SpaceX Stock Falls Over 3% in Pre-Market Trading
Quick Look
- SpaceX shares dropped over 3% in pre-market trading Monday, extending a recent selloff after a strong post-IPO rally.
- The stock, which surged after its June 12 listing, has seen volatility in its first days as a public company.
AI-generated summary
Why It Matters
SpaceX, Elon Musk's space and AI firm, had a record-breaking IPO on June 12, becoming one of the world's most valuable companies. Its stock surged initially before experiencing a selloff.
SpaceX is down more than 3% in premarket trading on Monday, continuing a selloff that has seen the stock fall in the past two full days of trading after a rally after its record-breaking IPO.
Shares in the company were down 3.53% at 5:04 a.m. ET.
Elon Musk's space and artificial intelligence firm became one of the world's most valuable companies after a blockbuster listing on June 12. Stock surged in SpaceX's first two full days as a public company, with market cap surpassing Amazon and — briefly — Microsoft on Tuesday, before falling back below both.
Shares sank 5% and 3.6% on Wednesday and Thursday last week, before the Juneteenth holiday on Friday.
The stock was still up 37% at market close on Thursday since its historic debut, which offered shares at a set price of $135.
Open Questions
- Will the stock price stabilize?
- What is the long-term outlook for SpaceX stock?
