SpaceX Shares Drop 32% After Record-Breaking Trillion-Dollar IPO

Space Exploration Technologies Corp. executed the largest initial public offering in history on June 12, 2026, debuting at $135 per share. The stock surged to a peak of $225.64 on June 16, briefly propelling the company's market capitalization to $2.7 trillion and making Elon Musk's net worth exceed $1 trillion. However, the share price has since declined approximately 32% to about $153, hitting an all-time low of $147.55 on June 23.

Despite the correction, the company remains the sixth-most valuable firm in the United States. It continues aggressive expansion, including a $60 billion all-stock acquisition of AI coding start-up Cursor (also identified as Anysphere) and a $25 billion offering of senior unsecured notes on June 22. Additionally, Nasdaq announced on June 26 that the company qualifies for the Nasdaq-100 Index, with official inclusion set for July 7.

Financial stability remains a point of contention. While 2025 revenue grew 33% to $18.7 billion—driven by the profitable Starlink segment—the company reported a net loss of $4.9 billion for 2025 and $4.3 billion in the first quarter of 2026. These losses stem from heavy capital expenditures on the Starship rocket and the absorption of the unprofitable xAI business. Morningstar, Inc. estimated the company's fair value at $780 billion, significantly lower than its current market capitalization of over $2 trillion. Investors also face upcoming volatility as employee share lock-ups expire starting in late July, while Musk's shares remain locked until June 2027.