SpaceX, the aerospace company led by Tesla CEO Elon Musk, has seen its stock price decline for three consecutive days, resulting in a loss of over $600 billion in market capitalization.
On June 22, Bloomberg reported that SpaceX's stock closed down 16% at $154.60, marking its lowest point since going public on June 12. Over the past three trading days, the cumulative decline has reached 23%, with the company's market value dropping by more than $600 billion during this period.
As a result, SpaceX's current market capitalization is just above $2 trillion, pushing it down to seventh place in the global market capitalization rankings, behind TSMC. Despite the recent drop, the stock is still approximately 15% higher than its initial public offering price of $135.
The decline was particularly pronounced after SpaceX announced its plans to issue investment-grade corporate bonds for the first time. Bloomberg previously reported that the company aims to raise at least $20 billion through this bond issuance.
Michael O'Rourke, chief market strategist at JonesTrading, noted, "The selling pressure has regained control. Everyone who wanted to buy this stock has already done so."
SpaceX entered the public market with a record $75 billion initial public offering (IPO). On its first trading day, only 4.2% of the total shares were available for trading, leading to significant volatility as individual investors rushed to buy shares from the outset.
According to research firm Bandari Research, individual investors net purchased $405 million in SpaceX shares during the first five trading days after its IPO. Last week, the net purchases by individual investors exceeded the total net purchases of the seven leading U.S. tech stocks known as the 'Magnificent Seven.' Although net buying continued on this day, the inflow was lower than the previous week.
Michael Leshock, an analyst at KeyBanc, expressed optimism that SpaceX will maintain its leading position in space launches and adjacent sectors. However, he cautioned that while the company has growth opportunities that could change the market landscape, these prospects are already reflected in the current valuation, suggesting a balanced risk-reward expectation.
* This article has been translated by AI.
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