SpaceX shares have reversed roughly 31% from their record high, leaving investors weighing how much further the newly public stock could fall.
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SpaceX has fallen about 31% from its record high of $225.64, reached Jun. 16. Musk's fortune dropped under $1 trillion to roughly $950 billion, ending a brief run as the world's first trillionaire. A broad tech selloff and doubts about AI profitability pressured both SpaceX and Tesla.
SpaceX Stock Reverses From Record Peak
SpaceX stock changed hands near $154.54 on Wednesday, after the shares slid from a high of $225.64 logged eight days earlier.
The pullback wiped out tens of billions in market value within a single week of volatile trading. It also unwound much of the surge that had followed the company's record June listing.
Musk's paper wealth fell in step, sinking under $1 trillion to about $946 billion on the Bloomberg Billionaires Index, down from a peak near $1.1 trillion just days earlier. He had become the world's first trillionaire only after the IPO.
The reversal followed a wider retreat in technology shares, with Tesla also trading lower. The broad selloff hit other high-growth and AI-linked names at the same time. Investors have grown wary of stretched valuations tied to artificial intelligence.
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Musk Loses Trillionaire Status Fast
The slide erased Musk's short-lived trillionaire status, a milestone he reached only this month. Most of his fortune sits in SpaceX, so the stock's daily swings move his overall wealth sharply.
Investors turned cautious once the AI-fueled rally cooled, and the stock has slipped more than 20% from last week's high. A thin public float, with only a small share of stock trading freely, has magnified each move. Lock-up rules keep most insider shares off the market for months, tightening the small supply that does change hands.
The collapse renewed debate over who might claim the trillionaire title next, with prediction-market traders on Kalshi favoring Nvidia's Jensen Huang and Meta's Mark Zuckerberg as the next contenders. Both still sit far below the threshold.
SpaceX began trading on the Nasdaq on Jun. 12, priced at $135 a share in the largest IPO on record, a debut that briefly pushed Musk past the $1 trillion mark. The stock closed near $161 that first day, then ran to its $225.64 high four days later. The retreat since has shown how quickly post-IPO enthusiasm can drain back out of a hot stock.
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