SpaceX stock tumbles: $400bn wipeout after IPO 2026

Post-IPO momentum fades after a sharp reversal

SpaceX’s post-IPO rally has reversed sharply, with the stock extending losses into Tuesday’s premarket trading after one of the biggest single-day market-cap wipeouts on record. In early Tuesday indications, the stock was down more than 3% premarket, after a steep selloff on Monday. The decline comes less than two weeks after SpaceX’s June 12 market debut, when the stock surged and briefly pushed the company’s market value above major technology peers.

By Monday’s close, the pullback had become the defining story of SpaceX’s early public-market life. The stock’s drop has pushed it below the closing price from its first post-IPO session, even as it remained above the IPO issue price cited in multiple reports. Several updates to the story also clarified that the stock did not close below its IPO price on Monday, correcting earlier wording that had mischaracterized the move.

What happened on Monday: a 16.43% plunge

SpaceX shares finished Monday at $154.60, down 16.43% on the day, with selling pressure intensifying toward the end of the session. The close left the shares well below $160.95, the level cited as the closing price on June 12, the first day the company went public after pricing a day earlier at $135.

The valuation impact was immediate. Dow Jones Market Data cited a $100.8 billion reduction in market capitalization on Monday alone, described as the second-largest one-day wipeout on record for any U.S. company. The same reporting noted that this ranked behind Nvidia Corp.’s nearly $190 billion single-session decline last year.

Tuesday premarket: losses extend, volatility remains high

The slide continued into Tuesday’s premarket trade. One data point put SpaceX down 3.43% at 4:30 a.m. ET, while other reports said the stock was off more than 4% premarket. Bloomberg reported the stock fell as much as 5%, trading around $147 at one point.

Another update noted the stock dipped below $150, the price level cited as the debut price on June 12, before recovering toward roughly $149. Together, the figures underline how volatile price discovery has been since listing, with large moves occurring both in regular hours and premarket.

IPO surge and quick cooldown: from $135 to $125 and back

SpaceX’s listing began with a rapid rally. The stock moved from an initial listing of $135 to an intraday high of $125.64, briefly valuing the company at roughly $1,000 billion ($1 trillion), according to one report. In the early days after listing, the stock was described as having boomed more than 50%.

That surge also briefly lifted SpaceX above Amazon and Microsoft by market capitalization, before it slipped back below both as enthusiasm cooled. By Tuesday, reports said the stock was set to open around $150, down more than 30% from the $125 intraday high hit the prior Tuesday.

Key price markers investors are watching

Several price levels have become reference points in the stock’s early history:

• $135: IPO price cited across reports.
• $150: debut level cited for the first day of trading.
• $160.95: closing price cited for June 12.
• $154.60: Monday’s close after the 16.43% drop.
• ~$147: a level cited during Tuesday premarket weakness.

Reports also emphasized the shareholder impact of those moves. Because the stock fell below the first-day closing level, anyone who bought after the first day of trading would be holding losses on paper based on Monday’s close.

Market cap and rankings: still near $1,000bn, but slipping

Despite the selloff, SpaceX remained among the most valuable companies globally. Multiple reports put the market capitalization near the $1,000 billion mark at Monday’s close.

Figures varied slightly by source: one cited $1,040 billion ($1.04 trillion), while another placed it around $1,030 billion ($1.03 trillion). Dow Jones Market Data also compared SpaceX to Taiwan Semiconductor Manufacturing, citing TSM at $1,060 billion ($1.06 trillion), placing SpaceX just behind it and at No. 7 among the world’s largest companies by market value.

Over a three-day stretch, SpaceX was reported to have lost more than $100 billion in value. One comparison piece noted the wipeout was nearly three times the combined wealth of Mukesh Ambani ($18.3 billion) and Gautam Adani ($120 billion) based on Bloomberg Billionaires Index figures cited there.

What catalysts were cited for the selloff

One report attributed the sharp Monday drop to two catalysts. First, hawkish rate commentary from Federal Reserve Chair Kevin Warsh was described as sparking inflation and rate-hike fears, weighing on high-valuation technology stocks. Second, SpaceX announced a large-scale corporate bond offering.

Separate reporting also said SpaceX raised at least $10 billion through bond issuance, and that the announcement led markets to reassess the company’s financing scale and the sustainability of its valuation. Another report said the bond offering was linked to paying down bridge loans tied to SpaceX’s multi-trillion-dollar acquisition of Musk’s AI venture, xAI.

How far above the IPO price is it now

Even after the pullback, reports agreed the stock was still above the IPO price of $135. One noted shares remained about 10% higher than the IPO price, while another put the figure at about 11% at the $150 level. A separate update said the share price remained 14.5% above the IPO price at Monday’s close.

The difference across percentages reflects different reference points and timing, but the common takeaway is consistent: the selloff has been steep from post-IPO highs, yet the stock was still trading above the IPO price in the cited snapshots.

Key figures at a glance

Why the correction matters for readers

A corrected detail in the reporting is important for interpreting the selloff. The stock was described as having fallen below the closing price from its first trading day, but not below its IPO price. That distinction affects how investors assess early demand and the extent to which the stock has given back its initial enthusiasm.

It also frames the early post-IPO narrative more precisely: the sharp drawdown is largely from elevated post-listing levels rather than a complete reversal below the issue price.

Conclusion: a volatile start as markets reprice expectations

SpaceX’s first two weeks as a public company have been dominated by extreme price swings: a rapid run-up after June 12, followed by a multi-day decline that erased more than $100 billion in value, including roughly $100.8 billion in one session. By Tuesday premarket, the stock was still under pressure, with reports showing declines of more than 3% and intraday premarket levels around $147 at one point.

With the company’s market capitalization hovering near $1,000 billion and trading still above the $135 IPO price, investors are now watching whether selling stabilizes after the bond-related repricing and the broader rate-driven pressure cited in the coverage.