SpaceX, the company that made landing rockets look routine, is discovering that keeping a stock price aloft is a different kind of engineering challenge. After three consecutive days of losses, shares of the Elon Musk-founded aerospace giant are trading near their $135 IPO price, effectively wiping out the euphoric gains that followed what was the largest public offering in history.
The stock closed around $136 in recent trading. Shares opened at $150 on their first day and surged to an intraday high of $225.64 by June 16.
From record IPO to reality check
SpaceX priced its IPO at $135 per share on June 12, 2026, raising approximately $75 billion in proceeds. That figure alone made it the largest IPO ever, giving the company an initial market capitalization in the range of $1.77 to $1.8 trillion.
One particularly brutal session saw the stock plunge 16.4% in a single day. Over the weeks following the IPO, more than $600 billion in market value evaporated.
