SpaceX Stock Falls Below IPO Debut Price, Wiping Nearly $1 Trillion in Market Value

A $1 trillion reversal in under two weeks

SpaceX shares briefly dipped below their $150 debut price on Tuesday for the first time since the company went public on June 12, touching $149 intraday before recovering to close up roughly 1% at $156.11forbes +1. The move capped a three-day losing streak that erased close to $1 trillion in market capitalization, pulling the company's valuation from a peak of $2.9 trillion back toward the $2 trillion markforbes +1. The selloff ended what had been one of the most euphoric IPO runs in Wall Street history, with SpaceX shares having surged as high as $225.64 on June 16 — a 67% premium over the company's $135 IPO pricebbc.

The IPO that remade the record books

SpaceX raised more than $85 billion in its public debut — the largest IPO in history — after investors placed orders exceeding $350 billion for a relatively thin float of sharesforbes +1. The opening-day pop to $150 briefly pushed SpaceX's market cap past both Amazon and Microsoft, making it the fourth-largest company in the world by valuationcnbc. The listing also propelled Elon Musk past a milestone no one had ever reached: his roughly 42% stake in SpaceX pushed his total net worth above $1 trillion, making him the first trillionaire in recorded historybbc.

The post-IPO hangover sets in

The selloff gathered force after SpaceX announced a senior unsecured bond offering on June 22, borrowing more money just ten days after its blockbuster equity raisenytimes +1. The move reignited investor anxiety about the pace and scale of capital spending on artificial intelligence infrastructure — a concern that was already simmering across the broader tech sector. SpaceX stock fell 16.4% on Monday alone, its steepest single-session decline since going publicforbes +1. The broader ripple was significant: chip and memory stocks tumbled in tandem, the Nasdaq dropped 1.3%, and South Korea's Kospi index fell 10% as the sell-off spread globallyforbes +1.

Musk's trillionaire status — briefly lost

By Tuesday's close, Bloomberg's Billionaires Index valued Musk's fortune at $957 billion, down from the $1.11 trillion peak recorded less than two weeks earlierbbc. The decline reflects how narrowly his wealth is concentrated: SpaceX alone accounts for nearly 80% of his net worth, making him unusually exposed to any single stock's swingsbbc. Tesla shares added to the pain, sliding roughly 6% in the same sessionbbc. Analysts note that insider lock-up restrictions on SpaceX shares are scheduled to begin lifting in late July, which could renew selling pressure — though a modest 6% recovery in the stock would be enough to restore his 13-figure statusbbc. SpaceX posted a $4.9 billion net loss in 2025 and lost $4.28 billion in the first quarter of 2026, figures that skeptics argue were always priced too leniently into the IPO's lofty valuationcnbc.