Shares of the newly public rocket company have plunged over 50% from their intraday high, pressuring its first quarterly report.
SpaceX has erased more than $500 billion in market value since its June 12 trading debut, marking one of the steepest post-IPO declines in tech history. The stock has fallen for four consecutive weeks and now sits over 50% below its intraday peak.
The sell-off dwarfs Facebook’s 2012 IPO stumble, which saw its market cap shrink by roughly $100 billion in the months following its debut. SpaceX’s current valuation stands at $1.4 trillion, despite the recent losses, setting a high bar for its first earnings report as a public company.
Investors are watching closely after Tesla’s recent earnings disappointed Wall Street, with soaring costs and negative free cash flow raising concerns. SpaceX’s report, due Tuesday, will test confidence in Elon Musk’s long-term vision amid rising competition in AI and space-based data services.