Shares of Elon Musk-led aerospace and satellite communications company SpaceX (SPCX, Financials) continued their recent pullback, closing lower for the 10th time in 11 trading sessions. The stock ended the day at $119.99, down 0.3%, according to market data from Barchart.
The slide follows a significant surge after SpaceX's entry to the public market. That first spike was met with heavy interest from investors seeking exposure to the company's launch business, Starlink satellite network and broader technology ambitions.
No evident single cause for the latest downturn exists. Instead it shows some shareholders are cashing in after the excellent debut while others are re-evaluating the level of future growth already priced into the share price.
SpaceX is one of the most eagerly followed new listings in the market. Its valuation is largely driven by forecasts of sustained Starlink growth, demand for launches and new commercial prospects.
With the stock losing steam, investors will likely focus on impending contract announcements, operating updates and any fresh financial disclosures.
The next test is if new company developments can steady the shares and restore confidence after the recent selloff.