SpaceX stock slips 20% post-IPO as $620bn fades

What changed after SpaceX’s blockbuster debut

SpaceX shares have given back a large part of their initial post-IPO rally within days of listing, as early buyers saw paper gains shrink rapidly. The stock debuted at $135 per share and then surged to an intraday peak above $125 during Tuesday’s session. Since that high, the shares have fallen about 20%, taking prices back to levels last seen on the second trading day after the IPO. Reports across market coverage put Thursday trading around $184.98 after a 3.6% drop, with one update also citing a sharper intraday slide to about $178.50. The pullback has shifted the experience of post-IPO buyers, with average open-market buyers described as being near breakeven.

Where the stock is trading now

By Thursday, SpaceX shares were reported around $184.98 after sliding 3.6% on the day. The five-day volume-weighted average price (VWAP) was cited at $181.71, suggesting much of the trading in the first week has clustered close to current levels. Separate coverage also described the stock “in the low $170s” by Thursday June 19, reflecting continued volatility as the IPO excitement faded. Even with the decline, the stock has been described as still about 37% above the $135 IPO price, indicating that investors who received shares at listing remained in profit. But the rapid two-day reversal is what stood out, especially for investors who bought near the peak above $125.

Market value wipeout: $100–$160 billion in two days

The decline was accompanied by a sharp drop in implied market value. One report said the past two days erased almost $120 billion in SpaceX’s market value. Another estimate placed the wipeout in the $100–$160 billion range. A separate valuation comparison framed the shift as a drop from nearly $1,000 billion (about $1 trillion) to about $1,370 billion ($1.37 trillion). Another update put SpaceX’s valuation around $1,520 billion ($1.52 trillion) during the slide, noting that if losses held, the session alone could translate to more than $150 billion in market value pressure.

What triggered the sell-off

Coverage tied the two-day slide to several catalysts that arrived soon after listing. One specific trigger cited was SpaceX’s June 16 announcement that it would acquire Anysphere, the firm behind the AI coding tool Cursor. Another report described the Cursor deal as a $10 billion all-stock acquisition, a structure that can be viewed as dilutive for buyers who purchased shares in the open market after the IPO. Bloomberg was also cited for reporting SpaceX was simultaneously planning a $10 billion bond offering. Together, the steps raised questions among investors about capital needs so soon after an IPO that raised $15 billion.

Derivatives and positioning: options debut and “triple witching”

Market structure was also highlighted as a contributor to volatility. June 17 was described as the first day SPCX options began trading, giving short sellers a more direct way to express bearish views. Separately, analysts cited high volatility linked to the expiration of “triple witching” derivatives. Alongside these factors, commentary pointed to retail profit-taking after the initial IPO frenzy as a natural source of supply. Across the coverage, the decline was framed less as a reaction to a single operational setback and more as a combination of positioning, profit-taking, and valuation sensitivity.

Valuation debate returns quickly

As the stock fell more than 20% from its peak in less than a week of public trading, analysts increasingly questioned whether the valuation could be justified by the underlying business. The initial surge briefly pushed SpaceX into the group of the world’s most valuable companies, before the pullback reopened debates over price versus fundamentals. The speed of the reversal, rather than just the magnitude, strengthened the argument of skeptics who said the stock was “priced beyond any reasonable fundamental basis” before it began trading. At the same time, coverage noted that shares remained well above the IPO price, showing demand did not disappear, but became more selective.

Financial context disclosed in the coverage

Some reporting pointed to losses and spending as part of the backdrop for investor caution, especially around artificial intelligence initiatives. SpaceX was reported to have posted a net loss of $1.90 billion for full-year 2025, described as a reversal from a profitable 2024. The cause was linked to xAI, which SpaceX merged with in February 2026, and which was reported to have burned $1.36 billion in operating losses on $12.70 billion in capital expenditure. In Q1 2026 alone, the consolidated net loss was reported at $1.28 billion. These figures were cited alongside market concerns about the cost of an “enterprise AI push.”

Key facts table: prices, dates, and events

Market impact: what it means for investors watching the tape

The immediate market impact has been a rapid compression of post-IPO gains for open-market buyers, with some coverage saying the “average” buyer is now close to breakeven. For those who bought near the $125 peak, the move represented a paper loss approaching 20% within days. The drop also shifted attention from headline IPO momentum to financing and capital allocation choices, including an all-stock acquisition and the reported plan for a bond offering. Volatility also appears to have increased as options trading began, giving market participants additional tools to hedge or speculate. Despite the setback, the stock remained meaningfully above the IPO price in several reports, indicating that the pullback has been sharp, but not a complete reversal of listing-day enthusiasm.

What to watch next: late-July earnings

A common reference point in the coverage is SpaceX’s upcoming earnings report, due in late July. With the stock now trading well below its post-IPO peak, that report is positioned as the first major public-company checkpoint for investors recalibrating expectations. Until then, the trading narrative has centered on post-IPO positioning, valuation, and the market’s reaction to acquisition and financing headlines disclosed shortly after listing.