<\/p>\n
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.<\/p>\n
The early moves follow a drop of more than 8% over Wednesday and Thursday\u2019s sessions, before the US market closed Friday for the Juneteenth federal holiday. SpaceX\u2019s first days of trading have been met with volatility generally associated with new initial public offerings with low float \u2014 4.2% of total shares outstanding were available to trade on day one \u2014 and high interest from retail investors.<\/p>\n
Read:
SpaceX is overvalued
Starlink India launch hits roadblock before SpaceX IPO<\/p>\n
ADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n
Still, shares of Elon Musk\u2019s rocket and artificial intelligence company were 37% higher than its $135 IPO price at Thursday\u2019s close, with a $2.4 trillion market capitalisation. The company\u2019s embrace of AI with the acquisition of Musk\u2019s 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.<\/p>\n
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.<\/p>\n
Read:
SpaceX \u2013 a great company, but at what price?
Musk row shows gap with Ramaphosa in SA equity rules<\/p>\n
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 \u201crisk\/reward appears balanced in the near term.\u201d<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n<\/p><\/div>\n
#SpaceX #shares #poised #fall #market #reopens<\/p>\n","protected":false},"excerpt":{"rendered":"
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