SpaceX shares declined for the third consecutive day on June 22, 2026, losing roughly 16% that day and 23% over three days to close near $154.60, the lowest price since its initial public offering (IPO) earlier this month [1, 2, 3, 4, 5, 6]. The selloff erased more than $600 billion in market capitalization, bringing SpaceX's total market value just above $2 trillion [1, 2, 3, 4, 7, 5, 6].
The company conducted the largest IPO in history on June 16, 2026, raising $75 billion with shares priced at $135 each [8, 2, 3, 9, 4, 5, 6]. Notably, only 4.2% of SpaceX’s total shares were floated at the IPO, resulting in high volatility and strong interest from retail investors [2, 3, 9, 4, 5, 6]. Retail buyers were net purchasers of $405 million during the first five trading sessions, outpacing combined net purchases of major tech stocks dubbed the "Magnificent Seven" [2, 3, 9, 4, 5, 6].
The selloff follows SpaceX’s announcement of its first investment-grade bond offering, targeting at least $20 billion to support its artificial intelligence expansion plans [2, 3, 9, 4, 10, 5, 6]. On June 22, SpaceX also signed a multibillion-dollar deal to provide computing power to AI startup Reflection AI, furthering its push into AI technologies [2, 3, 9, 4, 10, 5, 6].
Michael O’Rourke, chief market strategist at JonesTrading, said, "Sellers are back in control. Anyone in the world who wanted to buy this has bought it already," highlighting intense selling pressure amid diminished new demand [2].
SpaceX acquired Elon Musk’s AI firm xAI in February 2026, integrating AI into its broader strategy [2, 3, 9, 4, 10, 5, 6]. Despite recent losses, SpaceX remains the sixth-largest global company by market value, with shares trading about 15% above their IPO price [8, 2, 3, 4, 5, 6]. Elon Musk owns roughly 38% of SpaceX, including stock and options, but his net worth fell by over $300 billion from June 16 to 22 due to the share price drop [9].
Meanwhile, Tesla shareholders have suffered about a 15% loss this year but remain hopeful about a potential SpaceX-Tesla merger to form a technology powerhouse [8, 11]. After the three-day selloff, SpaceX shares bounced back on June 23, ending the losing streak and halting steep market value declines [12, 10, 7].
