SpaceX stock slides as $600bn wiped off in 3 days

SpaceX extends post-IPO selloff

Shares of Elon Musk’s SpaceX extended a steep decline, with the stock down 16.4% on Monday and then slipping a further 2.7% as enthusiasm around the company’s blockbuster IPO faded. The weakness continued into Tuesday after a three-day selloff that erased more than $100 billion from SpaceX’s market capitalization. SpaceX was a key driver of the broader pressure on high-valued technology names, as investors reassessed risk after a sharp run-up in recent weeks. The stock’s slide came as chip and AI-linked names fell across regions, adding to the sense that the tech-led rally had become stretched.

Tuesday trading: below the $150 debut mark at the low

On Tuesday, SpaceX shares fell as much as 5% to a low of $146.88, dropping below $150, the stock’s initial price on the day of its market launch. The shares were later down 1.9% at $151.6, according to the provided figures. Even with the pullback, SpaceX was still more than 10% above its IPO price of $135. But the move underscored how quickly the stock had retraced its post-listing gains, after trading at highs above $100 last week and peaking at $125 per share about a week ago.

Market value shock: $100bn wiped on Monday alone

The scale of the drawdown stood out even in a volatile tech tape. Reports cited a Monday fall of roughly 17% that erased about $100 billion in market value, described as the second-largest single-day loss for a stock on record. Over the multi-session decline, more than $100 billion was reported to have been wiped from SpaceX’s market cap, and another figure cited over $100 billion lost since the stock peaked near $125. SpaceX was described as maintaining a $1 trillion valuation at around $156 per share, while also being “at risk” of slipping below $1 trillion during the latest drop.

A wider tech pullback hits US benchmarks

US stocks were volatile as technology shares weakened. The Nasdaq Composite was reported down around 1.3% at one point Tuesday after rebounding from a nearly 3% drop earlier in the session. Elsewhere in the same flow of updates, the Nasdaq Composite was described as down more than 2% in early trading, while the S&P 500 fell about 1% in that early window. Later levels cited included the S&P 500 down 0.8% to 7,416.93 and the Nasdaq Composite down 1.3% to 25,840.46 at 10:22 ET, after both indexes pared deeper intraday losses.

Memory-chip stocks retreat after leading 2026 gains

The sell-off was especially visible in memory and storage names, which had been among the top performers in 2026. On Tuesday, Micron Technology fell 8.4% in one snapshot, while SanDisk dropped 9.1% and Western Digital lost 7.5%. Another update cited Micron down 8.5%, Intel down 7.6%, and AMD down 6.2%, with the iShares Semiconductor ETF falling 6.2%. Micron was also reported to have fallen as much as 12% after a record close the previous day, ahead of earnings expected on Wednesday.

South Korea shock: SK Hynix and Samsung slide over 12%

The rout in memory names was not limited to the US. South Korea’s chip giants SK Hynix and Samsung Electronics were reported down more than 12%, dragging the Kospi Composite down 10% in a dramatic session. One account said the decline triggered a 20-minute trading halt on the Kospi, the fourth such suspension this year. The sharp move in Seoul added to global concerns about “inflated” AI-linked valuations and came alongside broader weakness in Asian markets, with Japan’s Nikkei closing 3.55% lower.

Europe joins the slide as semis sink

European stocks were also pressured. The pan-European Stoxx 600 was reported down about 1%, recovering slightly from deeper losses earlier. The Stoxx 600 technology index fell 3% and was described as the worst-performing sector index in the region on the day. Chip-related names were among the largest laggards, with STMicroelectronics and Dutch semiconductor equipment maker ASMI both dropping more than 7%.

Other risk signals: Strategy nears fresh 52-week lows

Risk appetite looked fragile beyond semiconductors and mega-cap tech. Shares of Strategy were reported down nearly 3%, approaching new 52-week lows, as investors remained wary of its funding strategies tied to its bitcoin exposure. The move reflected a broader pattern in which high-beta, sentiment-driven stocks struggled as technology selling intensified.

What SpaceX confirmed as shares fell

SpaceX’s slide also coincided with a notable corporate update. The company confirmed its inaugural bond issuance in a filing, according to the information provided. The stock was down another 9% in early trading on Monday, adding to a 3.6% drop on Thursday and a 5% decline on Wednesday, after debuting for trading on June 12. The combination of post-IPO volatility, high valuation sensitivity, and a tightening risk backdrop in AI and semiconductors shaped market focus over the three to four sessions of declines.

Key moves at a glance

Why the sell-off mattered for investors

SpaceX’s post-IPO reversal became a symbol of shifting sentiment toward high-multiple technology shares, especially those linked to the AI theme. At the same time, the sharp declines in memory-chip makers highlighted how quickly leadership can unwind even after strong year-to-date performance. The synchronized sell-off across the US, South Korea, and Europe signaled that positioning in semiconductors and AI-adjacent stocks was crowded and sensitive to valuation doubts and macro concerns, including references to higher US borrowing costs in the updates.

Conclusion

SpaceX’s fourth-day-loss risk and the heavy drawdown in memory stocks set the tone for global equity trading, with sharp moves in the Nasdaq, the Kospi, and semiconductor benchmarks. Investors will be watching Micron’s earnings on Wednesday and further trading in SpaceX as the market tests whether the post-IPO premium can hold above the $135 offer price.