior record holder, raised about $25.6 billio...