SpaceX shares plunge below IPO, wiping out $1 trillion market value

After its mid‑June initial public offering at $135, SpaceX's shares have fallen to roughly $110–$118, a decline of about 30% that cut the company's market capitalization by roughly $1 trillion, or 44% of its peak value.

Short sellers have reaped an estimated $15.5 billion in paper profits, with about 360 million shares – roughly 56% of the free float – currently on loan. High‑profile investors such as Cathie Wood have nonetheless added to their positions, buying tens of millions of dollars worth of stock.

The slump has also depressed the broader space‑industry index, erasing more than $1 trillion in sector value and affecting companies like Rocket Lab, Planet Labs and others. Analysts point to the upcoming first quarterly earnings report on 4 August and a pending Starship test flight as near‑term catalysts, while a staggered lock‑up release could add further selling pressure.