SpaceX shares fell below their market debut price of $150 per share on Tuesday, wiping out $600bn in market value amid a broader tech sell-off, before jumping 2.4 percent. The dip follows a 16 percent slump on Monday that erased $400bn. Shares remain 10 percent above the $135 IPO price. The company briefly surpassed Microsoft and Amazon in market value after its June 12 IPO, making Elon Musk the world's first trillionaire.
Analysts remain cautiously optimistic, noting that SpaceX's revenue is increasing and its balance sheet improving. New deals, including a $150m monthly agreement with AI startup Reflection AI and a $920m monthly deal with Google, fuel AI ambitions. The broader tech sell-off, driven by chipmaker losses and AI spending concerns, has hit the Nasdaq Composite, which fell 1.4 percent. Investors also eye tighter monetary policy under new Fed Chair Kevin Warsh.