SpaceX shares fall below IPO price, wiping $1 trillion

Shares of SpaceX fell below their initial public offering price on Wednesday, July 15, 2026, extending a sharp decline that has erased nearly $1 trillion in market value since the stock's peak last month. The stock briefly dropped to as low as $132.62 before recovering to hover around the $135 IPO price, marking a significant reversal from its all-time high of $225.64 reached on June 16.

The decline wipes out most of the gains from one of the most anticipated market debuts in history. SpaceX priced its IPO at $135 per share on June 12, raising approximately $86 billion in the largest public offering ever. The stock opened for trading the next day at $150 and surged in subsequent sessions, briefly giving the company a valuation that rivaled tech giants like Amazon and Microsoft and making CEO Elon Musk the world's first trillionaire. However, the rally proved short-lived, with the stock surrendering more than 40% of its peak value in the weeks that followed.

Analysts attribute the extreme volatility to several factors, including profit-taking after the initial surge and a broader market reassessment of lofty tech valuations. The stock's thin float, with only about 4% of total...