SpaceX share price drop: Shares of other U.S. space companies were also down. Rocket Lab and Planet Labs dropped around 3 per cent, while AST SpaceMobile and Intuitive Machines declined around 7 per cent and 3 per cent, respectively.

Shares fell by as much as 7% during volatile trading - after they had been up by 6% earlier in the session. They eventually closed almost 5% lower.

Elon Musk’s rocket firm pulled back from a rally that pushed its market value ahead of Amazon and Microsoft.