SpaceX shares tumble after IPO, losing over $1 trillion in market value

SpaceX went public on June 12 2026, pricing its shares at $135. The stock surged to a post‑IPO high of $225.64 but has since fallen below the IPO price, trading around $115 and wiping out roughly $1 trillion (about 44%) of its market capitalization.

Short sellers have taken advantage of the decline. Analytics firm Ortex estimates they hold about $15.5 billion in paper profits, with roughly 56% of the free‑float loaned out. Short interest has risen to a record‑high of about 32% of shares outstanding.

Analysts from Morgan Stanley, HSBC, Bernstein and others have placed the stock on “hold” and set price targets near $115–$120, noting that the market has already priced in much of SpaceX’s long‑term growth potential. The company’s first quarterly report, due August 4, is expected to influence further price movement.

CEO Elon Musk has hinted at greater operational overlap with Tesla and SpaceX, but declined to comment on any merger, keeping the focus on the stock’s performance and valuation concerns.