The market cools space ambitions: SpaceX (SPCX) shares have fallen below the IPO price, losing the $2 trillion market cap mark.
SpaceX's explosive debut on the Nasdaq, which seemed triumphant just a week ago, has given way to a sharp pullback. The company's shares (ticker SPCX) have broken below the initial public offering (IPO) price of $150, and the market capitalization has, for the first time since listing, fallen below the psychologically important $2 trillion mark.
To recall, the start of trading on June 12 was impressive: the opening price was $150, and the market cap immediately exceeded $75 billion, marking the largest debut in exchange history. By June 16, shares had soared to an intraday high of $225.64. However, this growth proved short-lived, and by Monday, the market cap was hovering just above $2.22 trillion.
The acceleration of the downward trend coincided with news of the company's first bond issuance. Under the terms, the senior notes are expected to raise at least $20 billion. SpaceX plans to use the proceeds to repay a short-term loan and develop projects in AI and data centers. Notably, according to the latest data, the company holds approximately $100.8 billion in cash, which raises questions about the urgency of such a loan and puts additional pressure on the stock.
As a result, everyone who bought SPCX after the IPO is now "underwater." The decline from the all-time high has already exceeded 30%. Investors are wondering whether the initial surge was justified by fundamentals or if it was a classic "pump" driven by hype.
Five Related Assets Under Pressure: Who Fell the Most?
The sell-off in SpaceX has not left the entire space sector unscathed. Major players have been affected unevenly.
Alphabet (an investor in SpaceX with a stake of about 6%, which, at a $2 trillion valuation, could be worth over $100 billion) lost 5% on Monday. Although this was linked to the departure of key AI specialists, GOOGL shares are moving in sync with SPCX. Rocket Lab (RKLB), the closest public competitor, which entered the Nasdaq-100 index, fell by 8% despite an order backlog of $2.2 billion.
T-Mobile (a Starlink partner for the T-Satellite project), with a beta coefficient of around 0.3, remained virtually unchanged, acting more as a defensive asset. Meanwhile, AST SpaceMobile (ASTS) and Intuitive Machines (LUNR) came under the most pressure. ASTS lost nearly a quarter of its value over the month, while LUNR, whose landers fly on Falcon 9, plunged by a third, further pressured by plans to raise $500 million through a share offering.
My View: Bubble or Correction?
Despite the panic, SpaceX's fundamental drivers—launches, Starlink, and AI—remain intact. Analysts at Susquehanna reiterated a neutral rating with a target price of $170, citing high growth rates but an inflated current valuation. The key risk now is uncertainty around AI revenues and delays in the Starship program. I believe the current decline is not a crash but a sharp correction toward fair value. The $2 trillion level will be a critical support point. If it holds, we will see consolidation. If not, the sector faces another wave of sell-offs. Investors should wait for clearer signals on the company's debt load and Starship progress before entering a position.