SpaceX shares slide after massive value wipeout

SpaceX (SPCX) shares have come under heavy pressure in the days following their June 12 market debut, giving back a significant portion of their early gains. A three-session selloff wiped out more than $600 billion of market value, underscoring how quickly sentiment has shifted after the initial rally.

The downturn continued into Tuesday June 23, extending the multi-day slide. Trading has been volatile, reflecting rapid changes in investor appetite for the newly listed space and artificial intelligence company.

In intraday trading on Tuesday, SpaceX shares traded near $151.60 early in the session before falling as low as about $146.88. That drop pushed the stock below its $150 opening price from the first day of trading, marking a notable reversal from the post-debut surge.

The sharpest move in the recent slide came on Monday, which marked the third straight day of declines. The stock plunged about 16% in that session alone, a drop that erased roughly $400 billion of market value.

That single-day loss compounded the impact of the earlier selloff, contributing to the more than $600 billion total decline seen over three sessions. The scale and speed of the pullback have drawn attention to the risks associated with trading a newly public, highly valued company.

Despite the steep fall, trading remained active, with price swings resembling those often seen around major initial public offerings. The stock’s rapid ascent after listing and subsequent correction have both been driven by intense investor interest and heavy turnover.

Amid the equity volatility, SpaceX has moved ahead with a new financing effort in the bond market. The company announced a senior unsecured notes offering, with media reports citing a targeted raise of roughly $20 billion.

In connection with the bond announcement, SpaceX disclosed that it held $100.8 billion in cash and cash equivalents as of June 19. The combination of a sizable cash position and a large planned debt raise has become part of the backdrop for investors assessing the stock.

The notes offering arrives just weeks after the market debut, adding another layer of activity around the company’s capital structure. Market participants are watching how the debt sale and equity trading dynamics interact as pricing stabilizes.

Analysts and market commentary have also focused on SpaceX’s insider lockup schedule as a potential driver of continued volatility. Research notes describe a staggered framework, including staged unlocks and conditional releases tied to future events.

Some estimates suggest insiders could be able to sell as much as about 44% of shares by early September. If realized, that would materially increase the public float and add significant new supply to the market over a relatively short period.

The prospect of large insider sales, combined with the recent bond offering and the stock’s sharp swings, has reinforced expectations that trading in SpaceX may remain turbulent. Investors are closely tracking upcoming unlock dates alongside broader market conditions.