SpaceX Stock Falls Third Day, Sheds Over $600 Billion

SpaceX shares extended losses for a third consecutive session, trimming more than $600 billion from the company's market value since its June 12 debut. The decline coincides with a broader retreat in technology stocks that has erased over $1 trillion from the Nasdaq 100 index in a single day.

The stock traded 3.6 percent lower at $149.10 in premarket activity, leaving it roughly 9 percent above the $135 IPO price. Its market capitalization stood near $1.95 trillion after Monday's close, down from a post-offering peak above $2 trillion. Reuters calculations showed the Nasdaq 100 futures pointing to a 2.79 percent drop that would remove $1.15 trillion in index value.

SpaceX disclosed $100.8 billion in cash and cash equivalents as of June 19 and announced a senior unsecured notes offering. It also signed a computing-power agreement with AI startup Reflection. Initial enthusiasm that lifted shares more than 50 percent above the offering price has faded as investors weigh elevated valuations across the sector.

Chip stocks led the wider selloff. Intel dropped 6.8 percent, Advanced Micro Devices fell 5.2 percent, Micron Technology declined 8 percent and Western Digital lost 7.5 percent. Among the Magnificent Seven names, six traded lower, with combined projected losses of $345 billion if the moves hold. Traders have also adjusted rate expectations, pricing in a cumulative 50-basis-point increase by the Federal Reserve by December.

Approximately 4,400 current and former SpaceX employees hold shares that converted them into millionaires at the opening valuation of $1.75 trillion. Some have begun consulting advisers on managing the windfall, with luxury real estate in California among the assets under consideration.