SpaceX, the company that literally sends rockets to space, is having trouble maintaining altitude on Wall Street. Shares of SPCX fell below their $135 IPO price on July 15, marking the first time the stock has dipped below the level where investors bought in during the historic June 12 listing.
The decline represents a drop of more than 30% from the stock’s post-debut peak of roughly $225 to $226. For context, that peak came just days after the IPO. The entire arc from euphoria to underwater happened in about a month.
From record-breaking debut to below water
SpaceX’s IPO was, by any measure, a landmark event. The company raised $75 billion at $135 per share, making it the largest initial public offering ever recorded. The listing valued Elon Musk’s rocket and satellite venture at approximately $1.8 trillion.
Early trading looked like a victory lap. Shares opened on Nasdaq between $150 and $162, then climbed to around $225 in the days that followed. Investors who got in at the IPO price were sitting on gains north of 60%.
