- SpaceX stock declined 5% at the open on Monday, its third consecutive trading day of losses.
- SpaceX's rally last week briefly valued the company at nearly $3 trillion, surpassing Amazon.
- Despite the recent decline, SpaceX shares are still a third higher than their IPO price.
First, they had lift-off; now, they're coming back to Earth with a bump.
SpaceX shares dropped for a third consecutive trading day on Monday, extending a pullback after the Elon Musk-led company's mega IPO earlier this month.
The company's stock price was down more than 5% shortly after the market opened on Monday, dropping $10 to $175 per share. Across last Wednesday and Thursday, SpaceX dropped more than 8% ahead of US markets closing Friday for the Juneteenth holiday.
The sell-off follows a meteoric rally that last week briefly pushed SpaceX's valuation close to $3 trillion, leapfrogging Amazon and Microsoft to become the fourth-most valuable company in the world. As of Thursday's close, its market capitalization was $2.4 trillion.
SpaceX's public market debut on June 19, the biggest IPO in history, saw the stock jump 19% in its first day of trading, cementing Musk as the first-ever trillionaire. Retail traders piled into SpaceX stock in the days after the IPO as they looked to get a piece of the rocket, AI, and satellite company.
Even with the recent decline, SpaceX shares are still up nearly 30% from their IPO price.
Some analysts questioned SpaceX's valuation — about $1.75 billion to $1.77 trillion — going into last week's blockbuster IPO. The company posted a $4.9 billion loss in 2025 on revenue of $18.7 billion.
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