SpaceX shares finally came back down to Earth on Thursday, falling more than 6% as the post-IPO euphoria began to lose steam, according to a report by Business Today. Shares of the Elon Musk-led company were trading at $178.50, down 6.5% during the session, after having already slipped nearly 5% a day earlier. Even after the recent decline, the stock remained more than 30% above its IPO price of $135.
Valuation Pressure
The latest drop puts SpaceX’s $2.52 trillion valuation under pressure. Should the losses hold through the session, the company would shed more than $150 billion in market value, Business Today reported. The decline follows a skyrocketing first week on the market, during which SpaceX’s valuation surged beyond $2 trillion following its Nasdaq debut.
Analyst Reaction
"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, as quoted by Business Today. "This has been a particularly eventful and shortened trading week for the largest IPO in history," she added.
Retail Investor Activity Slows
Investor activity pointed to a slowdown in buying momentum. Retail traders had purchased more than $300 million worth of SpaceX shares on a net basis over the previous three trading sessions. However, Vanda Research reported that net purchases had reached only $9.1 million by 2:00 pm ET on Thursday, according to Business Today.
Broader Space Sector Weakness
The weakness spread across the broader space sector as well. Rocket Lab and Planet Labs both declined about 3% , while AST SpaceMobile fell around 7% . Intuitive Machines was also lower, shedding roughly 3% , Reuters reported.
AI Strategy and Bond Sale
Meanwhile, SpaceX continues to push ahead with its artificial intelligence strategy. The company announced on Tuesday that it would acquire Anysphere, the developer of the AI coding agent Cursor, in a stock-based transaction valued at $60 billion, according to Business Today. Furthermore, according to sources, the company’s bankers are expected to begin discussions with investors as early as next week regarding a bond sale of at least $20 billion, with the proceeds aimed at supporting its AI ambitions.
Key Price Data
| Metric | Value |
|---|---|
| Current price (Thursday) | $178.50 |
| Daily change | -6.5% |
| Previous day change | -5% |
| IPO price | $135 |
| Gain from IPO | >30% |
| Valuation | $2.52 trillion |
| Potential market cap loss | >$150 billion |
Implications for Investors
Market participants had already warned that significant swings in the stock price could be expected in the early days of trading because of SpaceX’s relatively small public float and elevated valuation, Business Today noted. For finance executives and treasury professionals tracking trade-affected markets, the volatility underscores the risk of investing in high-profile IPOs with limited float. The upcoming bond sale—if executed—could provide a more stable funding source for SpaceX‘s capital-intensive AI ventures, though it would also add leverage to the balance sheet. The broader space sector’s decline suggests that sentiment was tied to SpaceX’s performance, and any further weakness could weigh on related companies.
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