SpaceX Down 47% From Peak, Sheds $1.4 Trillion
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- SpaceX stock fell 3.3% Monday to a record closing low of $119.85, its seventh consecutive day of losses and a roughly 47% drop from its all-time intraday high of nearly $226 a share.
- The slump has wiped out almost $1.4 trillion in market value and pushed SpaceX behind Meta Platforms into eighth place by market cap for the first time, per Dow Jones Market Data.
- SpaceX is in talks with the Defense Department about AI computing capacity, per the Wall Street Journal, in a deal similar to agreements with Anthropic and Google expected to generate about $26 billion in annual revenue once ramped up.
- SpaceX did not respond to a request for comment on the potential Pentagon deal, though the company already launches satellites and builds communications and missile-defense networks for the U.S. military.
- The Colossus I and II data centers in Memphis, acquired through SpaceX's February merger with xAI, form the backbone of its AI computing ambitions; SpaceX eventually plans to put AI data centers in orbit using free solar power.
- The 13th Starship test was scrubbed Thursday after some engines failed to light and has been rescheduled for July 23 at about 6:45 p.m. ET, with investors hoping a successful flight supports the orbital data-center thesis.
- Starship Flight 13 aims to deploy 20 Starlink V3 satellites and attempt an in-space relight of a single Raptor engine before a controlled re-entry and splashdown in the Indian Ocean.
Why it matters: SpaceX has lost almost half its market value since June and slipped behind Meta in market-cap rankings for the first time, with a potential Pentagon AI computing deal — modeled on $26 billion agreements with Anthropic and Google — failing to lift sentiment Monday. The rescheduled July 23 Starship test now stands as the clearest near-term catalyst for whether the orbital data-center thesis holds.
