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SpaceX Loses $1 Trillion as Shares Slide
SpaceX shares have fallen below their IPO price, wiping about $1 trillion from the company’s value as a major lockup expiry approaches.
Image: Gizmodo
SpaceX shares have fallen from an intraday high of $225.64 on June 16 to $124, taking the company below its $135 offering price and erasing about $1 trillion in value in roughly a month, according to the figures cited by Gizmodo.
The decline has also cut Elon Musk’s estimated fortune. Forbes put his net worth at $797 billion on Friday afternoon, down from $1.4 trillion on June 16, a few days after the SpaceX IPO on June 12 made him a trillionaire.
SpaceX lockup expiry could increase share supply
Retail investors have expressed frustration with the stock’s slide, and the company’s scrubbed Starship V3 launch on Thursday—its first since going public—added further pressure.
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The selling may intensify after SpaceX reports its second-quarter results on August 6. Employees and early investors are currently restricted by a lockup period, but Axios reports that roughly 1.37 billion shares could become eligible for trading next month. The end of the first lockup could approximately quadruple the supply of tradable shares.
Musk has continued posting on X, including commentary about SpaceX, Grok, and Christopher Nolan’s new film The Odyssey.
“Chris Nolan desecrated the Odyssey so that he would be eligible for an Academy Award …”
The film has a 96% critics' rating and a 97% audience rating on Rotten Tomatoes. Gizmodo also criticized Musk for sharing a racist AI-generated video that portrayed a brown-skinned man as a sexual predator, as well as promotional AI videos for Grok.
Musk cancels CNBC interview
Musk also backed out of a CNBC interview on July 10, despite heavy promotion for the appearance. The interview has not been rescheduled, and the reason for the cancellation remains unclear.
Gizmodo argues that Musk’s activity on X lets him avoid difficult questions about SpaceX’s business. The publication points to Starlink as the company’s only truly profitable division and questions how SpaceX plans to generate revenue from its other operations.
It also says X has been losing regular users since Musk acquired the platform in late 2022, while his posts increasingly focus on culture-war disputes and Grok promotion. The sharpest immediate pressure, however, may come from the approaching lockup expiry and the potential arrival of more than a billion shares on the market.
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 Gizmodo
