SpaceX Stock Tumbles 9% Amid Selloff After Record IPO

SpaceX stock fell 9% on Monday, continuing a selloff that has seen shares tumble in the past two full days of trading after an initial rally from its record-breaking initial public offering.

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% since its historic debut at market close on Thursday, which offered shares at a set price of $135.

SpaceX also on Monday announced a senior unsecured notes offering and disclosed that it had $100.8 billion in cash and cash equivalents on hand as of June 19.

Bullish investors are betting big on the prospect of Musk driving long-term returns at SpaceX. The company posted a $4.9 billion net loss in 2025, and it lost $4.28 billion in the first quarter of this year.

But the average investor who bought SpaceX shares in the open market after its debut had seen nearly all of their gains disappear by the end of last week, thanks to the pullback.

Despite that, the blockbuster IPO has made Musk the world's first trillionaire, minted thousands of new millionaires and saw some shareholders' stakes surpass the billion-dollar mark.