It has been just over a month since SpaceX’s blockbuster IPO, but the company has already lost roughly as much value as Elon Musk’s other major company, Tesla, is worth. Despite SpaceX’s falling stock price, Musk is already selling investors on another one of his businesses. SpaceX shares closed Monday at a record low of $113.50. That is about 24% below the $150 price at which the stock began trading on June 12. The drop looks even steeper compared with SpaceX’s all-time high of $225.64, which it reached on June 16. At the time, the company’s market capitalization reached roughly $3 trillion. SpaceX is now worth around $1.5 trillion, having shed about $1.5 trillion in market value in a matter of weeks. That is even more than the approximately $1.2 trillion market capitalization of Musk’s EV company, Tesla. Losing a Tesla’s worth of value in a little over a month would be a major wake up call for almost anyone. Musk, however, does not appear deterred.
The Boring Company is still a thing, apparently The Boring Company, Musk’s tunneling startup, is reportedly in talks to raise around $4 billion in a new funding round that would value the company at approximately $20 billion, according to The Wall Street Journal. The company is known for tunnel-boring machines that it says are cheaper and faster than traditional methods. The Boring Company began as a project inside SpaceX before being spun off into a separate business in 2018.
