SpaceX shares fell more than 3% in premarket trading on Monday, extending a selloff that has erased much of the gains from the company's record-breaking IPO. The stock was down 3.65% at 5:15 a.m. ET, following declines of 5% and 3.6% on Wednesday and Thursday last week.
Post-IPO Surge and Pullback
Elon Musk's space and AI firm went public on June 12 in a blockbuster listing that briefly made it one of the world's most valuable companies. Shares surged in the first two days of trading, pushing SpaceX's market cap past Amazon and even Microsoft for a short time. The IPO priced shares at $135, and the stock was still up 37% from that level as of last Thursday's close.
But the rally has since reversed. Investors who bought SpaceX shares in the open market after the debut have seen nearly all their paper gains vanish due to the pullback. The company reported a net loss of $4.9 billion in 2025 and lost $4.28 billion in the first quarter of this year, though bullish investors remain focused on CEO Elon Musk's long-term vision.
Trillionaire Maker
Despite the recent decline, the IPO has been transformative for insiders. It made Musk the world's first trillionaire, created thousands of new millionaires, and pushed some shareholders' stakes past the billion-dollar mark. The stock's volatility reflects the tension between SpaceX's ambitious growth story and its substantial losses.