SpaceX Shares Have Tumbled ~30% From Their Post-IPO Peak
SpaceX (SPCX) surged 67% above its $135 IPO price within days of its historic debut — then gave most of it back. The stock fell roughly 16% on June 22, marking its third consecutive losing session.
SpaceX (SPCX) — billed as the largest IPO in history — surged after its June 12 debut, then reversed sharply. On June 22, the stock fell roughly 16%, its third consecutive down day.
- IPO: Listed June 12 at $135 per share; rose 19.2% on day one
- Peak: Hit $225.64 intraday on June 16, up ~67% from the offer price
- June 22: Down ~16%, per CNBC — third straight session of losses
- Drawdown: Closed at $154.60 on June 23, off ~31.6% from the high, per The Motley Fool
- Valuation: Market cap exceeded $2 trillion at IPO
SpaceX (SPCX) — widely described as the largest IPO ever — has hit turbulence roughly two weeks after its market debut. The stock dropped about 16% on June 22, its third consecutive day in the red, according to CNBC.[CNBC]
From IPO to Peak
Per The Motley Fool, here's how SpaceX's debut played out:
- Listed June 12 at $135 per share
- Gained 19.2% on its first day — roughly in line with the historical average IPO first-day pop of ~19%
- Hit an intraday high of $225.64 on June 16, some 67% above the offer price
The Pullback
After peaking on June 16, SpaceX sold off across several consecutive sessions. As of June 23, shares sat at $154.60 — down roughly 31.6% from the $225.64 high — according to The Motley Fool.[The Motley Fool] CNBC noted that SpaceX was among the notable underperformers on June 22, alongside Alphabet (GOOGL), which also sold off sharply that day.[CNBC]
Valuation and the Debate
SpaceX's market cap already exceeded $2 trillion at the time of its IPO, per The Motley Fool, which calculated that the stock was trading at a price-to-sales ratio above 100x at recent prices.[The Motley Fool] The same piece noted that heavy volatility in the early weeks of trading is common for newly public companies, as the market works through price discovery.
It's worth noting that commentary around whether SpaceX has "peaked" reflects media and analyst opinion, not a settled conclusion. As a newly listed stock with no long public trading history, its trajectory remains an open question.
IPO Market Backdrop
The selloff unfolded against a busy stretch for new listings. AI chipmaker Cerebras Systems also recently completed its IPO. Meanwhile, broader markets were under pressure on June 22: the S&P 500 closed down ~0.37% and the Nasdaq Composite fell ~1.32%.[CNBC]
Sources
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