SpaceX’s market cap drop from $2.66 trillion to $2.13 trillion eases pressure on rival satellite and launch stocks.
SpaceX’s post-IPO pullback from a $225.64 peak to $160 reduced its market cap from $2.66 trillion to $2.13 trillion, cutting its revenue multiple from 142x to 114x. The decline follows a June 12 listing at $135 and a June 16 high that drew capital from smaller space stocks.
Before SpaceX’s debut, AST SpaceMobile, Rocket Lab, and Intuitive Machines rallied but surrendered gains as investors rotated into the larger IPO. SpaceX’s valuation still exceeds $2 trillion, but its retreat may allow peers to regain investor attention.
AST SpaceMobile, which partners with AT&T and Verizon for satellite connectivity, has launched seven satellites and supports the U.S. Missile Defense Agency’s Golden Dome project. Its stock, like others in the sector, could benefit from reduced competition for capital.