SpaceX stock falls sharply after IPO, erasing $750 billion in market value

SpaceX shares slipped about 4% in early trading, closing around $113.50 after hitting a record low of $109.53 on July 27. The company debuted on the Nasdaq on June 12 at an issue price of $135, opened at $150 and briefly surged to $225, giving the company a market value above $2 trillion. The subsequent decline has wiped roughly $750 billion from founder Elon Musk’s paper wealth. Analysts are divided, with an average price target of $237 and a wide range from $62 to $800. The U.S. Federal Aviation Administration has proposed rule changes to speed up launch approvals, a move that could benefit SpaceX’s planned increase in launch cadence. The firm faces its first quarterly earnings report on August 4, and about 20% of the stock will become eligible for sale under a lock‑up unlock two days later, adding further pressure on the share price.