SpaceX Had A Blockbuster Listing. Then It Lost $600 Billion In Just 3 Days - NDTV

SpaceX, Elon Musk much-hyped space and AI venture, has seen its stock plummet by over $600 billion in market value in just three days, wiping out the majority of its gains since its record-breaking Initial Public Offering (IPO) on June 12, 2026. After hitting an intraday high of $225.64 per share on June 16, shares tumbled, falling below their initial opening price of $150 and pushing the company's market capitalization under the $2 trillion mark. This dramatic reversal comes on the heels of several key developments, including SpaceX recent $60 billion all-stock acquisition of AI coding startup Cursor, which sparked significant stock dilution concerns among investors. Further dampening sentiment was the announcement of a $20 billion Senior Unsecured Notes Offering, raising questions about capital allocation despite SpaceX holding a substantial cash pile. Analysts had already flagged SpaceX as 'significantly overvalued' at its IPO price, trading at roughly 100 times trailing sales, making the stock susceptible to profit-taking and a broader tech sector sell-off. Moving forward, all eyes will be on SpaceX ability to demonstrate robust fundamentals that can justify its ambitious valuation, especially given its unprofitability in 2025 and Q1 2026. The upcoming staggered Lockup Period expirations for insiders could introduce further selling pressure, and the market will be keenly watching any statements from Elon Musk regarding the company's strategy for Starlink, Starship, and its rapidly expanding AI ventures, including xAI, as it navigates this turbulent post-IPO environment.