SpaceX stock closes below its IPO price for the first time since it went public
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Shares of SpaceX continued their sharp descent Thursday and closed below the company’s IPO price for the first time since its June public offering.
Key facts
Making matters worse for the stock, days after raising $75 billion in its IPO, SpaceX issued $25 billion worth of additional debt
Musk, whose fortune now rests primarily in his SpaceX stake, saw his net worth surge from about $700 billion to as much as $1.32 trillion after the IPO
Investors, many of whom were regular retail investors, who bought SpaceX shares at its Day 1 opening price of $150 have seen that investment contract by more than 11%
The rocket maker’s shares slid more than 3% to close at $131.11
Summary
The rocket maker’s shares slid more than 3% to close at $131.11. Later on Thursday, SpaceX shares fell as low at $124 per share in after-hours trading, after the company delayed the launch of its flagship Starship rocket. Designed to be reusable, the rocket is a cornerstone of SpaceX founder Elon Musk’s plans to expand satellite-based communications, send humans into space and, in theory, put AI data centers in orbit. The company, whose businesses include Starlink satellite internet, the X social network and the artificial intelligence firm xAI, began trading on the Nasdaq exchange June 12.