SpaceX shares tumble 35% from peak after June IPO

Space Exploration Technologies Corp., known as SpaceX, has seen its stock price retreat significantly in the month following its historic initial public offering, erasing nearly all the gains from its initial trading surge. The company, which went public on June 12, 2026, priced its IPO at $135 per share and opened for trading at $150.

The stock quickly captured investor enthusiasm, fueled by the company's ambitious growth projections and a major acquisition. On June 14, CEO Elon Musk projected the company could achieve $1 trillion in annual revenue by 2030, a stark contrast to its reported 2025 revenue of $18.67 billion and a net loss of $4.94 billion. The stock reached an intraday peak of $225.64 on June 16, temporarily giving SpaceX a market capitalization that surpassed major technology giants. At that peak, the company announced a $60 billion all-stock acquisition of Anysphere, the creator of the AI coding tool Cursor.

The momentum reversed in late June. On June 22, the company announced plans to raise at least $20 billion through a bond offering to finance AI and computing infrastructure expansion. Despite the announcement, shares fell over 16% that day to close at...