Just weeks after its record-breaking market debut briefly crowned Elon Musk the world’s first trillionaire, SpaceX stock slid below its initial public offering price on Wednesday. The aerospace giant, which raised a staggering $75 billion by pricing shares at $135 apiece in June, saw its stock dip as low as $132.28 before recovering to close at $135.27.
The selloff reflects growing investor skepticism about the company’s sky-high valuation, which was underpinned by ambitious plans for orbital data centers, lunar infrastructure, asteroid mining, and eventually cities on Mars. Adding to market jitters: China’s rapid advances in reusable rocket technology, which threaten SpaceX’s competitive moat in the launch services market. The decline is a stark reminder that even the most hyped IPOs are not immune to gravity — financial or otherwise.