Shares retreat from record highs after briefly ranking among the world’s top five most valuable companies by market cap.
SpaceX shares fell 8.8% to $174.8 on Thursday, extending losses after a nearly 5% drop in the prior session. The decline follows a post-IPO surge that briefly pushed the company’s valuation above Amazon and near Microsoft’s market capitalization.
Despite the pullback, the stock remains 29% above its $135 offering price. Earlier this week, SpaceX announced a $60 billion all-stock acquisition of AI startup Anysphere, while bankers prepared for a potential $20 billion bond sale.
No immediate market reaction details were provided, but the drop signals cooling investor enthusiasm after the initial rally.