SpaceX Rout Triggers Global Tech Sell-Off
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- SpaceX shares dropped below the $150 IPO debut price on June 23, 2026, after sliding from a peak above $225 one week earlier — wiping out more than $900 billion in market value
- The Nasdaq 100 plunged 3.4% in early trading, on pace to erase more than $1 trillion in market value, while the Nasdaq Composite fell 2%, the S&P 500 dropped 1.3%, and the Dow lost nearly 300 points
- SpaceX announced an inaugural bond offering seeking approximately $20 billion on top of its $85 billion IPO from two weeks ago, per Bloomberg, with proceeds earmarked to fuel its AI ambitions
- On Monday, SpaceX fell nearly 17%, erasing $400 billion in value in what Bloomberg called the second-largest one-day wipeout for any single stock on record
- Korea's Kospi closed down 10% as Samsung and SK Hynix both slid more than 12%, while Europe's Stoxx 600 lost nearly 1% and Germany's DAX fell 1.1% on a 6% drop for Infineon
- Nvidia tumbled 3% and Sandisk, Micron Technology, Western Digital, Marvell, and Qualcomm all fell around 9%, with investors growing anxious ahead of Micron's Wednesday earnings report
- The Iran war and Strait of Hormuz closure fueled inflation fears that could push interest rates higher, though oil prices dipped on a tentative U.S.-Iran truce, with long-dated Brent still $10/barrel above pre-war levels
Why it matters: With Micron's earnings now serving as the next catalyst and AI-infrastructure names already down roughly a trillion dollars in a single session, the sell-off exposes how concentrated the market's risk has become in a handful of chip and AI stocks — and how geopolitical shocks like the Strait of Hormuz closure are now flowing directly into tech valuations through inflation and rate expectations.
