SpaceX slides 6.5% after record IPO rally cools

SpaceX shares fell 6.5% to $178.50 in a single session, though they still traded more than 30% above the $135 offering price. The decline erased more than $150bn in market value on the day. As the post-IPO surge cooled, investors shifted from debut-day enthusiasm to closer scrutiny of whether the valuation can hold, focusing on Starlink’s profit durability, Starship’s development risks and Elon Musk’s highly concentrated control structure. The stock’s earlier rally had briefly pushed SpaceX’s market capitalisation above Amazon and, for a moment, Microsoft before the reassessment set in.