Spacex's Market Value is Now $1 Trillion Lower than Its Highs

Dow Jones07-17 23:53

SpaceX's valuation has swooned over the past month, and as of late Friday morning was more than $1 trillion lower than its peak, according FactSet.

The company's market capitalization hit a recent peak at almost $2.7 trillion on June 16, four days after shares in the company made their trading debut. Since then, the stock has had a tough stretch that accelerated this week, with the price of its shares closing lower each day.

Its valuation dropped to about $1.6 trillion earlier Friday, meaning investors had erased more than $1 trillion in value in a month. SpaceX's stock was trading down almost 6% around 11:15 a.m. ET.

SpaceX CEO Elon Musk has set out far-reaching goals that investors have been betting on, including the convergence of space and artificial intelligence.

On Thursday, the company surprised investors when it aborted a crucial test launch of its Starship rocket right as the vehicle was supposed to lift off. Launch delays are fairly common, but the scrubbed flight was a reminder of the technical challenges SpaceX faces as it tries to pull off its objectives.

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