SpaceX shares fell as much as 4.6% in premarket trading on Monday, putting the stock on pace for a third straight loss as markets reopened following a public holiday.
The early moves follow a drop of more than 8% over Wednesday and Thursday’s sessions, before the US market closed Friday for the Juneteenth federal holiday. SpaceX’s first days of trading have been met with volatility generally associated with new initial public offerings with low float — 4.2% of total shares outstanding were available to trade on day one — and high interest from retail investors.
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Still, shares of Elon Musk’s rocket and artificial intelligence company were 37% higher than its $135 IPO price at Thursday’s close, with a $2.4 trillion market capitalisation. The company’s embrace of AI with the acquisition of Musk’s xAI in February made the listing somewhat of a referendum on the IPO prospects of competitors Anthropic PBC and OpenAI, both of which plan to go public as soon as this year.
The company, officially named Space Exploration Technologies Corp, briefly topped the market values of Amazon.com and Microsoft Corp in its first week of trading, before closing smaller than both.
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The stock was initiated with a recommendation of sector weight at KeyBanc Capital Markets, which noted that while there are many high-growth avenues over the long term, the “risk/reward appears balanced in the near term.”
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