SpaceX stock tanks 16% as post-IPO rally fades
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- SpaceX stock fell 16% on Monday, extending a selloff that erased nearly 24% over the prior three full trading sessions after its June 12 IPO at a $135 offering price.
- After opening at $150/share, SpaceX's market cap briefly surpassed both Amazon and Microsoft on Tuesday before retreating below both.
- SpaceX announced a senior unsecured notes offering on Monday and disclosed $100.8 billion in cash and cash equivalents as of June 19.
- The company posted a $4.9 billion net loss in 2025 and a $4.28 billion loss in Q1 2026, with bullish investors betting Musk can deliver long-term returns despite the red ink.
- Open-market buyers of SpaceX shares had seen nearly all their paper gains vanish by the end of last week, even as the IPO made Musk the world's first trillionaire and minted thousands of new millionaires.
Why it matters: Even amid the steep pullback, SpaceX holds $100.8 billion in cash and is raising additional capital through a senior notes offering — the selloff reflects valuation compression after a record IPO, not a liquidity crisis. For average investors who bought post-listing, however, the rapid reversal has already erased nearly all paper gains and tempered the wealth-creation narrative.
