SpaceX’s $1tn Come-Down: From Soaring Post-IPO Valuation Back to Earth at $135

SpaceX’s $1tn Come-Down: From Soaring Post-IPO Valuation Back to Earth at $135
SpaceX’s market value has swung from euphoria to a sobering reset in just over a month, as its share price falls back to the $135 level where it debuted on Wall Street.

In mid-June, SpaceX’s IPO raised nearly $86 billion and sent shares soaring above $200 in the days after listing, briefly putting the company’s valuation in the same league as tech giants such as Amazon and Microsoft. But investors’ early exuberance soon gave way to a steady, week-by-week sell-off.

By Wednesday, July 15, SpaceX’s shares had dropped to just above $135, dipping intraday below $133 before closing at $135.27 — effectively erasing the post-IPO gains. The selling pressure has been intensified by a tiny free float: only about 4% of shares trade on the Nasdaq, a structure that amplifies volatility when market attention is high.

At the same time, a wider pullback in tech has cooled sentiment toward CEO Elon Musk’s “otherworldly” ambitions for the company, with both SpaceX stock and recently issued bonds coming under pressure. The reversal has been stark enough that one analysis framed it as a dramatic destruction of paper value, reporting that a SpaceX sell-off “wipes $1tn from Elon Musk’s rocket group” as the stock traded below $135 for the first time since the June debut.

Looking ahead, markets are now watching whether upcoming catalysts will stabilize or further rattle the stock. A crucial test is the first Starship rocket launch since the IPO — and since a booster failure in May — under SpaceX’s high-risk “fly, fail, fix” development strategy. The company’s trajectory is also seen as a bellwether for other tech heavyweights like Anthropic and OpenAI, which have confidentially filed for IPOs and may find their prospects influenced by how SpaceX weathers this volatile first chapter as a public company.

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