SpaceX Shares Slide, Erasing Over $1 Trillion in Market Value
SpaceX’s market capitalization fell to $1.61 trillion, wiping out more than $1 trillion from its all‑time high of $2.64 trillion recorded at the close on 16 June, its third trading session after the IPO. The stock declined as much as 6.9 % during morning trading on U.S. exchanges, reaching $122.12 per share. This price is below the company’s IPO price of $135 per share.
The price drop followed SpaceX’s decision to abort a scheduled Starship launch because of an engine problem; the company indicated it would attempt the launch again in several days. Earlier in the month, SpaceX was added to the Nasdaq‑100 index and received multiple positive analyst ratings. Wall Street analysts have set an average 12‑month price target of $235.34 for the stock.
Artificial intelligence featured prominently in SpaceX’s IPO presentation, with the firm estimating a $26.5 trillion addressable market for space‑based data centers and related AI services. The record‑breaking offering spurred heightened activity for major Wall Street investment banks, which reported their highest revenue from equity‑offering advisory services in the second quarter since 2021.
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