SpaceX stock climbs 4%, rebounding from three-day losing streak
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- SpaceX shares climbed about 4% on Tuesday, rebounding from a three-day skid during which the stock lost nearly 24%, including a $400 billion sell-off on Monday (16% drop) following losses of 3.6% and 5% the prior two sessions.
- SpaceX shares briefly slipped below $150 at Tuesday's open — the price of its first trade when it debuted nearly two weeks ago — pushing the company's market cap below $2 trillion.
- SpaceX had posted huge gains after its record-breaking June 12 IPO, briefly surpassing Amazon and Microsoft in market capitalization, but by the end of last week the average investor had seen nearly all of those gains erased.
- SpaceX announced a senior unsecured notes offering on Monday and disclosed $100.8 billion in cash and cash equivalents on hand as of June 19.
- SpaceX revealed it signed a major computing power agreement with open-source AI startup Reflection, providing that company with access to Musk's Colossus infrastructure.
Why it matters: The 4% bounce barely dents Monday's $400 billion one-day market-cap loss, and retail investors who bought at IPO have already watched most paper gains vanish. But SpaceX's $100.8 billion cash pile and the newly disclosed Reflection AI deal show the company is using its balance sheet and AI infrastructure narrative to try to stabilize sentiment after the post-IPO crash.
