SpaceX shares trade roughly 20% below their IPO price. On Tuesday morning the stock fell more than 5% to about $107, extending the sharp post-IPO drop from June highs. Market capitalization has declined roughly $1.2 trillion from its June 16 peak, among the largest market-cap evaporations on record.
Investors have rotated away from high-risk tech amid heightened geopolitical tensions and concerns that heavy AI-related spending has distorted supply-demand and valuations in the sector.
Market participants are also watching an Aug. 6 lock-up expiry that will free about 911.5 million shares valued at roughly $116 billion.
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