SpaceX IPO triggers broad sell‑off in listed space stocks
SpaceX began trading on Nasdaq under ticker SPCX on 12 June 2026, jumping more than 20 % on its debut and lifting its market valuation to exceed $2 trillion. The strong opening came after a rally in space‑sector equities earlier in the year.
The surge immediately pressured peer companies: Virgin Galactic (NYSE:SPCE) slumped 26 %, Intuitive Machines (NASDAQ:LUNR) fell 10.1 %, Planet Labs (NYSE:PL) dropped 8.8 %, Satellogic (NASDAQ:SATL) declined 8.9 %, and Rocket Lab (NASDAQ:RKLB) slipped 8.7 %. EchoStar (NASDAQ:SATS), which holds a stake in SpaceX, slid 15.9 %, making it one of the largest decliners on the S&P 500.
Space‑focused exchange‑traded funds also weakened, with the Roundhill Space & Technology ETF down 6.4 % and the Procure Space ETF down 6 %. Close‑ended funds that own SpaceX shares showed mixed performance: Destiny Tech100 (NYSE:DXYZ) fell 16.7 % while Fundrise Innovation Fund (NYSE:VCX) rose 5 %.
These moves illustrate a sector‑rotation effect as investors reallocated capital following the high‑profile SpaceX listing.