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SpaceX loses $1 trillion after record IPO stumble
SpaceX shares briefly fell below their $135 IPO price, wiping more than $1 trillion from its market value after a June surge.
Image: iXBT
SpaceX shares briefly dropped below their $135 IPO price for the first time since the company went public, marking a sharp reversal after what the source describes as the largest IPO in history.
After surging to $225 in mid-June, the stock has corrected by about 40%, cutting the company’s market capitalization by more than $1 trillion. According to the Financial Times, the value of Elon Musk’s stake in SpaceX also fell sharply, from $1.2 trillion to $760 billion. Bonds sold by the company in late June also declined in value.
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Despite slipping below the IPO level during intraday trading, the shares recovered by the close and finished slightly above $135.
The flotation was still highly lucrative for the banks that ran it. More than 20 investment banks involved in preparing the IPO collected a combined $500 million in fees, according to the source. Exchange traders also profited from the stock’s high volatility.
Enterprise Editor
Marcus follows the money. He covers enterprise software, cloud architecture, and the tectonic shifts in Big Tech strategy. He translates dense earnings calls and complex M&A activity into actionable insights about where the industry is actually heading. If a tech giant makes a silent pivot, Marcus is usually the first to notice.
via iXBT
