Overview
- The stock dropped to an intraday low near $132.75 in mid‑July and traded below its $135 IPO price for the first time, erasing a large share of the post‑IPO rally.
- SpaceX completed the largest IPO ever, raising about $85–86 billion, but listed with a very small tradable float that amplified early buying and now magnifies supply pressure.
- The selloff cut the company’s market value from peak prints near $2.1–2.8 trillion to roughly $1.8 trillion, reducing unrealized gains for many early buyers and retail investors.
- Short interest and heavy derivatives exposure have surged to unusually high levels for a new listing, leaving leveraged positions vulnerable if selling intensifies.
- Investors are focused on three near‑term catalysts that could move the stock: the first public quarterly report, staggered insider unlocks that could free hundreds of millions of shares, and scheduled Starship test flights.