SpaceX stock falls below its $135 IPO price after scrubbing a Starship test flight, wiping out $1 trillion in market cap since mid-June.
SpaceX shares closed at $125 on Friday, down 43% from their June 16 peak of $225. The decline pushed the company’s market capitalization below $1.7 trillion, erasing over $1 trillion in value since mid-June.
The stock first slipped below its $135 IPO price on July 15, following a 6% drop after the company canceled its 13th Starship test flight due to an engine ignition failure. SpaceX had briefly surpassed Amazon and Microsoft in market cap during its third trading day.
Short sellers have increased bets against the stock, with roughly one-third of its publicly available shares now sold short. Elon Musk indicated a new launch attempt could occur early next week.