SpaceX shares have fallen below the IPO price: market capitalization has lost the $2 trillion mark
The tumultuous debut of SpaceX (ticker SPCX) on the Nasdaq has turned into a swift disappointment for investors. Just a few days after its historic listing, the company's shares broke through the initial public offering price of $150, and its market capitalization fell below the psychologically important $2 trillion mark for the first time.
Crash after takeoff: from $225 to a loss of $2 trillion
SpaceX's IPO started at $135 per share, and on the first day of trading, June 12, the price soared to $150, giving it a market cap of about $75 billion — the largest debut in Nasdaq history. The euphoria continued, and on June 16, shares hit an intraday high of $225.64. However, a sharp correction followed. By Monday, the market cap was still hovering just above $2.22 trillion, but the collapse accelerated after the announcement of the company's first bond offering.
According to the terms, the senior bonds are expected to raise at least $20 billion. SpaceX will use the proceeds to repay a short-term loan and develop projects in AI and data centers. According to the latest data, the company holds approximately $100.8 billion in cash, making this move more strategic than forced.
Nevertheless, the market reacted negatively to the news. As a result, SPCX shares fell below the IPO starting price, and the market cap dropped under $2 trillion. The decline from the highs exceeded 30%, putting all those who bought on the open market at a loss.
Five related assets under pressure
The sell-off in SpaceX has also affected related public space companies, but unevenly. Alphabet, which owns about 6% of SpaceX (a $900 million investment in 2015), shows the most stable exposure. With SpaceX valued at $2 trillion, this stake exceeds $100 billion. Alphabet's 5% drop on Monday was linked to the departure of key AI specialists, but the correlation with SPCX is evident.
Rocket Lab — the closest public competitor in launches, developing the Neutron rocket to rival the Falcon 9 — has fallen 8% since June 22, when it became the first dedicated space stock in the Nasdaq-100 index. The company's order backlog reached $2.2 billion last quarter.
T-Mobile shares remained nearly unchanged. The Starlink partner for the T-Satellite project, with a beta coefficient of about 0.3, is seen more as a defensive asset. AST SpaceMobile and Intuitive Machines experienced the most pressure. ASTS shares — a direct competitor in satellite phone connectivity — have fallen by nearly a quarter over the past month. LUNR, which sends NASA landers on the Falcon 9 rocket, lost about a third of its value over the same period. Additional pressure comes from a plan to raise $500 million through a stock offering and rising short positions.
What's next: support or breakdown?
SpaceX remains a subject of fierce debate: is the company truly worth trillions, or is it a bubble? Susquehanna assigned a neutral rating with a target price of $170, noting high growth rates but an inflated valuation. The company expects explosive revenue growth by 2030, driven by launches, Starlink, and AI development.
In the coming sessions, it will become clear whether the $2 trillion level holds as support or if the market will go lower. The bond sale tests investor sentiment — growth has already declined by more than 30% from the highs. In any case, other participants in the space sector will continue to look to SPCX for direction.
Expert opinion: SpaceX's fall below the IPO price is a classic example of "buy the rumor, sell the fact." Fundamentally, the company is strong, but the current $2 trillion valuation leaves little room for error. Investors should wait for a more favorable entry point, given the risks of Starship delays and uncertainty over AI revenues.