- SpaceX shares closed down 16.4% on Monday, marking the biggest down day for the newly debuted stock.
- At Monday's closing price of $154.60, the average investor who bought SpaceX shares on the open market after its debut has now seen most of their gains disappear.
- When trading ended Monday afternoon, the shares were down about 23% from their peak a week earlier.
- The three-day losing streak caps a big pop in the stock following its IPO and first day of trade on June 12, with shares now up only 14% from SpaceX's IPO price of $135.
- At one point, SpaceX stock reached a high of around $225 a share, making it the fourth-most-valuable public company.
- SpaceX confirmed its first-ever bond issuance, intending to use the net proceeds to repay outstanding borrowings under its bridge loan facility.
- Insiders could potentially sell 44% of SpaceX shares by early September, increasing the current float by about 900%.
- SpaceX's sell-off came amid a broader market drawdown Monday that also saw shares of Google parent Alphabet notch their worst one-day performance in over a year.
SpaceX's stock has faced a significant downturn, closing down 16.4% on Monday, marking the largest decline since its IPO on June 12.145
The shares, which peaked at around $201.80, are now down 23% from that high, leaving average investors with diminished returns.
At $154.60 per share, investors who bought on the open market have seen most of their gains evaporate, as the stock is now only 14% above its IPO price of $135.2
The three-day losing streak follows a period of rapid growth, where SpaceX briefly became the fourth-most-valuable public company, surpassing giants like Amazon and Microsoft.
The sell-off coincided with a broader market decline, impacting other tech stocks, including Alphabet.10
SpaceX's IPO raised over $85 billion, and despite the recent drop, the company maintains a market cap of about $2 trillion, still outpacing Walmart and Meta.
As the company prepares for its first bond issuance, insiders may sell up to 44% of shares by September, potentially increasing the float significantly from the current 4.2%.
“SpaceX stock has dropped 16.4%, erasing most of its IPO gains since debut. The average investor has seen significant losses, with shares down 23% from their peak.”
Yahoo Finance