SpaceX shares briefly fell below their IPO price of $150 before rebounding 2% on Tuesday, impacting the company's market valuation which dipped below $2 trillion. The stock traded as low as $147.11 before recovering to $157 by mid-morning ET, about two weeks after its $75 billion initial public offering, according to livemint.com.
The decline marked the first time SpaceX shares slipped below their opening-day price since the IPO. Despite the brief dip, shares remained 10% above the $135 IPO price set prior to the public debut. The market reaction followed a period of volatility where SpaceX lost over $600 billion in value post-IPO, reflecting shifting investor sentiment, livemint.com reported.
The post-IPO price movement underscores the challenges faced by high-profile tech companies in maintaining valuation momentum amid market fluctuations. SpaceX's $75 billion IPO was among the largest in recent years, and its valuation briefly exceeding $2 trillion positioned it alongside other major tech giants. The stock's rebound suggests some investor confidence remains despite the initial sell-off.
As of 10:40 a.m. ET on Tuesday, SpaceX shares were trading at $157, up 1.7% from the low point earlier in the session, livemint.com noted. This price action will be closely watched by market participants assessing the stock's stability following its high-profile public offering.