SpaceX shares staged a recovery on Tuesday, snapping a three-day selloff that had erased more than $600 billion from the company’s market value in the days following its landmark public debut, with the stock closing up 1 percent at $156.11 after a volatile session that saw it slide as much as 4.8 percent before surging 7.1 percent intraday and ultimately paring most of those gains by the close.
The turbulence arrived against a backdrop of broad-based pressure on technology and high-momentum stocks, triggered in part by a selloff in Korean chipmakers that stoked fresh concerns about the durability of the rally in Artificial Intelligence-linked companies. SpaceX, which completed the largest initial public offering in history on June 12 by raising $75 billion at an IPO price of $135 per share, had surged to above $160 on its first trading day before the subsequent correction pulled it back. At Tuesday’s closing price, the company’s market value stood at approximately $2 trillion, well below the peak of roughly $2.2 trillion it briefly reached at its session high on IPO day.
The SpaceX IPO had been a watershed moment across multiple dimensions simultaneously. Elon Musk became the world’s first trillionaire on the day of the debut, with his combined stakes in SpaceX and Tesla estimated to have pushed his net worth to approximately $1.1 trillion, a milestone no individual had previously reached. The company, which Musk founded in 2002 in a warehouse in El Segundo, California, has grown into the world’s largest space company and a dominant contractor for both commercial launch services and government missions through NASA and national security programmes. Its Starlink satellite internet division, which generated the majority of SpaceX’s $18.67 billion in revenue in its last full fiscal year, remains the primary profit centre within a business whose valuation at IPO implied approximately 94 times revenue, a premium that analysts noted requires extraordinary long-term earnings growth to justify. SpaceX also acquired Musk’s Artificial Intelligence venture xAI in February 2026, bringing with it the Grok models, Artificial Intelligence data centres, and the social media platform X, formerly known as Twitter, adding further complexity to the company’s combined business profile heading into its life as a publicly traded entity.
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