SpaceX’s stock price fell to just above $135 on Wednesday, below the IPO price set for its June 12 public offering, which raised nearly $86 billion. The company’s shares traded below that price for much of the day, dipping below $133 per share before closing at $135.27. This decline follows a steady drop in the month since the IPO, with the stock fluctuating significantly in the first month of trading. SpaceX’s stock initially rose above $200 in the days after the IPO, briefly giving it a valuation that rivaled tech giants like Amazon and Microsoft. However, it has lost value every week since reaching that peak, with some volatility attributed to the fact that only 4% of the company’s shares are publicly traded on the Nasdaq. The small float, combined with intense market attention, has led to wild price swings. The markets also appear to be reacting to a broader deflation in tech stocks over the last month, with SpaceX’s stock and its bonds suffering. A prolonged downturn could have wider implications, as the company’s stock price reflects investor sentiment toward Musk’s ambitious vision for space exploration. SpaceX’s IPO has also set the stage for other Big Tech companies like Anthropic and OpenAI to go public, with both filing confidentially for an IPO. While neither has set a public date, SpaceX’s stock is being closely watched to gauge the success of those potential offerings. SpaceX is about to face another test of its stock’s resilience. On Thursday, the company will conduct its first Starship rocket test since the IPO. Starship is still in development, making it prone to failure, as per SpaceX’s 'fly, fail, fix' approach. This will be the first Starship flight since a booster failure in May. The company does not plan to recover the Star, opting instead for a simulated landing in the Gulf of Mexico, which means both parts of the rocket will explode regardless of flight performance. This story has been updated to include the closing price. Topics AI, Elon Musk, Space, SpaceX, spacex ipo, Starship When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence. Sean O'Kane Sr. Reporter, Transportation Sean O’Kane is a reporter who has spent a decade covering the rapidly-evolving business and technology of the transportation industry, including Tesla and the many startups chasing Elon Musk. Most recently, he was a reporter at Bloomberg News where he helped break stories about some of the most notorious EV SPAC flops. He previously worked at The Verge, where he also covered consumer technology, hosted many short- and long-form videos, performed product and editorial photography, and once nearly passed out in a Red Bull Air Race plane. You can contact or verify outreach from Sean by emailing sean.okane.com or via encrypted message at okane.01 on Signal. View Bio November 4 Boston Last chance to save up to $190 on TechCrunch Founder Summit. Join 1,000+ founders and VCs at all stages for real-world scaling insights and connections that move the needle. Savings end June 26, 11:59 p.m. PT. REGISTER NOW Most Popular Satya Nadella has issued a shocking warning to companies using AI Julie Bort The wildest allegations in Apple’s trade secrets lawsuit against OpenAI Sarah Perez Anthropic starts localizing Claude pricing for India, its biggest market after the US Jagmeet Singh Meta removes controversial AI feature on Instagram after backlash Lucas Ropek Apple sues OpenAI over alleged trade secret theft Sarah Perez Elon Musk praises Mythos/Fable, promises not to ‘cut off’ Anthropic Julie Bort Instagram users: Here’s how to stop Meta’s AI from using your photos Lauren Forristal
Source: techcrunch
