SpaceX shares fall as post-IPO frenzy loses steam

On June 18, 2026, SpaceX shares fell over 6% following an initial public offering (IPO) that had seen the company briefly among the top five most valuable globally. The stock price dropped to $178.50, remaining 30% above its IPO price of $135. Analysts attributed the drop to profit-taking after the IPO's initial success, which launched SpaceX's market valuation to $2.52 trillion. Other space companies also experienced declines. Retail investors had aggressively purchased SpaceX shares prior, totaling over $300 million in the prior sessions, but this activity slowed significantly on Thursday. SpaceX announced plans to acquire AI startup Anysphere for $60 billion, aiming to enhance its presence in enterprise AI tools.

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A billboard of SpaceX is pictured on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite, in New York City

People gather to watch a live feed with SpaceX CEO Elon Musk on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite, in New York City, U.S., June 12, 2026.... Purchase Licensing Rights, opens new tabRead more

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June 18 (Reuters) - Shares of SpaceX (SPCX.O), opens new tab dropped more than 6% on Thursday, as the post-IPO frenzy that briefly placed Elon Musk's rockets-to-AI firm among the world's top five most valuable ‌companies appeared to fizzle out.

The stock was last down 6.5% at $178.50, after falling nearly 5% in the last session. It was still more than 30% above its $135 offering price.

If the losses persist, SpaceX's market value of $2.52 trillion would shrink by more than $150 billion on Thursday.

"Given the magnitude of the IPO and the strong initial performance, some degree of profit-taking is ⁠not surprising," IPOX Schuster analyst Kat Liu said.

"This has been a particularly eventful and shortened trading week for the largest IPO in history," she added.

Shares of other U.S. space companies were also down. Rocket Lab (RKLB.O), opens new tab and Planet Labs (PL.N), opens new tab dropped around 3%, while AST SpaceMobile (ASTS.O), opens new tab and Intuitive Machines (LUNR.O), opens new tab declined around 7% and 3%, respectively.

Retail investors bought up SpaceX shares aggressively for the last three sessions, with a total net purchase of over $300 million. Activity, however, was muted on Thursday, with only $9.1 million worth of net purchases noted as of 2:00 ‌p.m. ET, ⁠according to Vanda Research.

Due to its relatively small public float and high valuation, analysts and portfolio managers have cautioned investors to anticipate volatility early in SpaceX's life as a public company.

SpaceX's valuation surged past $2 trillion following its blockbuster Nasdaq debut last week. Its shares soared in their first two ⁠days of trading before giving up some gains as investors assessed whether the company's rich valuation can be justified by its costly AI push.

SpaceX's revenue climbs, losses deepen

SpaceX said on Tuesday it would buy Anysphere, the startup ⁠behind the popular AI coding agent Cursor, for $60 billion in stocks to boost its presence in the lucrative enterprise AI tools market.

The company's bankers are preparing to meet investors as ⁠early as next week to discuss a bond offering of at least $20 billion, a source said on Thursday, as the company seeks funding for its ambitious AI expansion.

Reporting by Shashwat Chauhan and Jaspreet Singh in Bengaluru; Editing by Joyjeet Das

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Jaspreet Singh

Thomson Reuters

Jaspreet Singh joined Reuters as a technology reporter in April 2023. He covers a raft of developments including deals, layoffs, management changes, quarterly earnings and the latest in the world of AI. He is interested in stories that bring to light any corporate misconduct, abuse of power and innovation. Jaspreet graduated from Panjab University with a degree in Journalism. If you have any sensitive information or a tip to share, contact him for an off-the-record introduction chat. He will explain what it means to speak with a reporter on background.

SpaceX shares fall as post-IPO frenzy loses steam

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