SpaceX stock is hitting a rough patch, marked by a symbolic milestone: the share price recently dipped below its initial offering price of $135, a first since its explosive debut on Wall Street last June. This sharp correction represents a 40% decline from the all-time high of $225 reached just weeks after the IPO. In total, over $1 trillion in market capitalization has evaporated, highlighting a dramatic reversal for the conglomerate specialized in space exploration and artificial intelligence.
This market rout is directly impacting Elon Musk's net worth. The valuation of his stake, which accounts for 42% of the company's capital, has melted significantly, dropping from approximately $1.2 trillion to $760 billion. While this slide is part of a broader cooling toward tech stocks—exacerbated by uncertainties surrounding US interest rates and persistent doubts regarding the actual profitability of massive AI investments—the company's debt is also facing significant selling pressure in the bond markets.
The financial success of the initial offering, however, relies on a striking contrast between current stock performance and the gains reaped by financial institutions. More than twenty investment banks raked in roughly $500 million in fees, an all-time record. This atypical IPO, fueled by intense speculation, attracted a significant portion of retail investors, accounting for 20% of the offering, alongside sovereign wealth funds and institutional managers. Despite the correction, analysts at major banks like Goldman Sachs maintain an optimistic long-term outlook, betting on exponential growth in AI-related revenue by 2030.
The coming months will serve as a crucial test for stabilizing the stock. The release of quarterly results in August will be accompanied by a partial expiration of lock-up periods for certain insiders, which could increase selling pressure. However, the stock's recent inclusion in the Nasdaq 100 should generate passive investment inflows, potentially providing structural support to the share price. The market must now confirm the conglomerate's true value once the speculative euphoria surrounding its market entry has dissipated.