SpaceX swings from a 20% intraday drop to a rebound below its IPO price — $1.2T erased since June peak
SpaceX shares briefly fell as much as 20% below their $135 IPO price intraday on July 28, erasing roughly $1.2 trillion in market value from the June 16 peak, before fully reversing the decline and turning positive intraday — the swings were sharp, but the stock has now traded below its IPO price for weeks.
SpaceX priced its IPO at $135 a share on June 11 and began trading on the Nasdaq the next day. The stock closed its debut session at $161, up 19% from the offering price, then rallied further to an all-time high of $225.64 just four days later on June 16.
Per Bloomberg, the stock has since slid steadily, repeatedly testing its $135 IPO price from mid-July onward. On July 28, shares briefly traded as much as 20% below that IPO price intraday, putting the peak-to-trough loss from the June 16 high at roughly $1.2 trillion — on par with erasing a company the size of Tesla outright.
Analysts point to demand concerns tied to delayed Starship test flights as a factor behind the slide. HSBC initiated coverage the same day with a Hold rating and a $115 price target, arguing the company's long-term potential is already reflected in the stock.
Intraday on July 28, the decline deepened to as much as a 5.7% drop before the stock fully reversed course amid broader volatility in tech shares, turning positive by as much as 3.6% intraday — with the trading day not yet closed, the final move for the session remained unsettled.
Tesla shares have separately continued to weaken over the same period, drifting toward one-year lows. With Musk serving as CEO and largest shareholder of both companies, the pullback reads as a broader valuation reassessment across his businesses.
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