Retail investor demand drove $369.8m in SpaceX stock purchases over three sessions before Wednesday’s 5% decline.
SpaceX (SPCX) retreated 5% in early trading Wednesday, halting a three-day surge that lifted its valuation above Amazon and briefly past Microsoft. The drop marks the stock’s first decline since its debut, trimming gains from a 58% rally above its IPO price.
The stock had climbed to become the fifth-most-valuable company globally after retail investors piled in, buying $144.6m worth on Tuesday alone. Total retail purchases reached $369.8m over three sessions, outpacing demand for Nasdaq’s QQQ ETF and NVDA by roughly 4x, according to Vanda Research.
The pullback tests whether the retail-driven momentum can sustain a valuation that rose nearly uninterrupted since the offering. SpaceX had topped retail buying charts for three straight days, a rare feat among recent market debuts.